Cadbury Nigeria Plc shares sank 10% following announcement of the resignation of its director, Ibukun Awosika from the board.
The company disclosed this in a notice to the Nigerian Exchange Limited and the investing public on Wednesday, in a statement signed by the Company Secretary, Afolasade Olowe.
According to the official notice, Awosika’s resignation will take effect from 1 May 2026.
“The Board expresses its deep appreciation to Mrs Awosika for her valued contribution since her appointment in October 2009,” the statement read.
The company added that a replacement for the outgoing director would be announced in due course. Awosika, a prominent business leader and former Chairman of First Bank of Nigeria Limited, has served on the board of Cadbury Nigeria for over 15 years.
Investors reacted sharply to the news of her departure. At the close of Wednesday’s trading on the Nigerian Exchange, Cadbury’s share price dropped by N7.35, representing a 10 per cent depreciation.
The firm closed trading for the day at N66.15, down from the N73.50 price at which it commenced the session.
This leadership change comes at a time of significant financial recovery for the food and beverage manufacturer. The firm returned to profitability in January 2026, posting an unaudited profit after tax of N12.1bn for the year ended 31 December 2025. This performance successfully reversed a loss of N22.2bn recorded in 2024.
The turnaround was driven by robust revenue growth and improved operating performance, with revenue rising 31 per cent to N169.8bn. Gross profit also more than doubled to N36.6bn as the company implemented better cost management and pricing adjustments to offset rising input costs and inflationary pressures.
Overall operating profit surged 245 per cent to N20.6bn, up from N6.0bn in the prior year.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]
