Cadbury Nigeria Welcomes New Board Members
Mr. Rasak Adedoyin Salami and Mr. Hisham Ezz El Arab have joined Cadbury Nigeria Ltd. as independent non-executive and non-executive directors, respectively. Their appointments take effect on March 26, 2026, following the resignation of Abhiroop Chakkarvatti from the board on the same date.
Strategic Appointments Amid Economic Challenges
The addition of Salami and Ezz El Arab to the board is a strategic move for Cadbury Nigeria as the consumer goods company navigates a difficult macroeconomic landscape. Like many firms in the manufacturing sector, Cadbury faces challenges, including the impact of Naira volatility on its foreign currency liabilities.
Financial Restructuring Initiatives
Recently, Cadbury undertook a significant financial restructuring by converting $7.7 million in intercompany loans into equity, a move aimed at deleveraging its balance sheet. This step is expected to enhance the company’s financial health and investor confidence.
Market Reactions to New Leadership
The appointment of an industry veteran like Salami serves as a signal to the Nigerian Exchange Limited (NGX) and investors that Cadbury is committed to strong corporate governance and strategic foresight. However, the company’s stock recently hit a new low of 63 Naira on March 27, marking a decline of 10 percent from the previous day’s closing price of 70 Naira.
Recent Financial Performance
In its unaudited financial results, Cadbury reported a profit before tax (PBT) of N17.27 billion for the full year 2025, reflecting a remarkable 161% increase from an N28.33 billion loss in 2024. Additionally, gross profit surged by 101% from N18.23 billion to N36.6 billion, while net profit reached N12.09 billion, reversing the previous year’s loss of N22.22 billion.
Sales Growth Driving Profitability
The significant turnaround in Cadbury’s fortunes can be attributed to a 31% jump in sales from N129.17 billion in 2024 to N169.84 billion in 2025. Correspondingly, the basic earnings per share (EPS) rose by 154% to 530 kobo, after having recorded a loss of 975 kobo for the year ending December 31, 2024. Folake Ogundipe, the interim managing director, attributed this rebound to improved currency stability and easing inflation.
Profiles of New Board Directors
Rasak Adedoyin Salami brings over three decades of experience in economics and corporate governance to Cadbury’s board. He holds a PhD from Queen Mary College, University of London, and serves as CEO of KAINOS Edge Consulting Ltd. Moreover, Salami has held significant positions in various sectors, including logistics and insurance, and has contributed to economic policy both locally and internationally.
On the other hand, Hisham Ezz El Arab has a distinguished career spanning 32 years in the fast-moving consumer goods (FMCG) sector, with key roles at Danone and Procter & Gamble. As President of Mondelēz International’s Sub-Saharan Africa business, he has demonstrated strong leadership in driving business growth. Hisham also holds a bachelor’s degree in mechanical engineering from the American University in Cairo and has enriched his expertise through management courses at various prestigious institutions.
