Cadbury Nigeria Appoints Ayman Gaafar as MD, Positioning for Stronger Market Position 

Cadbury Nigeria Plc has appointed Ayman Hussein F. Gaafar, also known as Ayman Fahmy, as its new Managing Director. His appointment will take effect on May 15, 2026.

The board approved his appointment based on the recommendation of the Governance and Risk Committee. Company Secretary Afolasade Olowe made the announcement to the Nigerian Exchange Limited (NGX) and the public on May 12, 2026.

Gaafar replaces Folake Ogundipe, who served as the interim Managing Director since December 2025. She took over after Oyeyimika Adeboye retired at the end of November 2025, following her time at the company’s mandatory retirement age.

Who Is Ayman Gaafar?

Ayman Gaafar brings decades of experience in the fast-moving consumer goods (FMCG) sector. He has held senior roles at major global companies like Procter and Gamble, Reckitt Benckiser, Danone, and Shan Foods.

His expertise covers general management, commercial leadership, business transformation, and market expansion. Gaafar has worked in multiple regions, including the Middle East, Africa, Saudi Arabia, the UAE, and Canada. In those markets, he built strategic alliances, expanded market reach, and drove revenue growth. The Cadbury board is confident in his ability to lead the company through the competitive consumer goods market in Nigeria.

Folake Ogundipe’s Contribution as Interim Leader

During her six-month tenure as interim Managing Director, Folake Ogundipe played a crucial role in maintaining operational stability and strategic continuity for the company.

Ogundipe joined Cadbury Nigeria in September 2025 as Finance Director. She previously worked at Unilever Nigeria as Executive Director of Finance, and at PES Group and Nigerdock Nigeria as CFO and Financial Controller, respectively.

Her leadership ensured a smooth transition following the retirement of Adeboye, who had served as Managing Director since April 2019. Adeboye made history as the first woman to hold the position since the company started operations in 1965.

The Business Environment Gaafar Steps Into

Ayman Gaafar will take charge of Cadbury Nigeria at a time of financial recovery, but the company is still facing significant challenges.

Cadbury Nigeria showed impressive growth in 2025, with revenue increasing by 31% to N169.8 billion, reversing a net loss of N22.2 billion in 2024. The company also posted a profit after tax of N12.08 billion. This recovery was fueled by strategic pricing, improved efficiency, and favorable foreign exchange conditions.

However, the first quarter of 2026 saw a decline in profits. Pre-tax profit dropped by 39.2% to N5.2 billion compared to N8.54 billion during the same period in 2025. Despite a 7% increase in revenue to N39.83 billion, higher sales costs cut into gross profits.

The broader FMCG sector is facing similar pressures. Nigeria’s Purchasing Managers Index dropped below 50 points in April 2026, signaling contraction in the economy. High interest rates, currency volatility, and declining consumer purchasing power continue to squeeze margins across the industry.

What Gaafar’s Appointment Signals

Gaafar’s international experience suggests that the board aims to sharpen Cadbury Nigeria’s competitive edge and expand its market reach. His previous roles at companies that emphasize product innovation, distribution, and pricing in emerging markets align well with Cadbury Nigeria’s challenges.

The company manufactures well-known brands such as Bournvita, TomTom, and Buttermint. It also operates a cocoa processing plant in Ondo State that produces cocoa butter, liquor, and powder for both domestic and export markets.

Investors are cautious following the Q1 2026 results, with shares trading at N74 per share and a price-to-earnings ratio of 45.94 times. Analysts will be looking for signs that Gaafar can restore margins and sustain the growth Cadbury achieved in 2025.

FAQs

1. Who is Ayman Gaafar and what is his professional background?
   Ayman Gaafar has extensive experience in the FMCG sector, having worked at Procter and Gamble, Reckitt Benckiser, Danone, and Shan Foods. He has led businesses across the Middle East, Africa, Saudi Arabia, the UAE, and Canada.
2. When does Ayman Gaafar officially take over as Cadbury Nigeria Managing Director?
   His appointment will take effect on May 15, 2026.
3. Why did Folake Ogundipe step down?
   Ogundipe served as interim Managing Director and stepped down after the board confirmed a permanent replacement. She was appointed in December 2025 after Oyeyimika Adeboye retired.
4. Who was Cadbury Nigeria’s Managing Director before Folake Ogundipe?
   Oyeyimika Adeboye served as Managing Director until her retirement at the end of November 2025. She was the first woman to hold the role.
5. How is Cadbury Nigeria performing financially?
   In 2025, Cadbury Nigeria posted a strong turnaround with a 31% increase in revenue and a profit after tax of N12.08 billion. However, Q1 2026 results showed a 39.2% decline in pre-tax profit, as rising input costs compressed margins.
6. What brands does Cadbury Nigeria manufacture?
   Cadbury Nigeria manufactures Bournvita, TomTom, and Buttermint at its Ikeja plant. It also operates a cocoa processing facility in Ondo State.