abdul samad rabiu nephews resignation from bua group sparks controversy

Abdul Samad Rabiu Nephew’s resignation from BUA Group sparks controversy

Controversy As Abdul Samad Rabiu Nephew Resigns From BUA Group

Isyaku Naziru Rabiu abruptly resigned from his position as Executive Director at BUA Foods Plc, a division of the BUA Group owned by billionaire Abdul Samad Rabiu, sparking controversy, according to THE WITNESS.

Isyaku, a nephew of the BUA Group chairman, is the fourth-largest shareholder in BUA Foods with 0.006% of the company’s N18 billion worth of shares.

Isyaku’s resignation was made public on Thursday in a letter to the Nigerian Exchange Limited that was signed by the company secretary, Oluseye Alayande (NGX).

“BUA Foods Plc hereby notifies the Nigeria Exchange Limited and the investing public of the resignation of Isyaku Naziru Rabiu as a director on the Board of Directors of the company with effect from 17th August 2022,” the company disclosed.

In 2021, he was appointed as an executive director overseeing operations to the board of BUA Foods.

Although it is everyone’s right to leave a firm at any time, some analysts and business observers have expressed concern about how quickly Isyaku, a significant shareholder in BUA Foods, left the organization.

In 2021, he was appointed as an executive director overseeing operations to the board of BUA Foods.

Although it is everyone’s right to leave a firm at any time, some analysts and business observers have expressed concern about how quickly Isyaku, a significant shareholder in BUA Foods, left the organization.

Another source, however, dismissed any feud between the two family members, stressing, “I don’t think that there is rancour between the two of them. And even if there is any disagreement, I believe with time, it would be resolved because they are family not just business partners.”

Leading producer, manufacturer, and distributor of food products in Nigeria is BUA Foods.

O’tega Ogra, Group Head, Corporate Communications, BUA Group, in a response to inquiries, said Isyaku’s resignation was “in order for the company to meet the regulatory requirements of the Securities & Exchange Commission Corporate Governance Guidelines (2020) and the Nigerian Code of Corporate Governance, on family and interlocking directorship which stipulates that not more than two members of the same family shall sit on the board of a public company at the same time.”