——while Ogaga Ologe takes over Finance Director
The Management of the Cadbury Nigeria Plc on Tuesday announced the appointment of Mrs Oyeyimika Adeboye as the company’s new Managing Director effective 1st April 2019. Mrs Adeboye takes over from Mr Amir Shamsi, who will take on a new role within Mondelēz International, the parent company of Cadbury Nigeria.
Mrs Adeboye would be the first female Managing Director in Cadbury Nigeria history. Her appointment attests to the Company’s commitment to promoting gender equality, diversity and inclusion.
Mrs Adeboye, a chartered accountant, joined the Board of Cadbury Nigeria as Finance and Strategy Director, West Africa region in November 2008.
Prior to joining Cadbury Nigeria, Mrs Adeboye was the Director of Finance and Chief Financial Officer of Nigerian Bottling Company Plc. She previously worked for the erstwhile Accounting and Tax Practice of Arthur Andersen & Co as well as the United Kingdom Accounting practice of Midgley Snelling & Co., Chartered Accountants.
Mrs Adeboye has an impressive track record in finance, strategy and business administration both in Nigeria and the United Kingdom. She is a fellow of the Institute of Chartered Accountants in England and Wales and a member of the Institute of Chartered Accountants in Nigeria. Mrs Adeboye has a Bachelor of Science honours degree in Economics and Social Studies from the University College Cardiff, Wales and executive management education certification from the Institute of Management Development (IMD), Lausanne, Switzerland.
Mr Ogaga Ologe, who is the Company’s Financial Controller, has been appointed as the new Finance Director effective 1st April 2019. Mr Ologe, who succeeds Mrs Adeboye, joined Cadbury Nigeria in 2012, from KPMG Professional Services where he led the audit of the financial statements for many multinationals.
He holds a Bachelor of Science honours degree in Physics from Delta State University, Abraka. He is a qualified Chartered Accountant from the Institute of Chartered Accountants in Nigeria (ICAN)
Meanwhile in the Cadbury Nigeria Plc corporate financial performance report as welcome to the new managing director as first female to reached the position with a net earnings growth of 174% in 2018. Profit skyrocketed to ₦823m from ₦300m in 2017. The leap in profit was helped by a 9% sales growth to ₦35.9 from ₦33bn, with its flagship Bournvita and 3-in-1 Hot Chocolate, which contributed 59% of Group sales recording 17.55% sales increase.
Net profit also received a boost from cost management initiatives, with Selling & Distribution expenses dropping 10% and administrative expenses declining marginally by 1.46%.
The company said that Intermediate Cocoa Products which includes cocoa powder, cocoa butter, cocoa liquor and cocoa cake, (contributing 14% of Group sales) grew by 9% in the period, helping lift sales. However, the confectionary products (Tom Tom, Buttermint, Clorets and Trident) which contributed 27% of Group sales declined by 7%.