NIGERIA – U.A.C of Nigeria, an investment holding company with a wide range of interests in food and beverages, real estate, paint, and logistics sectors, has appointed Oluyemi Oloyede as CEO of its food and beverages subsidiary.

“I am delighted to announce that I am embarking on a new journey as the Managing Director and Chief Executive Officer of UAC Foods Limited. It is a wonderful new adventure ahead!,” Oloyede stated in a LinkedIn post.

“Starting from the bottom, and now I am here, I am deeply grateful to the Almighty God, the Supreme Being, and everyone who has contributed to my journey! I look forward to sharing love and laughter with my new family at UAC of Nigeria Plc.”

Oloyede joins UAC Foods from the Irish taste and nutrition firm, Kerry, where he served as the General Manager for West Africa since 2018.

Previously, Oloyede has held various executive positions in leading fast-moving consumer goods companies in Nigeria, including L’Oreal where he served as National Sales Manager for Nigeria and Ghana, and Procter and Gamble where he served as Regional Sales Manager.

Oloyede’s appointment comes after UACN’s N5 billion commercial paper issuance to raise short-term capital to support its balance sheet.

A document viewed by National Online reveals that UACN intends to raise N5 billion through the issuance of 270-day commercial papers (CPs).

The daily states that the implied and discount rates for the offer are 14.00% and 12.69% respectively. The minimum subscription to the offer is N5 million, with subscriptions thereafter in multiples of N1 million.

UACN reported a loss before tax of N4.37 billion in the last fiscal year, down from a profit before tax of N4.12 billion in 2021.

This is attributed to the persistent struggle against rising inflation in the country. According to the Nigerian Bureau of Statistics (NBS), the inflation rate soared to 21.91% in February.

While the company’s revenue grew by 8% from N101.38 billion in 2021 to N109.27 billion, its cost of sales rose by 13.34% to N95.03 billion from N83.84 billion in the same period of 2021, indicating the deepening impact of inflation.

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