An executive director of BUA Foods Plc, Mr Isyaku Rabiu, has resigned from the company.
The resignation was effective August 17, 2022, according to a regulatory disclosure by the company to the Nigerian Exchange Ltd. (NGX).
The indigenous food company said the resignation was in order for the company to meet the regulatory requirements of the Securities and Exchange Commission Corporate Governance Guidelines (2020) and the Nigerian Code of Corporate Governance.
The guideline on family and interlocking directorship stipulates that not more than two members of the same family shall sit on the board of a public company at the same time.
The statement says, “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), Rabiu was a Director of IRS Pasta and Flour Limited.
“The company later merged with other companies to form BUA Foods.
“He, however, remains an executive of BUA Foods Plc with his portfolio remaining unchanged.”
