CAP Plc CFO resigns amid acquisition of Portland Paints

The Chief Finance Officer of Portland Paints, Ada Aniagu, has taken over the financial position at Chemical and Allied Products Plc (CAP Plc) as the ripple effect of the acquisition between both companies take effect.

CAP Plc finance department underwent reshuffle which led to Abiola Odeyemi resigning from CAP Plc. Odeyemi exit resulted to Aniagu’s appointment to head CAP Plc’s finance department.

Aniagu took over the CFO position on Saturday, February 20, 2021, after Odeyemi quit on Friday, February 19, 2021. Aniagu is now CAP Plc’s Finance Controller, absorbing Odeyemi’s responsibilities and obligations.

READ ALSO: CAP PLC’s full-year revenue gains N740m but rising costs weaken profit by 14%

“Following the resignation of Mr. Abiola Odeyemi from the Company’s employment as the Finance Manager with effect from February 19, 2021.” A statement from CAP Plc revealed, adding that “Aniagu will assume all responsibilities and obligations of the former Finance Manager.”

The reshuffle of CAP Plc’s finance department is one of the shake-up expected to occur in the company as it acquires Portland Paints. Ripples Nigeria had reported that the acquisition has neared its final stage.

Part of the acquisition deal will see CAP Plc takeover liabilities of Portland Paints, including its employees, one of which is Aniagu. CAP Plc will also pay Portland Paints shareholders through cash or shares.

According to CAP Plc, cash consideration of N2.90 kobo for every share held in Portland Paints have been offered to the shareholders or a share consideration of 1 new ordinary share of CAP at N0.50kobo, in exchange for every 8 ordinary share held in Portland Paints.

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