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Nigeria news: UAC names Senator Udo Udoma as new Chairman

Nigeria’s largest conglomerate -has named  Senator Udoma Udo Udoma, as its e new chairman of the Board of Directors

Udoma, 56, who assumed office on January 2, replaces Lt. Gen. Mohammed Inuwa Wushishi (rtd), who retired from office on January 1 having attained the age of 70.

UAC also announced the elevation of Managing Directors of two of its subsidiaries – Abdul Akhor Bello of UACN Property Development Company (UPDC) Plc and Joseph Ibrahim Dada of the Grand Cereals and Oil Mills Limited (GCOML) – to its Board as Executive Directors, while former Director-General of the Securities and Exchange Commission (SEC), Dr. Suleyman Abdu Ndanusa, comes on board as non-executive director.

Bello becomes Chief Financial Officer of the company, while Dada is the new Executive Director, Corporate Services and will take charge of Human Resources, Group Marketing Communications and Strategy.

All the appointments are effective January 2, 2010, according to a statement from the company.
Udoma had his secondary school education at King’s College, Lagos. He is a graduate of Oxford University, England. He served as the Special Adviser to the Minister of Petroleum and Natural Resources from September 1993 to March 1994. He was a member of the Senate from 1999 to 2007, during which time he held various offices including serving as the Chief Whip of the Senate, Chairman of the Senate Committee on Appropriation, and Chairman of the Committee on National Planning, Economic Affairs and Poverty Alleviation.

The Senior Partner of Udo Udoma & Belo-Osagie, a firm of Legal Practitioners is also a Director of Unilever Nigeria Plc.
Bello replaces Mr. Layi Adetomiwa, the Head of Finance of UACN Plc, who is retiring from the company after 31 years service. A fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Bello, who holds an HND degree in Accountancy from Yaba College of Technology, Lagos, joined GCOML on October 23, 1989 as Chief Accountant. He served in various capacities in the UAC Group before his appointment as the Managing Director of CAP Plc and later UACN Property Development Company Plc. Bello, an Oxford Advanced Management and Leadership Programme (OAMLP) graduate of Said Business School, Oxford University, UK, has attended various local and overseas courses.

Dada, who holds B.Sc. (Hons) degree in Economics from Ahmadu Bello University, Zaria and M.Sc. (Marketing) degree from the University of Lagos, joined A J Seward Division as a management trainee (Marketing) in September 1983. He held several management positions in the company including Divisional Ice Cream Director, UAC Foods in February 1997 and Acting Divisional Fast Foods Director, UAC Foods before his appointment as the Managing Director of GCOML.
Ndanusa, who holds a Doctor of Letters degree from St. Clements University, UK, is also a graduate of Ahmadu Bello University, Zaria, with B.Sc. Economics and MBA degrees.  He is a lawyer, certified stockbroker and an AMP graduate of Harvard Business School, USA.

He also served as Member, Interim Management of Societe Generale Bank of Nigeria (under liquidation) before his appointment as the Managing Director of Spring Bank Plc – an interim arrangement to salvage the crisis-ridden bank