Ruth Ibikunle
Bolarin Okunowo holds a prominent role as the Managing Director and Chief Executive Officer at Chemical and Allied Products Plc, commonly known as CAP Plc. If you’re not familiar, this company stands out as Nigeria’s top player in the paint and coatings industry and is part of the larger UAC of Nigeria Plc Group.
So, who is Bolarin Okunowo, really? Well, she’s more than just a title. Bolarin is a qualified Chartered Accountant who has carved out quite a remarkable path in her career. She didn’t just stumble into the role, with a strong educational background, a Bachelor’s degree in Commerce from the University of Birmingham UK and a Master’s degree in Information Systems from the prestigious London School of Economics. Her academic foundation has certainly set the stage for her success in such a demanding sector.
Before stepping into her current role in December 2021, the seasoned business leader and finance specialist has gathered a wealth of experience across various positions for over 17years—both within the company and in other organizations.
Bolarin was the Managing Director and CEO of Portland Paints and Products Nigeria Plc, a subsidiary of UACN and also closely linked with CAP Plc. During her time there, she really turned things around and played a key role in the successful merger with CAP Plc back in July 2021. Quite the achievement, right?
Now, if we rewind a bit to 2018, she joined the UACN Group. Before that, she was at Stanbic IBTC Capital, part of the Standard Bank Group, where she was the Head, Energy & Infrastructure Finance. She had her hands full managing the debt finance portfolio for oil and gas, power, and infrastructure. She was involved in raising over $15 billion for projects in Nigeria and the Niger Delta region.
And there’s more! While at UAC of Nigeria Plc, she took on the role of Investment Executive, overseeing the Group’s investments in paints, logistics, and real estate. She closely collaborated with management teams there to craft strategies and drive commercial success.
But let’s not forget her earlier days—she also gained valuable experience at ARM Investment Managers and PricewaterhouseCoopers. Honestly, this journey, with all its ups and downs, has really shaped how she leads. She’s got the expertise and the vision to navigate the complexities of the industry. It’s hard to underestimate how that experience matters, especially in such a competitive industry.
Under her guidance, CAP Plc has seen some noteworthy transformations. Bolarin has spearheaded initiatives aimed at innovating product lines and improving operational efficiency. Her focus on sustainability has also been a game-changer, staying ahead of the curve and aligning the company with global trends and consumer demands. It’s not just about making paint; it’s about making it better, greener, and more efficient. Isn’t it great to see leaders who prioritize the environment?
And speaking of performance, let’s talk numbers for a moment. Since Bolarin assumed the role of MD/CEO at CAP Plc in December 2021, CAP Plc has seen impressive growth during her tenure. Thanks to her strategic decisions and forward-thinking approach, the company has been able to expand its market reach and improve its financial standing. The company has delivered significant top line and bottom-line growth. According to the company’s unaudited financial statement for the period ended September 2025, revenue grew by 28.01% to N30.27 billion from N23.65 billion reported the previous year. Profit after tax grew by 39.36% to N3.68 billion from N2.64 billion profit achieved the previous year. This kind of success doesn’t just happen overnight. It takes a blend of hard work, strategic planning, and a little bit of that entrepreneurial spirit.
But it’s not all about the numbers and strategies. Bolarin is known for her engaging leadership style. She values teamwork and often emphasizes the importance of inclusive decision-making. You know, fostering a culture where every voice matter can make a huge difference, and she seems to get that.
Beyond her professional life, Bolarin is also passionate about mentoring the next generation of leaders. She often participates in programs aimed at empowering young women in business. It’s inspiring to see someone give back. Her commitment to community development speaks volumes about her character.
Bolarin has served in various capacities on the boards of various publicly listed companies in Nigeria including Wema Bank PLC, Livestock Feeds PLC, CAP Plc and former Portland Paints and Products PLC. She is currently serving as an Independent Non-Executive Director of Wema Bank Plc, a leading commercial and retail bank in Nigeria. She is the Chairperson of the bank’s Board Remuneration, Nomination and Governance Committee and Chairperson, of the bank’s Board Audit Committee.
In summary, Bolarin Okunowo isn’t just the MD/CEO of CAP Plc; she’s much more than just a corporate leader. She’s a forward-thinking innovator, a dedicated mentor, with commitment to teamwork, focus on sustainable practices and a role model for many. She’s a visionary leader making waves in Nigeria’s paint and coating industry. Her journey with CAP Plc not only highlights her professional achievements but also underscores her commitment to making a positive impact in the industry and beyond. It’ll be interesting to see how her leadership continues to shape the future of paint and coatings in Nigeria. Youmight want to keep an eye on her journey because she’s definitely one to watch!
CAP Plc fully operates in the coatings business and fully provides a wide range of quality products and services. They operate within the premium and standard segments of the paints and coatings market with flagship brands such as Dulux, positioned in the premium segment, Sandtex, in the standard segment and Caplux, for surface preparation products and Hempel, for industrial coatings.