Nigerian Breweries Chairman Resigns To Pursue Political Ambitions

Daud Olatunji

In a surprising turn of events, Nigerian Breweries Plc announced significant changes to its board of directors, marked by the resignation of Chairman Asue Ighodalo. 

The company’s secretary, Uaboi Agbebaku, relayed this information in a notification to the Nigerian Exchange Limited (NGX) on Friday, December 8, 2023.

Ighodalo’s decision to step down and venture into public service was disclosed by Agbebaku, emphasizing that it aligns with proper corporate governance practices. 

The resignation is set to take effect on December 31, 2023, allowing Ighodalo to devote himself fully to his newfound political cause.

Expressing mixed emotions about the sacrifice, Ighodalo stated, “It is with heartfelt regret that I announce my resignation as the Chairman of the Board of Nigerian Breweries Plc effective December 31, 2023. After extensive deliberations, I have decided to offer myself for public service to our dear country.”

As part of the transition plan, the company appointed Sijbe Hiemstra, its longest-serving director, as the interim chairman, effective January 1, 2024. Hiemstra will oversee the board’s affairs during this interim period until a substantive chairman is appointed.

Simultaneously, the board marked the completion of Ndidi Nwuneli’s tenure as an Independent Non-Executive Director. In her place, Stella Ojekwe-Onyejeli was appointed as a Non-Executive Director, effective January 1, 2023.

 Ojekwe-Onyejeli brings a wealth of experience as a risk manager, with a notable track record in the financial services industry.

 She currently serves on the boards of Coronation Insurance Plc and Rand Merchant Bank, showcasing her expertise in enterprise risk management, business planning, internal audit, and analytical skills.

These changes signal a dynamic shift in the leadership of Nigerian Breweries, with the outgoing chairman’s decision to embark on a political journey adding a unique dimension to the corporate landscape. 

The company faces the challenge of not only filling key positions but also adapting to a new era of leadership and governance.

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