Eyebrows have been raised following the resignation of Isyaku Naziru Rabiu, as an Executive Director in BUA Foods Plc, a subsidiary of BUA Group owned by his uncle, Abdul Samad Rabiu.
In a statement addressed to the investing public, Isyaku, who controls 0.006% of the entire N18 billion BUA Foods shares as its fourth highest shareholder, was disclosed to have tendered his resignation with effect from Wednesday, August 17, 2022.
“BUA Foods Plc hereby notifies the Nigeria Exchange Limited and the investing public of the resignation of Isyaku Naziru Rabiu as a director on the Board of Directors of the company with effect from 17th August 2022,” the company disclosed.
Concerns about Isyaku’s resignation from BUA
While anyone can within their prerogative resign from a company at any time, industry stakeholders have expressed their concerns as they wondered what could have led to the resignation of Isyaku from BUA, in which he’s a major shareholder.
“We are surprised to hear about the sudden resignation of Isyaku from BUA. The rumour (which has now been confirmed) has unsettled the company going by his close relationship with the chairman.
“But what we don’t understand is how an intelligent young manager like Isyaku who is a major investor suddenly resigns from his own business just within a year of assuming the position as an executive director. It’s not impossible that there is a boardroom tussle between him and his uncle (Abdul Samad Rabiu),” a source was quoted as saying.
