UAC of Nigeria PLC just made a boardroom decision that could reshape how the 147-year-old conglomerate approaches its next growth chapter.
The company announced changes to its directorship roles on July 14, 2026, shifting its Group Investment Director into an expanded operational position.
That executive, Debola Badejo, will step down from UAC’s parent board while taking on a new directorship at subsidiary UPDC PLC effective July 13, 2026.
The move is part of a broader restructuring designed to strengthen governance across the Group’s operating companies and accelerate its acquisition plans.
If you hold UACN shares or follow NGX-listed conglomerates, this reshuffling of UAC’s top dealmaker carries implications worth watching very closely.
UAC deploys its acquisitions chief across eight subsidiary boards
Badejo’s appointment to the board of UPDC PLC, UAC’s real estate subsidiary, took effect on July 13, 2026, the company confirmed in a regulatory filing.
He will simultaneously step down from the board of UAC of Nigeria PLC while retaining his seat on the Group’s Executive Committee.
Badejo will continue reporting directly to Group Managing Director Folasope Aiyesimoju and will keep leading the Group’s mergers and acquisitions program.
His expanded mandate now covers overseeing the divestment of non-core businesses and directing capital allocation for all major strategic investments across UAC.
The restructuring gives Badejo direct governance roles across eight operating companies, including CAP PLC, C.H.I. Limited, Grand Cereals, and Livestock Feeds.
He also chairs the Risk Management Committee at both CAP PLC and Livestock Feeds PLC, giving him wide oversight of the Group’s risk.
Integrating recent acquisitions and optimizing capital structure will determine future profitability, analyst Qudus Adebara of DLM Capital Group noted in a May 2026 analysis of UAC’s financial results.
UAC’s landmark C.H.I. acquisition set the stage for this governance overhaul
The board restructuring follows a transformative 2025 for UAC, defined primarily by the landmark acquisition of C.H.I. Limited in October of that year.
That deal gave UAC full ownership of Chivita and Hollandia, two of Nigeria’s most recognizable dairy and juice brands currently on the market.
Group revenue surged 241% to ₦191 billion in the first quarter of 2026, with C.H.I. contributing the bulk of that remarkable growth.
Earnings per share jumped to 449 kobo from 106 kobo in Q1 2025, representing a more than fourfold increase in quarterly profitability for shareholders.
UAC’s share price grew tenfold from ₦10 in July 2021 to ₦100 by April 2026, the company’s 2025 annual report confirmed.
Total shareholder return over that LTIP performance period compounded at roughly 62% annually, more than tripling the 18% threshold the company set.
“We enter 2026 as a larger group, with a clear strategic direction and a high-quality management team committed to delivering long-term value for our shareholders.” — Khalifa Biobaku, Chairman, UAC of Nigeria PLC, in the company’s 2025 annual report
Badejo’s UPDC board seat signals a potential real estate push for the Group
Badejo’s addition to the UPDC PLC board arrives at a pivotal moment as the real estate subsidiary pursues an ambitious and aggressive expansion plan.
UPDC Managing Director Odunayo Ojo outlined plans for a ₦100 billion real estate fund and deeper middle-income housing penetration in April 2026, ThisDay reported.
The subsidiary returned to dividend payment after a full decade and recorded strong growth in both profitability and share value throughout 2025.
Placing UAC’s top dealmaker on UPDC’s board could accelerate decisions around capital allocation, joint ventures, and potential real estate acquisitions going forward.
Broader governance trends across Nigeria support UAC’s boardroom strategy in 2026
The move aligns with broader governance trends reshaping how Nigerian conglomerates structure their boards to support acquisition-heavy growth strategies this year.
Nigerian boards are now expected to play a more active role in capital planning and oversight of mergers and acquisitions, Chambers and Partners noted in its 2026 Nigeria guide.
Ray Garcia, leader of PwC’s Governance Insights Center, stated that the 2025 survey findings point to a need for boards to evolve.
Boards must address gaps in expertise and coordinate more closely with executives on business priorities, Garcia added.
KPMG Nigeria projected 4.4% economic growth for the country in 2026, supported by exchange rate stability and declining inflation, in its board agenda report.
Key details from UAC’s board restructuring
- Badejo was appointed to UPDC PLC’s board effective July 13, 2026, while stepping down from UAC of Nigeria PLC’s parent board.
- He retains his Executive Committee seat and continues to report directly to Group Managing Director Folasope Aiyesimoju.
- His mandate includes M&A oversight, non-core business divestments, and capital allocation decisions for all major strategic investments across the Group.
- Badejo now serves on eight subsidiary boards, chairing risk committees at both CAP PLC and Livestock Feeds PLC, according to the company filing.
- UAC’s Q1 2026 revenue surged 241% to ₦191 billion following the C.H.I. Limited acquisition completed in October 2025, the company’s earnings release confirmed.
