Naziru Isyaku Rabiu has resigned from his Executive Director post at his father’s BUA Foods PLC less than a year after his appointment.
BUA Foods Plc, one of Nigeria’s biggest and publicly-traded food production companies.
More facts have emerged revealing the reasons behind his resignation.
A corporate disclosure that was filed with the Nigerian Exchange (NGX) said the resignation took effect on August 17, 2022. The statement did not offer further explanations.
“BUA Foods Plc (the Company) hereby notifies the Nigerian 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 brief statement said.
However, a source at the company who spoke to us anonymously revealed that Rabiu’s resignation became necessary to enable BUA Foods to meet some regulatory requirements as set by NGEX.
Nigeria’s Code of Corporate Governance (on family and interlocking directorship) requires that “not more than two members of the same family shall sit on the Board of a public company at the same time,” the source said.
In the same vein, the Securities & Exchange Commission (SEC) in Nigeria has a similar requirement under its Corporate Governance Guidelines.
Naziru Isyaku Rabiu is the son of Nigerian billionaire Abdul Samad Rabiu, who currently serves as the Chairman and CEO of BUA Group owners of BUA Foods PLC. Already another member of the family is on the Board as an Executive Director.
Before he was appointed an Executive Director at BUA Foods Plc in November 2021, he was a director at IRS Pasta & Flour Limited which was later merged with other companies to form BUA Foods Plc. In January 2022, BUA Foods Plc was listed on the Nigerian Exchange. And this necessitated the latest board changes.
The source who spoke to us in confidence maintained that Naziru Isyaku Rabiu remains an Executive at BUA Foods in the meantime.
The young professional, who holds a bachelor’s degree in Business Economics from the University of Hertfordshire, has held previous positions within the conglomerate, including Commercial Director and Business Development Officer.
Naziru had also briefly worked as a business analyst at Seplat Petroleum Development Company Plc, one of Nigeria’s leading indigenous oil exploration firms.