Vitafoam chairman retires

By Felicia Nwosu

Bamidele Makanjuola, the Chairman of Vitafoam Nigeria Plc, has announced that after ten years of active service to a leading premium mattress brand, he is set to retire in line with the company’s tenure policy.

Makanjuola disclosed this during the company’s shareholders’ meeting at its 61st Annual General Meeting (AGM) in Lagos. The outgoing Chairman expressed his profound gratitude to the company’s board, management and shareholders for their support throughout his tenure.

“While turnover grew substantially, profitability was hobbled by raw materials price inflation at both local and international markets,”the Vitafoam chief said.

He said that the company shall continue to post strong earnings and generate shareholder value, given its team of innovative management and staff, irrespective of vagaries in the operating environment.

“While turnover grew substantially, profitability was hobbled by raw materials price inflation at both local and international markets. In addition, we had to contend with a sharp decline in naira exchange rate relative to other major currencies, the paucity of foreign exchange, high inflation, poor purchasing power and low disposable income of consumers, among others.

“Together we have moved boundaries and broken glass ceilings and while some of our plans might not have turned out exactly as envisioned, we have persevered with your support to move the company to the next level in our collective quest for greatness.

He reassured all that with renewed confidence, efforts will be intensified to grow our business lines by expanding Vitafoam’s product offerings.”

Also, the President of Noble Shareholders Solidarity Association, Mathew Akinlade, lauded the outgoing chairman, saying he showed exemplary leadership, characterised by integrity and dedication.

“For instance, the revenue grew from N19.5 billion in 2018 to N46.3 billion in 2022, an increase of 137 per cent.”

He added that during his tenure, the company recorded exponential progression in virtually all performance indicators.

“A peep into just the last five-year performance alone is quite revealing that Vitafoam under Makanjuola grew tremendously.

“The earnings per share moved from 57k to 338k, an increase of 493 percent. The man deserves to be celebrated,” he said.