Nigerian Breweries Plc Announces Board Changes

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Nigerian Breweries Plc, Nigeria’s foremost brewing company, has announced changes to the composition of its board of directors with the resignation of the Chairman, Asue Ighodalo and the completion of the tenure of Ndidi O. Nwuneli, MFR as an Independent Non-Executive Director.

The announcement was contained in a notification to the Nigerian Exchange Limited (NGX) signed by the Company Secretary/Legal Director, Uaboi Agbebaku following the Board Meeting of the company held on December 7, 2023.

Ighodalo informed the Board at the meeting, of his decision to offer himself for public service. He will be resigning from the Board and in his capacity as the Chairman of the Board in line with proper corporate governance practice, on December 31, 2023.

Speaking on the announcement, outgoing Nigerian Breweries’ Board Chairman, noted that decision comes with the mixed emotions of a painful sacrifice made to enable his full devotion to the new cause.

“It is with heartfelt regret that I announce my resignation as Chairman of the Board of Nigerian Breweries Plc effective December 31, 2023. After extensive deliberations, I have decided to offer myself for public service to our dear country.

“The decision comes with the mixed emotions of a painful sacrifice made to enable my full devotion to the new cause. It is my pride to have been part of such a formidable organization well-positioned to meet the opportunities and challenges in Nigeria’s ever-changing business environment”, he said.

On her part, Nwuneli, who was appointed Non-Executive Director of the company 9 years ago, will be stepping down from the role effective December 31, 2023, following the completion of her tenure.

The company equally announced the appointment of the longest-serving Director, Sijbe “Siep” Hiemstra, as Chairman of the company in an interim capacity effective January 1, 2024, pending the appointment of a substantive Chairman.

During this transition period, Hiemstra will steer the affairs of the Board and oversee the process of appointing a substantive Chairman. Currently a member of the Governance Committee, Hiemstra also served on the Statutory Audit Committee. He joined the Board on August 1, 2011 and is a past Heineken Regional President for Africa and the Middle East.

The Board also announced the appointment of Stella Ojekwe-Onyejeli as Non-Executive Director to fill a vacancy on the Board, effective January 1, 2023.

Ojekwe-Onyejeli brings to the Board years of knowledge and experience as a risk manager with a demonstrated history of working in the financial services industry, and skilled in enterprise risk management, business planning, internal audit, and analytical skills.

She currently serves on the boards of Coronation Insurance Plc and Rand Merchant Bank, amongst others. The statement added that the company is pleased to have someone with her knowledge and experience join the Board.

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