Chemical and Allied Products Plc (CAP) has announced the appointment of Mr. Olalekan Aluko as its new Managing Director, effective 25 June 2026. The appointment follows the transition of the current Managing Director, Mrs. Bolarin Okunowo, to an executive position within the UAC Group, CAP’s parent company, also effective on the same date.
Brandspur Banking News Desk reports that the CAP board expressed confidence in Mr. Aluko’s leadership, highlighting his over 16 years of experience in operations, planning, and logistics. The board noted that his expertise positions him to drive CAP’s strategic growth and operational efficiency in the coming years.
Mr. Olalekan Aluko began his career in 2008 as a Project Manager at Dock Management Nigeria, overseeing project costing, supervision, and electrical system installations. He later served as a System Analyst at Digital Jewels Limited, focusing on business process analysis, system design, and operational gap identification. Aluko subsequently held engineering and manufacturing roles at Niyi Electrical Installation, Olutemcon Associates, Guinness Nigeria Plc, and GlaxoSmithKline Nigeria, culminating in his appointment at CAP in 2022 as Head of Operations and later Chief Supply Chain Officer in 2025.
Brandspur Banking News notes that CAP has reported strong financial performance, posting a pre-tax profit of N9.1 billion for the year ended 31 December 2025, a 50.51% increase from N6.06 billion in 2024. The fourth-quarter contribution was N3.6 billion, reflecting an 84.08% increase year-on-year. Revenue for the period grew 23.36% to N44.8 billion, driven almost entirely by paint sales, while services contributed N46.2 million.
CAP’s shares have demonstrated strong market confidence, trading at N99 per share as of 26 March 2026, up more than 43% year-to-date on the Nigerian Exchange (NGX). The stock reached a high of N109 per share on 12 February 2026 and has consistently delivered shareholder returns above 80% in recent years.
The appointment of Mr. Aluko represents a strategic move to strengthen CAP’s operational leadership and sustain its growth trajectory. With his extensive industry experience and leadership in supply chain management, stakeholders expect continued excellence in governance, operational performance, and market delivery.
