UACN Appoints New Chairman

UAC of Nigeria Plc (UACN) has appointed Khalifa Biobaku, who has been vice chairman at the conglomerate since last June, as the chairman of its board of directors.

Mr Biobaku succeeds Dan Agbor effective from 5 February, a regulatory filing stated on Wednesday.

Mr Agbo held the position for nine years.

“In his capacity as Vice Chairman, he was a member of UAC’s Risk Management Committee, UAC’s Governance and Remuneration Committee and UAC’s Statutory Audit Committee,” the statement said.

“He played a strategic role in enhancing risk management and governance, contributing to improved operating performance and key financial metrics” in that role, the statement added.

Mr Biobaku holds an M.Eng degree in Engineering, Economics and Management from Oxford University.

He has a post-graduate degree in Real Estate, Economics and Finance from the London School of Economics.

He holds a directorship at Themis Capital Management, one of the core shareholders of UACN. Mr Biobaku is the founder of Dalio Property Development Company Limited, which has a significant shareholding in UACN.

His two-decade experience in finance and investment encompasses investment banking, private equity and asset management in Europe, Middle East and Africa.

Mr Biobaku jointly managed London-based emerging markets investment firm Blakeney Management for nearly ten years as a partner.

At various points in his career, he worked in London at Goldman Sachs International, Davidson Kempner Partners and Morgan Stanley International.

His forte as a finance professional includes capital raising, strategy development and execution, commercial negotiations as well as corporate actions and restructurings.