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Home Companies

Unilever Nigeria appoints new executive director, company secretary

by Admin
January 21, 2026
in Companies

By Cynthia Ezekwe

Unilever Nigeria Plc, has notified the  Nigerian Exchange (NGX)  and the investing public appointment of Abidemi Ademola as its  executive director, and the appointment of  Afolasade Olowe as its company secretary with effect from 16 March 2023.

The company, which is principally engaged in the manufacture and marketing of foods and refreshments, home care and personal care products,made the disclosure in a statement signed by Afolasade  Olowe,the senior legal counsel & company secretary.

According to the statement, Abidemi Ademola is a highly skilled and experienced corporate counsel, governance professional and executive business leader with over 27 years of commercial law and corporate governance practice in Nigeria and West Africa.

Unilever Nigeria records 30% topline growth in Q3 2022
Ademola has been instrumental in building strong legal teams and delivering several epic legal transactions and projects across West Africa. She has supported the Unilever Nigeria board for over 10 years to implement world class corporate governance practices and processes with positive impact on Board effectiveness.

She  holds a bachelor of laws degree  from the Obafemi Awolowo university, Ile-Ife, a master of laws degree from the University of Lagos, Akoka, and a master of business administration (MBA) Leadership degree  from Walden University, United States. She is also  a fellow of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and a governing council member of the institute.

 Ademola  is also a fellow of the WIMBOARD Institute, a WIMBIZ/IE University, Madrid executive education programme for women on boards. She  is an active member of the Nigerian Bar Association  (NBA), the Society for Corporate Governance and the Institute of Directors, Nigeria. She was also  the pioneer chairperson of the corporate counsel committee of the NBA section on business law and is currently an officer of the corporate  counsel committee of the NBA Women Forum.

Unilever Nigeria described Afolasade Olowe,the new company secretary, as a seasoned corporate counsel with close to two decades of experience in corporate commercial law and governance practice. It stated further that her expertise cuts across different aspects of law including corporate law and governance, regulatory advisory and compliance, labour & employment, mergers & acquisitions.

 Prior to joining Unilever Nigeria Plc, Olowe gained her legal experience in two of Nigeria’s leading full-service commercial law firms where she developed first-hand skills in her areas of expertise especially company secretarial & corporate governance practice where she represented her law firm on the board of clients in diverse sectors. Whilst in practice she had been recognised by the global Who’s Who Legal in corporate immigration.

Olowe is an associate of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN)  as well as the society for corporate governance. She is a member of the Nigerian Bar Association and holds an MBA from the Henley Business School, University of Reading, United Kingdom. She  is passionate about the girl child and her personal goal is to assist the girl child to achieve their full potential through mentoring.

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Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

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