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.

The principal activities of the company are the manufacturing and marketing of metal drums and plastic containers.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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