Mr Nnamdi Okafor, Managing Director, May& Baker Nigeria Plc, is set to retire by the end of this business year, after almost a decade-long tenure laced with several milestones and further consolidation of the leading pharmaceutical company into one of few Africa’s globally certified centres of excellence in pharmaceutical manufacturing. Okafor, who was appointed in February 2011, will be retiring by December 31, 2020.
The Board of Directors of the Company has notified the Nigerian Stock Exchange (NSE) and the Securities Exchange Commission (SEC), of the impending retirement of Okafor and the commencement of a succession process by Mr Patrick Ajah, a vastly experienced pharmacist and business manager of nearly three decades experience. MrAjah who resumed on December 1, 2020 as an Executive Director, will work with Okafor for a 1month transition period and assume the leadership as Managing Director with effect from January 1, 2021.
For nearly a decade, Okafor has come to be regarded as one of the most impactful leaders in the nearly eight decades of May & Baker Nigeria. Taking over from when PBT was barely a third of a billion naira, Okafor has tripled this having led May & Baker Nigeria to become a billion-naira-profit company, doubling its balance sheet size from N7billion to N14billion; shareholders’ equity from N3billion to N6billion while doubling revenues by 100 per cent over his tenure and growing the business by investing in key infrastructure, research and innovation.