So far this year, Cutix Plc’s stock has performed relatively well on the floor of the Nigerian Stock Exchange. Just yesterday, the stock closed out trading at N4.25; a slight (5.13%) decline from its 52-week high of N4.48 which was set on Aug 01, 2018.
Year to date, this stock has increased by 107.96%, thereby marking a 5-year high.
Much like its stock’s performance, Cutix Plc has also consistently recorded positive financial performance in recent years. Its revenue increased from N1.9 billion in 2013 to N5.0 billion in the second quarter of 2018; likewise, profit after tax increased from N151 million in 2013 to N447 million in the second quarter of this year.
The company, which is one of the leading manufacturers of assorted cables for electricity, telecommunications and automobiles, was founded in 1982 by Dr Gilbert Obiajulu Uzodike with just N400,000. The accomplished businessman and serial entrepreneur have long relinquished full-time executive duties in the company. Yet, he remains one of the most relevant corporate executives in Nigeria. He is our corporate personality of the week. Get to know him.
Dr Gilbert’s early years and educational background
Dr Gilbert Obiajulu Uzodike hails from Nnewi, a small town in Anambra State which is said to have more billionaires (naira) than anywhere else in Nigeria. He was born in 1949 in the commercial South-Eastern city of Onitsha, also in Anambra.
For his secondary education, he attended College of the Immaculate Conception in Enugu, where he obtained his O-Levels in 1966. He then proceeded to the University of Lagos to study Mechanical Engineering, graduating in 1974.
Gilbert is also an alumnus of the prestigious Harvard Business School, where he obtained a Master’s in Business Administration back in 1977.
It should be noted that while it is unclear how Uzodike derived the title ‘Dr’, there are strong indications that he was conferred with an Honorary Doctorate Degree from Purdue University.
His brief engineering career in America and the subsequent establishment of Cutix Plc
Following the completion of his studies at Harvard and prior to the establishment of Cutix Plc in 1982, Dr Gilbert worked briefly with Raychem Corporation, an American military wire and accessories company. It was probably while working there that he garnered enough experience and inspiration to establish his first company.
According to Forbes Africa, Dr Uzodike established Cutix Plc with $1,200, which is roughly about N400,000. But this rather small beginning notwithstanding, he managed to grow the company until it became what it is today. Cutix Plc, by the way, is the first company in South-Eastern Nigeria to be listed on the Nigerian Stock Exchange.
He is a serial entrepreneur
Apart from Cutix Plc, Gilbert has also founded and managed several other companies. For instance, Adswitch Plc, a company which manufactures electric switchgear, was founded in 1982 by him. The company is quoted on the 2nd tier of the NSE, and Uzodike was the Chairman until 2004.
In 1990, he founded Ugora Limited, a cosmetics company of which he was also the Chairman. The company, however, became liquidated in 1999.
He is the founder and current Chairman of Conv-Aj Events Limited, an Nnewi-based modern and multi-purpose events centre. He is also the founder and principal consultant at Ajulu & Co. Management Consultants.
He currently sits on the boards of quite a number of organisations, most notable of which are his positions as the Chairman of the Anambra State Security Trust Fund, and Member, Governing Council of the Anambra State University.
He is a former Chairman of the Anambra/Enugu branch of the Manufacturers’ Association of Nigeria (MAN). He is also a former Chairman of the Nigerian Society of Engineers, Nnewi branch.
Unfortunately, Uzodike is also a failed politician, having once contested and lost the Anambra State gubernatorial election.
A look at the percentage and value of his shareholding at Cutix Plc
According to information contained in Cutix Plc’s 2017 full year financial report, Dr Gilbert Obiajulu Uzodike’s shareholding at the company is 90,172, 226 units, representing 10.24%. Using the company’s share price of N4.18 to calculate, this brings the value of his shareholding to about N376.9 million.
About his personal life
Dr Uzodike is married to Barrister A.O. Uzodike, a Supreme Court Lawyer, with whom he has six children. He spends his spare time speaking at seminars, writing high-impact papers and raising funds for his many philanthropic projects.
Hello Benson
Quite an inspiring read.
Learnt something new today (Nnewi having the most billionaires than anywhere else in Nigeria). I think I have to relocate there, I want that gift to rub off on me.
Will definitely share
Thank you, Filipo.
You should indeed relocate to Nnewi. It sounds like a place to be. As a matter of fact, I’m thinking of moving there too. Lol.
“Cutix Plc, by the way, is the first company in South-Eastern Nigeria to be listed on the Nigerian Stock Exchange.” This is factually incorrect. Onwuka Interbiz listed on the bourse years before Cutix.
This is an interesting new piece of information, @Chima. Unfortunately, I can’t seem to verify it.
However, I’ve just found out there used to be one Onwuka Hi-Tek Plc which was listed on the Exchange. The company has since been delisted. I’m guessing that’s the same as Onwuka Interbiz; yes?
Perhaps you could help with evidence to support that it was listed on the NSE before Cutix Plc?
Thank you very much.
“According to information contained in Cutix Plc’s 2017 full year financial report, Dr Gilbert Obiajulu Uzodike’s shareholding at the company is 90,172, 226 units, representing 10.24%. Using the company’s share price of N4.18 to calculate, this brings the value of his shareholding to about N37.6 million.”
How can 90,172,226 multiplied by 4.18 equal 37.6 million?
Thank you for the observation.
It was a typographical error which has since been corrected.
Do sleep well tonight.
Inspiring and well researched as always!
Nice one Emmanuel
Great read
Thanks for sharing this serial entrepreneur with us. Hoping to meet this man in person one day