2 board members resign as TY Danjuma takes over BOC Gases

Two executives on the board of Board of Industry and Medical Gasses manufacturers (BOC Gases) have resigned their appointment as Theophilus Danjuma takes over the company as the new majority shareholder.

TY Danjuma acquired more shares in BOC Gases after purchasing BOC Holdings UK’s 60 percent on August 13, 2021. 

The share acquisition increased Danjuma’s stake at BOC Gases Nigeria to 72 percent. Prior to the deal with the UK parent company, he had a 12 percent minority stake.

The takeover led to the exit of the UK investors, who are members of the Linde Group, earlier this month, and some Independent Non-Executive Directors have resigned as the deal took effect.

In a statement filed with the Nigerian Exchange Group, Hendrik Mentz de Waal and Joseph Ramashala resigned from their position three days before the deal became effective.

Prior to their resignation, Mentz de Waal and Ramashala provided independent oversight and constructive challenge to the executive directors of BOC Gases, while also being members of the Risk and Audit Committees of the Board.

Their resignation was meant to give way to a new management ushered in by the Danjuma acquisition. The takeover occurred at a time BOC Gases current liabilities hit N2.82 billion as at the first half of 2021.