The Board of Directors of Chemical and Allied Products PLC (NGX: CAP) has announced the election of Mr. Folasope Aiyesimoju, as Chairman of the Board effective 15 June 2023, following the retirement of Mrs. Awuneba Ajumogobia.
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In a corporate announcement by the company seen by Investogist, CAP stated that Mr. Aiyesioju until his election was a Non-Executive Director on the Board of CAP Plc, and was appointed in that capacity on 5 October 2021.
Mr. Aiyesimoju is currently the Group Managing Director of UAC of Nigeria PLC (NGX: UACN) with responsibility for shaping overall strategy and driving long-term value creation.
He is also the founder of Themis Capital Management, an investment firm focused on concentrating capital and talent on high potential opportunities in Sub-Saharan Africa.
Prior to founding Themis, he worked with Kohlberg Kravis Roberts, a leading global investment firm. His experience also includes working with the Standard Bank Group, where he led mergers and acquisitions in Nigeria.
He spent the early part of his career with Ocean and Oil Holdings Limited, a principal investment firm in Nigeria and ARM Investment Managers, one of Nigeria’s leading investment advisory and wealth management firms.
In furtherance of his role as GMD of UACN, he sits on the Boards of MDS Logistics Limited, Grand Cereals Limited, UAC Foods Limited and UPDC PLC.
Mr. Aiyesimoju holds a B.Sc. (Hons) degree in Estate Management from the University of Lagos, where he was awarded a Certificate of Excellence in Real Estate Development and Finance and earned the right to use the CFA designation in 2006.
A review of UACN’s 2022 financial statements showed that as at 30 March, 2022 Mr. Aiyesimoju directly owned 46.33m shares of UACN and indirectly owned 629.88m.
As at 31 December, 2022 Themis Capital Management owns 586.28 million shares of UAC of Nigeria Plc, and is the single biggest shareholder with 20.04% of the company’s outstanding shares.
About the company
Chemical and Allied Products Plc is a company incorporated in Nigeria. The Company is involved in the manufacturing and sale of paints. The address of the registered office is 2 Adeniyi Jones Avenue, Ikeja, Lagos.
CAP is a subsidiary of UAC of Nigeria Plc, and is the technological licensee of AkzoNobel for Nigeria (AkzoNobel acquired ICI in 2008).
CAP Plc evolved from British multinational Imperial Chemical Industries Plc, which formalized its Nigeria operations in 1957 under ICI Exports Limited. In 1965, ICI Exports Limited changed its name to ICI Nigeria Limited and in 1968 it subsumed the paints company.
Following the promulgation of the first and second indigenisation Decrees in 1972 and 1977, ICI Nigeria Limited at first sold 40 percent and later 60 percent of its share capital to the Nigerian public, and went further to change its name by a special resolution of the shareholders to Chemical and Allied Products Limited (CAPL) in the spirit of indigenization. In 1991, the ‘Limited’ appellation was dropped for ‘Plc’ in compliance with the provision of the Companies and Allied Matters Act of 1990.
In 1992, ICI Nigeria Limited finally disposed of its minority 40% shareholding in CAP Plc when it sold 35.7% of the equity to UAC of Nigeria Plc and the rest to the Nigerian public on the floor of the Nigeria Stock Exchange. Currently, UAC of Nigeria Plc holds about 57.85% of the equity.
In July 2021, CAP Plc successfully completed a merger with Portland Paints and Products Nigeria Plc., another leading paints company with decades of experience in manufacturing, distributing and marketing a wide array of Decorative, Automotive and industrial Paints and Marine and Protective Coatings that support the building, construction and Oil and Gas industry in Nigeria.
Today, CAP Plc fully operates in the coatings business and fully provides a wide range of quality products and services. We operate within the premium and standard segments of the Paints and Coatings market with flagship brands such as Dulux, positioned in the premium segment, Sandtex in the standard segment and Caplux for Surface Preparation products and Hempel, for industrial coatings.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
