Oluyemi Oloyede Appointed as New Managing Director and CEO of UAC Foods Limited

In March 2023, Oluyemi Oloyede was appointed as the new Managing Director and Chief Executive Officer of UAC Foods Limited, a top Nigerian company in the food and beverage industry. With more than 16 years of experience in managing multinational teams, Oloyede has proven his expertise in delivering outstanding results in various companies, including Kellogg, Procter & Gamble, and Kerry Group. During his time as General Manager for West Africa at Kerry Group, Oloyede successfully led a team consisting of professionals in different areas such as commercial, finance, research, development and applications, supply chain, and operations. They provided support to Kerry Group's customers in West Africa.

Commenting on His New Role:

In reference to his new role, Oloyede expressed his enthusiasm for becoming a part of UAC Foods and expressed his anticipation of collaborating with the team to accomplish the company's expansion goals. He emphasized that his approach to leadership centers around fostering a growth-oriented mindset, perseverance, hard work, and honesty.

“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.”

Oluyemi Oloyede's Experience and Record

Oloyede's educational background includes a First Class Honours degree in Mathematics from Obafemi Awolowo University, Ile Ife, Nigeria, and an MBA from the same institution. He began his professional journey at Procter & Gamble West Africa, where he started as a Key Accounts Manager and covered various regions across Nigeria such as Ibadan, Abuja, Kaduna, Zaria, Jos, Port Harcourt, and Lagos. He progressed to become the National Sales Operations Manager, overseeing all of Procter & Gamble's sub-distributors in Nigeria, and then as Regional Sales Manager responsible for Lagos, Ogun, Edo, and Delta States. 

Oloyede also served as the National Sales Manager for Nigeria and Ghana at L'Oréal Central West Africa before taking on the leadership of Kellogg's business in West Africa, where he played a crucial role in facilitating the $450M joint venture between Tolaram Group and Kellogg. After the transition to the joint venture operation, he took on the role of General Manager of West Africa at Kerry Group.

Important Details on The Company

National Online has obtained a document stating that UACN issued N5 billion worth of commercial papers to raise short-term capital and strengthen its balance sheet. The CPs, which have a maturity of 270 days, offer an implied rate of 14.00% and a discount rate of 12.69%. The minimum subscription for the offer is N5 million, with further subscriptions in multiples of N1 million. 

UACN faced significant challenges in the previous fiscal year, reporting a loss before tax of N4.37 billion, in contrast to a profit before tax of N4.12 billion the previous year. This was primarily due to the ongoing struggle against inflation in Nigeria, which reached 21.91% in February, as reported by the Nigerian Bureau of Statistics. Although UACN's revenue grew by 8% from N101.38 billion to N109.27 billion, its cost of sales rose by 13.34% to N95.03 billion, reflecting the escalating impact of inflation.

Oluyemi Oloyede’s new appointment promises some big developments in the company and as time unfolds, the results of his work will be shown. He says In his leisure time, he finds pleasure in connecting with nature, exploring the outdoors, indulging in documentaries, or getting lost in a good book. UAC Foods is optimistic that with his extensive expertise and remarkable leadership qualities, Oloyede will steer the company towards accomplishing its growth targets.