UACN Property Development Company Plc wishes to announce the resignation of its Chairman, Board of Directors, Mr Larry Ettah from the Board of the Company with effect from July 23, 2018. The Board accepted the resignation and expressed its deep appreciation for the leadership provided by Mr. Ettah during his tenure.

The Company is pleased to announce the appointment of three new Directors to its Board.  They are Mr Babatunde Kasali who takes over as the Chairman of the Board of Directors, while Mr Folasope Aiyesimoju resumes as the Chief Executive Officer (CEO) and Mrs Awuneba Ajumogobia as a Non-Executive Director. Mrs Adeniun Taiwo assumes the role of the Chief Operating Officer (COO) of the Company.  All the appointments take effect from 6th August 2018.

Mr Kasali graduated with B.Sc. (Hons) Economics degree from Manchester Metropolitan University, United Kingdom. He is a Fellow of the Institute of Chartered Accountants of Nigeria. His work experience include Audit Senior, Ernst & Young (Chartered Accountants) United Kingdom, Assistant Internal Auditor, Amex Bank Plc, United Kingdom, and Principal Manager, Ernst & Young (Chartered Accountants) Nigeria. He was also Chief Inspector, Regional Director, Divisional Director and Regional Bank Head, Consumer and Commercial Banking Group, United Bank for Africa Plc respectively. He was a Non-Executive Director of UACN Property Development Company Plc before joining the Board of UAC of Nigeria Plc in March 2013.  He is the Non-Executive Chairman of Wema Bank Plc.

Mr Aiyesimoju is a finance professional with experience spanning corporate finance, principal investing and private equity.  He holds a B.Sc (Hons) degree in Estate Management from the University of Lagos, where he was awarded a Certificate of Excellence in Real estate development and finance, and earned the right to use the CFA designation in 2006.

Fola is the founder of Themis Capital Management, an investment firm focused on concentrating capital and talent on high-potential opportunities in Sub-Saharan Africa. Prior to founding Themis, he worked with Kohlberg Kravis Roberts, a leading global investment firm; Standard Bank Group, where he led mergers and acquisitions in Nigeria; Ocean and Oil Holdings Limited and ARM Investment Managers.  He is a co-founder and Non-Executive Director of Foodpro Limited and a Non-Executive Director of UAC of Nigeria Plc.

Mrs. Ajumogobia is a fellow of the Institute of Chartered Accountants of Nigeria and graduated from the University of Ibadan with a B.Sc. (Hons) degree in Economics.  She has acquired broad professional experience in audit, taxation and consultancy across several industries at the audit firms of Peat Marwick and Deloitte.  She later joined Andersen Consulting (now Accenture) where she worked for thirteen years.  Mrs. Ajumogobia currently serves as Executive Director of Multistream Energy Limited.  She is on the Board of University of Ibadan Research Foundation, Finance Committee of Musical Society of Nigeria (MUSON), chairs the Governing Council of Grange School, Lagos where she also sits on the Board of Directors and is an associate of WIMBIZ (Women in Management, Business and Public Service).  Mrs. Ajumogobia joined the Board of UAC of Nigeria Plc in July 2009 and is the Chairman of the Board Risk Management Committee and a member of the Statutory Audit Committee of the Company.

Mrs Niun Taiwo is a Fellow of the Institute of Chartered Accountants of Nigeria. Prior to joining UAC in 2012, she worked in KPMG Nigeria for 13 years where she rose to become a Senior Manager in Accounting Advisory function and Internal Audit, Risk and Compliance. Her experience cuts across Oil and Gas, Financial Services, Consumer Markets, Telecommunications and the Public sector.

Niun was appointed Head, Financial Services of UAC of Nigeria PLC in August 2012, Finance Director, UACN Property Development Company PLC in April 2016 and subsequently, Chief Financial Officer, UAC of Nigeria PLC in January 2018. She has been acting as the Managing Director of UPDC Plc since May 2018.

She has attended several trainings both in Nigeria and overseas including executive training programmes at Ashridge Business School and The University of Chicago Booth School of Business.


Yours faithfully,


Folake Kalaro (Mrs)             

Company Secretary/Legal Adviser

Dan Agbor chairs UAC Board as Mbonu becomes non-Executive Director

UAC of Nigeria PLC (UAC) has announced the appointments of Mr Dan Owor Agbor as the Chairman of the Company and Engineer (Dr.) Okechukwu John Mbonu as a Non – Executive Director following the resignation from the Board of the Company of Senator Udoma Udo Udoma and Dr Okechukwu Enelamah, both recently appointed Ministers of the Federal Republic of Nigeria.

Mr Agbor, 55, is the Managing Partner of one of the leading commercial law firms in the country – Udo Udoma & Belo-Osagie. A seasoned lawyer, Mr Agbor, who joined the firm in September 1990 until date, has had a distinguished practice in areas covering banking, mergers and acquisitions, private equity, finance, tax, and the laws relating to foreign investment. He holds the following qualifications: LL.B, Bachelor of Law, B. Sc. in Political Science and M.PA (Masters in Public Administration).

November-2015A former Company Secretary/Legal Adviser of Gulf Bank of Nigeria Limited, he worked variously at the Corporate Finance and Legal Departments of Citibank (formerly Nigeria International Bank Limited) and as a Solicitor in the firm of Ajumogobia, Okeke & Oyebode, a Lagos-based firm of legal practitioners engaged in the general commercial practice of law.

Mr Agbor serves on the Board of the following companies: Chairman, FSDH Securities Limited (Member of the Nigerian Stock Exchange); Director, FSDH Merchant Bank Limited; Director, Pensions Alliance Limited (a Pension Fund Administrator) and Director, Swift Network Services Limited.

Engr Mbonu is a COREN registered engineer, a Fellow of the Nigerian Society of Engineers (FNSE), a Fellow of the Nigerian Institution of Mechanical Engineers and a Fellow of the Sierra Leone Institute of Engineers. He is a Founding Partner of Execution Edge Limited, a company noted for the provision of management advisory services to medium and large scale business enterprises.

Engr Mbonu worked with Shell Petroleum Development Company Limited, Nigerian Breweries PLC, Heineken International and PricewaterhouseCoopers. While at Nigerian Breweries PLC, he was appointed the Human Resource Director in 1999 and the Customer Service Director in 2001. In March 2005, he was posted to Heineken International and then to Sierra Leone Brewery Limited, Freetown as the Managing Director/Chief Executive Officer of the company.

Engr Mbonu attended Mayflower School, Ikenne where he obtained his West African School Certificate (WASC) with seven alpha distinctions and was awarded a Shell-BP Overseas scholarship to study Mechanical Engineering at the University of Manchester, UK, where he graduated in 1977 with a Bachelor of Science (B.Sc.) degree, with first class honours and four academic prizes.

In 1978, on completion of his National Youth Service with Shell-BP, he was awarded the prestigious Manchester University Noel Philip Bedson Research Scholarship which in 1982 led to the award of a Ph.D. degree in Mechanical Engineering from Manchester University, UK.

As part of his career development, Engr Mbonu attended several local and international learning events including courses at Insead France; London School of Economics, UK; Stanford USA; Wharton School USA; IMD Switzerland and Heineken University, The Netherlands.

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James Pinnock Place Groundbreaking

Mallam Murtala Aliyu, President of the Nigerian Institute of Quantity Surveyor conducted the groundbreaking ceremony of James Pinnock Place, Lekki, Lagos, on Tuesday, 5th May 2015. The event had in attendance representatives from the Ministry of Waterfront infrastructure Development, Directors of UACN & UPDC, Customers & other stakeholders.

The first 2 Phases of the estate and the Waterfront area were completed in 2008, while work is ongoing in Phase 3. Phases 1 and 2 consist of Site & Service plots while phase 3 is a combination of residential development and site & service plots.

Pinnock Beach Estate has been envisioned and is being developed to become a best in class residential community with a picturesque, serene and secure environment. Emphasis has been placed on communal living in a great neighbourhood with the provision of green areas that can be used as recreational facilities for children, adults & families

James Pinnock place will consist of the following types of residential units:

  • 5 Bedroom Detached Houses with Servant Quarters
  • 4 Bedroom Semi Detached Houses with Servant Quarters
  • 3 Bedroom Apartments with Servants Quarters

4 Bedroom Maisonette with Servants Quarters

Olive Court, Agodi Gra, Groundbreaking ceremony

Governor Abiola Ajumobi of Oyo State conducted the Groundbreaking ceremony of Olive Court, Agodi GRA, Ibadan on the 25th of March, 2014.

The event had in attendance top officials of the Oyo State Cabinet and top members of UACN Property Development Company (UPDC PLC) and was done amidst pomp and funfare at the Oyo State capital, Ibadan in the exclusive area of Agodi GRA.

Olive Court is a 50 unit housing estate that will comprise of terraces, semi-detached houses and detached houses. It is a joint venture between Oyo State Government and UPDC Plc.