Fakoyejo OlalekanBUA Foods executive director, Isyaku Rabiu, has quit his position on the company’s board, almost a month after Saratu Umar left the firm. Rabiu resigned from the board over regulatory requirements.
Not more than two family members are expected on a publicly listed company according to the regulatory requirements of the Securities and Exchange Commission (SEC) Corporate Governance Guidelines (2020) and the Nigerian Code of Corporate Governance.
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Isyaku Rabiu is the son of BUA Foods founder, Abdulsamad Rabiu, and the two, including Kabiru Rabiu sit on the board. He was first appointed in November 2021 when the firm was a private entity, but two months later, BUA Foods became a publicly listed firm in January 2022.
With regulatory requirements of the Securities and Exchange Commission accommodating not more than two family members on a company’s board, Isyaku Rabiu resigned his position eight months later, effective August 17, 2022.
Prime Business Africa understands Isyaku Rabiu’s investment in BUA Foods is worth N35.1 million as at Q2 2022. BUA Foods said he remains an Executive of the firm despite exiting the board, and his portfolio stay unchanged
the company in a statement sent to Prime Business Africa said, “BUA Foods Plc, Nigeria’s largest indigenous Foods company, has announced the resignation of Isyaku Naziru Rabiu, as an Executive Director of the company effective August 17, 2022. This announcement was contained in a recent regulatory disclosure by the company to the Nigerian Exchange in order for the company to meet the regulatory requirements of the Securities & Exchange Commission Corporate Governance Guidelines (2020) and the Nigerian Code of Corporate Governance, on family and interlocking directorship which stipulates that not more than two members of the same family shall sit on the Board of a public company at the same time.
“Prior to his appointment as a member of the Board of BUA Foods in November 2021 (which later became publicly listed BUA Foods Plc in January 2022), Isyaku Naziru was a Director of IRS Pasta & Flour Limited which later merged with other companies to form BUA Foods. Isyaku Naziru Rabiu, however remains an Executive of BUA Foods Plc with his portfolio remaining unchanged.” the statement reads.
Meanwhile, prior to Isyaku Rabiu’s resignation, another board member, Saratu Umar, had resigned to take up a Federal Government job, as the Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC).
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