Greif Nigeria Plc has announced the retirement of its Managing Director, Mr. Olukunle A. Obadina with effect from 31st October 2018. The company disclosed this in a notice sent to the Nigerian Stock Exchange (NSE).
He will, however, be appointed as a non-executive member of the Board of Directors effective 1st November 2018.
Greif Nigeria Plc is currently trading at N9.10 in today’s trading session on the Nigerian Stock Exchange.
Results for the 9 months ended July 2018, show revenue dropped from N591 million in 2017 to N405 million in 2018. Profit before tax dropped from N55 million in 2017 to N2.5 million in 2018.
The firm made a loss after tax of N51 million in 2018, as against a profit after tax of N89.8 million in 2017.
Greif was incorporated as a limited liability company on January 20, 1940, with the name, Metal Containers of West Africa Limited. The name was subsequently changed to Van Leer Containers (Nigeria) Limited on July 4, 1969, and then, Van Leer Containers (Nigeria) Plc.
The Company’s name eventually became “Greif Nigeria Plc” by a special resolution on May 12, 2004.