Nigeria: Nigerian Breweries to reconsider composition of its board

The board of Nigerian Breweries Plc has scheduled a meeting to reconsider the composition of the board of the second most capitalised quoted company in Nigeria, The Nation Newspaper reported on November 29.

A regulatory filing at the Nigerian Stock Exchange (NSE) indicated that the company has scheduled a meeting of its directors for December 8 to consider the board changes.

However, details of the changes in the composition were not available. Such changes usually take the form of reconsideration of the appointments of some directors or reduction or expansion of the size of the board.

Already, the Nigeria’s largest brewer, which is owned majorly by Heineken International, has a 16-member board of directors. Heineken N.V holds a majority equity stake of about 55.95 per cent while some 111,342 Nigerian and foreign individuals and associations hold the balance of about 44.05 per cent.

There are nine non executive directors against seven executive directors currently on the board of the brewer. The board consists of 10 Nigerian directors and six foreign directors. Most Nigerians are non-executive directors. The Nigerian non-executive directors include Chief Kola Jamodu, chairman; Mr Olusegun Adebanji, Chief Samuel Bolarinde, Mr. Obadiah Mailafia, Mrs Ndidi Nwuneli, Mrs Ifueko Okauru and Mr Atedo Peterside. The foreign non-executive directors include Mr Siep Hiemstra and Mr. R. Primez.

The executive directors consist of four foreign directors and three Nigerians. The foreign executive directors include Mr John Doyer, Managing Director; Mr Franco Maggi, Marketing Director; Mr Mark Rutton, Finance Director and Mr. Hendrik Wymenga, Supply Chain Director. The Nigerian executive directors include Mr Herbert Eze, sales Director; Mr Victor Famuyibo, Human Resources Director and Uaboi Agbebaku, who doubles as company secretary and legal adviser.

It should be recalled that Nigerian Breweries had appointed Mr. Johan Doyer as its new managing director and chief executive. Doyer’s appointment took effect on June 16, 2017 on an interim basis pending the appointment of a substantive managing director for the company. Doyer succeeded Mr. Nicolaas Velvede, who was appointed as the managing director of Heineken Asia Pacific Region.

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