Nestle Nigeria: New Chairman Resumes As Ifezulike Bows Out In Style.

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Nestle Nigeria Plc has recently appointed Gbenga Oyebode as the new Chairman, board of directors, as David Ifezulike retires from the company.



This was disclosed at the company’s 54th annual general meeting (AGM) in Lagos on Wednesday.


Speaking during the AGM, Ifezulike noted that he had been the board chairman for 10 years and wanted to announce his successor at the beginning of the AGM, to give him (Oyebode) the opportunity to hear the concerns and expectations of the shareholders.


Ifezulike words: “It has been a privilege for me to serve in this capacity and the company and I introduce my successor, Mr Gbenga Oyebode.  The reason I introduced him early is to enable him to hear all the complaints and resolve them. All we are doing is in the interest of the company.”


Oyebode who is known to be an independent non-executive director on the board of Nestle and appointed to the board of Nestle on February 24, 2014. He is also the chairman of Okomu Oil Palm Plc and a director of both CFAO Nigeria and Lafarge Africa.


However, the shareholders of the FMCG company approved the proposed final dividend of N36.50 for the 2022 financial year at the meeting, While the board of directors had recommended the payment of a final dividend of N36.50 (2021: N25.50) per share, having earlier declared an interim dividend of N25 from the profit of 2022.


The proposed final dividend of N36.50 was from the after-tax profit for 2022 with a total dividend of N61.50 paid for the year.


To this end, Nestle has recorded a 27 per cent growth in its revenue for the 2022 financial year, from N351.82bn to N446.81bn in 2022.

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