FTN Cocoa Names Wale Jubril as Interim Chairman

FTN Cocoa Processors Plc has appointed Otunba Wale Jubril as Interim Chairman of its Board, following the death of long-serving Chairman High Chief (Sir) S.O. Oguntimehin on March 30, 2026.

In a corporate disclosure dated August 18, the company said the appointment was approved at a July 21 Board meeting and took effect immediately. Jubril will serve pending the appointment of a substantive chairman in line with the company’s Articles of Association and applicable regulatory requirements.

The leadership change comes as FTN Cocoa is navigating an important recovery phase. The company, which processes cocoa beans and palm kernel into products including cocoa butter, cake and powder, has had a difficult financial history. In 2019, trading in its shares was suspended by the then Nigerian Stock Exchange over delayed financial filings, although the suspension was lifted after the company submitted its outstanding accounts. Shareholders also approved a plan in 2021 to raise up to ₦1.4 billion, reflecting efforts to strengthen its finances and reposition the business.

More recently, however, FTN Cocoa has shown signs of a turnaround. Its first-quarter 2026 revenue rose 90.4 percent year-on-year to ₦1.09 billion, while profit after tax swung to ₦954.37 million from a ₦575.55 million loss a year earlier. The improvement was helped by foreign-exchange gains and stronger operating performance.

Jubril brings more than three decades of experience spanning banking, capital markets, finance and corporate governance. His immediate task will be to provide continuity while the board selects a substantive chairman.

For investors, the transition comes at a potentially consequential moment. Sustaining recent earnings gains, managing foreign-exchange exposure and improving the company’s financial position will likely shape market confidence as FTN Cocoa moves through the second half of 2026.Would you prefer a or more newspaper-style version?more financial-market-focused