Mr. Odunayo Olagundoye

Managing Director
Mr. Kofi Abunu (Ghanaian)

Dr. Ikenna Okongwu
Non-Executive Directors
Mr. Babatunde Fajemirokun
Mr. Babacar Ka (Senegalese)
Mr. Marc Stoneham (British)
Mr. Adefolarin Ogunsanya
Mrs. Yemisi Akinbo
Mr. Benjamin Dabrah (Ghanaian)

Company Secretary / Legal Advisor
Mrs. Josephine Johnson, ACIS

Independent Auditors
KPMG Professional Services
KPMG Tower
Bishop Aboyade Cole Street
Victoria Island, Lagos

Principal Bankers
Access Bank Plc
First Bank of Nigeria Limited
Fidelity Bank Plc
First City Monument Bank Plc
Guaranty Trust Bank Plc
Polaris Bank Plc
United Bank of Africa
Zenith Bank of Nigeria Plc

Registered Office Address
2, Ilupeju Bye Pass, Ilupeju, Lagos, Nigeria

Registration Number
RC 370963

TIN: 00671855-0001

Meristem Registrars & Probate Services Limited
213 Herbert Macaulay Way
Yaba, Lagos

G. Elias & Co.
6, Broad Street


Human Resources Division: Our Human Resources Division spearheads the people strategy, overseeing recruitment, talent development, and retention. In addition, it manages our advanced training centre, taking charge of designing and implementing various training, incentive, and internal brand engagement programmes to ensure continuous growth and excellence within our team.

The Operations Division: Our Operations Division is responsible for the daily operations of our Chicken Republic, PieXpress and The Chop Box Brands. This division is focused on driving sustainable, year-on-year profitability by growing top-line sales and managing our operational expenses. Our key focus is to: Build strong people capability that enables an enhanced customer experience, with great quality food at everyday affordable prices. We are heavily focused on driving speed of service and creating an environment that is clean, fresh, well-lit and hygienic, whilst applying a disciplined approach to delivering operational excellence.

The Supply Chain Division: Our Supply Chain Division is a multi-faceted profit centre. It controls procurement, warehousing, manufacturing, distribution, Central Kitchens and Pie Production Units. As we increase our store count and new concepts, the importance of delivering high quality products “On Time and in Full” to our stores across the country becomes more complex, requiring constant evaluation of capacity and capability, whilst navigating the various complexities of distribution. We are fully committed to sourcing local talent, raw materials and produce as we continue to support the Company’s growth strategy.

Property Development & Franchising Division: Our business is as much about property as it is about food. Our Property Development & Franchising division is responsible for the acquisition and development of new franchises and company-owned stores, whilst constantly upgrading and maintaining our existing base to brand standards. Our customer needs and competitive environment necessitate the need to constantly evolve our product offerings, manufacturing capabilities and store types. Collectively, these activities contribute to our sustainability and growth as a Company.

Shared Service Division: Our Shared Services Division supports every aspect of the business as it focuses on the consolidated performance and strategic positioning of the Organisation and its Subsidiaries. The team is responsible for the management and integration of key functions across other departments including: Finance, Financial Planning & Analysis, Human Resources, Legal, Risk, Process and Compliance, Quality Assurance, IT, Internal Audit, Marketing and Administrative Services. Achieving world-class Corporate Governance is about ensuring we do the right things consistently across our rapidly expanding business units, we pride and challenge ourselves continuously as we strive to be “Best-in-class”.

ADP II Holding 12 Ltd14,564,939,08855,0%
Lugacy 1 Limited8,250,041,02731,1%
Food Concepts International Limited321,765,1031,91%
Retail Investors2,075,590,2057,1%
DF Holdings Limited1,284,551,798
Name of DirectorBiography/ExperienceEducational & Professional Qualification Date of AppointmentCommittee Membership
Mr. Odunayo OlagundoyeA banker by profession, Odunayo was the pioneer Managing Director/Chief Executive Officer of Chartered Bank Plc., and a former Managing Director of National Bank of Nigeria Plc (2000 - 2003). Prior to that, he was the General Manager/Chief Credit Officer of International Merchant Bank Plc (1975 - 1987). He holds a first degree in Engineering from Massachusetts Institute of Technology (”MIT”) (1969) and a Masters’ degree from the prestigious MIT Sloan School of Management (1974). He is currently the Chairman of Quantum Capital Management.First degree in Engineering from Massachusetts Institute of Technology (MIT) (1969)

Masters’ degree from the prestigious MIT Sloan School of Management (1974)
9th February 2016Chairman
Mr. Kofi AbunuKofi has over approximately 30 years experience in management roles in the food and hospitality industry having previously worked with global brands such as McDonald's (UK), Nando’s, Steers (Ghana), and Innscor West Africa Limited (operators of multi-brand food court). He was head of Operations with their partnership with Exxon Mobil managing the ‘On the Run brand’.
Kofi started with Food Concepts in 2007 as a GM for the Chicken Republic Brand. Over the years, he has operated in several African countries including Nigeria, South Africa & Ghana. His most recent appointment was from Divisional Managing Director - Business Development to Managing Director/CEO Food Concepts Plc which took effect from 7 March 2022.
Bachelor of Arts degree in International Business and Marketing from the University of London, UK (1997)

CIM, UK (1998)
7th March 2022Managing Director
Dr. Ikenna OkongwuIkenna is currently the Divisional Managing Director – Operations of Food Concepts Plc. He graduated as a Medical Doctor and has more than 25 years’ experience in the QSR industry, 18 of those in the United Kingdom and The Republic of Ireland. He worked as an Area Coach and Human Resources Manager in the United Kingdom with Yum Restaurants International (KFC) and as the Head of Operations in the Republic of Ireland with MBCC Foods Ltd (KFC Franchisee). In addition, Ikenna worked with KFC Nigeria as the Operations Leader prior to working with Food Concepts Plc. He was instrumental and led the growth of MBCC Foods in Ireland, and the turnaround and growth of the Food Concepts business in Nigeria.
Ikenna is currently doing an MBA through the Henley Business School Africa affiliated with the University of Reading. Ikenna served on the Board of Food Concepts Pioneer Limited and is a member of the Chartered Institute of Personnel Development, London.
Bachelor of Medicine & Bachelor of Surgery (MBBS) from the University of Jos (1991)

Post Graduate Diploma in Human Resources from the Thames Valley University, UK (2001)

Master’s in Management (MiM) from the Smurfit Business School in the University College Dublin Ireland (2011)
7th March 2022Executive Director
Mr. Babatunde Fajemirokun Mr. Babatunde Fajemirokun is the Managing Director & CEO at AIICO Insurance Plc; a leading financial services group in Nigeria.
Mr. Fajemirokun joined AIICO Insurance Plc, Life Insurance Division, as CIO in May 2009, and was responsible for value-enhancing projects in its maiden growth strategy, business process and technology transformation projects. Prior to AIICO, he worked with Accenture, Lagos (2003-2007) and then Capgemini Consulting, UK (2008- 2009). In both roles, Babatunde provided consulting/advisory services to financial services and Government clients predominantly in mergers and acquisitions and then United Kingdom government transformation programmes.
His experience spans across Management Consulting focused on strategy & technology-led change in Financial Institutions and Government; Insurance & Asset Management focused on strategy, retail and corporate insurance, insurance (actuarial) & investment risk management, process/ technology-led change, turnarounds, corporate finance, and corporate management.
Bachelors' degree in Business Economics from Glasgow, UK (2000)

Business Information Strategy Master's degree (dist.) from University of Strathclyde (2002)

MBA in Finance from University of Chicago Booth School of Business (2013)

Chartered Insurer (ACII)
7th December 2016(i) Finance & General Purpose Committee

(ii) Remuneration & Corporate Governance Committee
Mr. Babacar KaBabacar is an investment principal at Development Partners International LLP with 18 years of finance and investment experience spanning private equity, debt investing and equity research. Prior to DPI, Babacar worked at Standard Bank Group in the UK and was an investment analyst in the Global Transaction Team at the IFC in Washington DC.Bachelor of Science in Business Administration and Finance from the University of California (2003)

MBA from the University of Oxford (2010)
26th September 2017(i) Audit Committee

(ii) Remuneration & Corporate Governance Committee
Mr. Marc StonehamMarc worked at McKinsey & Company serving African and other emerging market clients across multiple industries and functions, with a focus on natural resources. Prior to McKinsey, Marc worked in private equity at Actis and Kingdom Zephyr, and for Accenture strategy consulting.
BA (Hons) in Modern History from the University of Oxford (1st class) (2003)

MBA from INSEAD (Dean's List) (2010)
26th September 2017(i) Finance & General Purpose Committee

(ii) Remuneration & Corporate Governance Committee
Mr. Adefolarin OgunsanyaAdefolarin is an investment professional at Development Partners International LLP with over 15 years of experience in investment banking and private equity. Prior to DPI, Folarin was an investment professional at Helios Investment Partners and an investment banker at Credit Suisse in New York. He has experience in Corporate Finance, capital allocation and Strategy.
BSc (Hons) in Computer Engineering from NJIT (2007)

MBA in Finance and Entrepreneurial Management from The Wharton School, University of Pennsylvania (2014)
26th September 2017(i) Finance & General Purpose Committee

(ii) Audit Committee

(iii) Remuneration & Corporate Governance Committee
Mrs. Yemisi AkinboYemisi is a seasoned finance and investment professional with over 20 years’ experience in banking, asset management and private equity. She is currently a Principal at African Capital Alliance (ACA) where she is responsible for overseeing investments in the consumer goods sector. At ACA, she was previously the Head of the Investor Management and Fund Administration function. Prior to joining ACA, Yemisi worked with the First City Group, a leading financial services group in Nigeria. Yemisi has a BSc. degree in Accounting from the University of Lagos (1999) and an MBA from the London Business School (2015). She is also an Associate of the Institute of Chartered Accountants of Nigeria.
BSc degree in Accounting from the University of Lagos (1999)

MBA from the London Business School (2015)

Associate of the Institute of Chartered Accountants of Nigeria
29th September 2021(i) Finance & General Purpose Committee

(ii) Audit Committee
Mr. Benjamin DabrahBen is a dynamic, results-oriented business leader with over 20 years’ experience in banking, consulting, and private equity. He is currently an Operating Partner at African Capital Alliance (ACA) where he leads their internal transformation projects as well as overseeing value creation across the company’s investment portfolio. Prior to joining ACA, Ben worked in multiple C-suite roles with several reputable international organisations including McKinsey, Barclays, Standard Chartered and Standard Bank in several African countries, and the UK. BSc degree in Land Economy from the Kwame Nkrumah University of Science and Technology, Ghana (1999)

BSc degree in Financial Services from the University of Manchester, UK (2006)

MSc in Public Policy Economics from the University of Hull, UK (2001)
29th September 2021(i) Remuneration & Corporate Governance Committee

The Quick Service Restaurant (QSR) industry in Nigeria has grown rapidly over the years and has become more structured. From the late ’90s where the industry was dominated by one key player and a few family-owned businesses, more structured businesses with good brand names have entered the fray.

In line with global trends, QSRs in Nigeria are beginning to focus on franchising, multiple brands, healthy meals and restaurant management. Also, local QSRs have increasingly expanded their service offerings to include African dishes, in addition to an array of fast food meals.

The Nigerian QSR industry is now dominated by both local and foreign brands. The “Chicken Republic” brand is regarded as one of the leading brands across in the industry and is also the fastest growing QSR brand in Nigeria.


Quality Control Risk

Operational Risk

Reputational Risk

Economic Risk

General Risk Disclosure

Quality Control Risk

Food Concepts relies on suppliers for quality input materials to produce the finished retail food. As such, the Company’s success at producing quality food depends on the quality of the input materials used for the food.

Operational Risk

Operational risks are the risks of loss resulting from the failure of people, internal processes, systems or from external events. The Company is built on the quality of service, processes, and quality of food it serves. Consequently, the Company relies heavily on its staff, processes, and systems. If any of these critical success factors do not operate properly, the Company could suffer financial loss, disruption of its business, liability to clients, and reputation damage. The inability of its infrastructure and systems to accommodate an increasing volume of transactions could also constrain its ability to expand its business.

Reputational Risk

For the business to thrive, the Company relies heavily on the perception its customers have of the business. While the Company continues to work hard to maintain its reputation in all aspects especially with the incidents of food-borne illness and food tampering, it cannot be guaranteed that the Company’s internal controls will be fully effective in preventing all food-borne illnesses. In addition, the Company’s reliance on third-party food suppliers and distributors increase the risk of incidents of food-borne illness which could be caused by third-party food suppliers and distributors outside of its control and negatively affect the Company’s sales.

Economic Risk

The general economic condition in the country could affect customers’ expenditure. The Company’s business relies on the spending of its customers and as such its operating results are sensitive to the changes in macroeconomic conditions. If the general economic condition is poor, it could result in lower purchasing power of the Company’s customers which may give rise to a decline in the number of customers and level of transactions in the Company which could negatively impact the financial performance of the Company.

General Risk Disclosure

Shareholders should consult their advisers if in any doubt as to the nature of this investment and its suitability in the light of their circumstances. The value of any securities traded (whether listed or not) are subject to investment risks, and fluctuations in the market. There is an inherent risk that losses may be incurred rather than a profit made as a result of buying and selling securities. Past performance is not a guide to future performance. Certain types of investments may not be suitable for all investors.


Five Year Financial Summary: Group

Five Year Financial Summary: Company

Independent Auditors Report

Unclaimed Dividend & Meristem e-dividend Form

Annual Reports

Five Year Financial Summary for the Group
For the year ended 31 December 2022

Food Concepts - Five Year Financial Summary for the Group

Five Year Financial Summary for the Company
For the year ended 31 December 2022

Food Concepts - Five Year Financial Summary for the Company

Independent Auditors Report
For the year ended 31 December 2022
Food Concepts - Independent Auditors Report - Page 1
Food Concepts - Independent Auditors Report - Page 2
Food Concepts - Independent Auditors Report - Page 3
Food Concepts - Independent Auditors Report - Page 4
Unclaimed dividend & Meristem e-dividend Form
7 December 2023

Shareholders are hereby informed that some dividends have remained unclaimed or are yet to be presented for payment or returned to the Registrar for revalidation. All affected Shareholders are advised to contact the Registrar, Meristem Registrars, 213 Herbert Macaulay Way, Sabo, Yaba, Lagos or via e-mail: to resolve any issue they may have with claiming the dividends.

List of Unclaimed Dividends

Meristem e-dividend Form