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Focus: This old paint company is struggling to remain king

There are about five paint manufacturing companies that are currently listed on the Nigerian Stock Exchange.



Meyer Plc appoints new Chief Financial Officer, Meyer appoints Rotimi Alashe, FIRS shutdown Meyer Ikeja Paint Factory, Meyer plc appoints Devashish Nath

There are about five paint manufacturing companies that are currently listed on the Nigerian Stock Exchange (NSE). One of them is Meyer Plc. The company has, for many years, tried to remain relevant in the paint manufacturing sector by producing a wide array of products that are used for home decoration, office painting, road signs, industrial coatings, and more. But can it ever be king of the paint manufacturing sector?

On this week’s Nairametrics company profile, we are focusing on Meyer Plc. Get to know everything about the company, with emphasis on its business model, products, financial performance over the years, business prospects, and opportunities for investors.

About Meyer Plc

Meyer Plc was incorporated in 1960 and listed on the Nigerian Stock Exchange in 1979. For nearly sixty years, the company has been manufacturing and merchandising wide-ranging, high quality industrial/marine paints, road lining paints, architectural paints, wood paints, roof lining paints, tube coatings, and adhesives, etc.

Within the past fifty-six years, Meyer Plc has undergone a series of corporate changes and rebranding. Formerly an offshoot of Hagemeyer Nigeria Limited, its name was changed to Meyer Paints in 1994 after Dunlop Nigeria acquired majority shares in the company. But by 2003, Dunlop Nigeria Plc divested its majority shareholding. And in 2010, the company’s name was finally changed to Meyer Plc after “a new set of core investors led by Citiprops Limited” acquired controlling shares in the company.

Meanwhile, the company’s ownership structure further changed when Citiprops recently decided to  sell off all of its stakes. Greenwich Trust Limited and Greenwich Management Limited collectively acquired the shares which are valued at 35.6%.

In the meantime, Meyer Plc is  aiming to become a leader in the paint manufacturing sector. To accomplish this, the company is pioneering revolutionary trends whilst ensuring that their customers are satisfied.

Segmentation of products 

Meyer Plc’s products are segmented into four main categories, namely: decoratives, auto refinishes, industrial/marine, and wood refinishes. Some of the most popular products under each of these categories are listed below:

  • Meyer Wall Satin
  • Red Oxide Prime
  • Meyer Flex Finish
  • Meyer Wood Guard
  • Ultimate Emulsion
  • Cellulose Sanding Sealer
  • Autobase
  • Bright Aluminium etc.

Here are some of the company’s top executives and board of directors

Akintunde Olukayode Falowo: He is Meyer Plc’s non-executive Chairman. An experienced stockbroker, Falowo has more than twenty years’ postgraduate experience in the field of finance/investment banking.

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Falowo studied at the Obafemi Awolowo University (OAU), Ife, graduating with a Bachelors of Science degree in Agricultural Engineering. He also studied for his MBA at the University of Benin. Also, he is a distinguished Fellow of the Chartered Institute of Stockbrokers, a Member of the Nigerian Institute of Management, Member of the Lagos Chamber of Commerce and Industry, etc.

He joined Meyer Plc in 2010 as a non-executive director. Asides this role, he is also the Managing Director/CEO of Greenwich Trust Limited.

Adeola Omosebi: Omosebi is the current Managing Director of Meyer Plc. His professional experience spans 25 years across sectors like financial services, oil and gas, and manufacturing. For about fifteen years, he held various top executive positions in notable banks such as Sterling Bank Plc and the now defunct Gulf Bank of Nigeria Plc.

He joined Meyer Plc in 2010 as the Finance Director, and by 2012 became the company’s Chief Executive Officer, a position he held for two years before resigning and relocating to be with his family abroad.

He once again became the company’s Managing Director in February 2018.
Omosebi has a Master’s in Business Administration from the University of Uyo, Calabar Nigeria. He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

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Bamidele Akinola: He is an Executive Director and the immediate past Managing Director. He became the company’s Managing Director in October 2016 and held the position till February 2018. Akinola has over 23 years of professional experience, having spent fifteen years in Cadbury Nigeria Plc starting from 1995. He also had stints at Jetstar Consulting Limited, UAC Foods Limited, and Dansa Foods Limited.


The company’s target market

Paints manufactured by Meyer Plc are used by both private and industrial customers; however, judging from information available on its website, it is apparent that its biggest customers include companies in the oil and gas, financial services, telecoms, manufacturing and industrial sectors. Examples of these companies include: MTN, Dangote Group, British American Tobacco, Oando, Access Bank etc. They are also patronised by both the Federal and Lagos State Governments, as well as agencies of Government such as the Federal Airport Authority of Nigeria (FAAN).

A look at Meyer Plc’s competitors

Meyer Plc is in competition with the following companies: Cap Plc, Berger Paints Nigeria Plc, Paints & Coatings Manufacturers Nigeria Plc, Portland Paints & Products Nigeria Plc, and Premier Paints Plc. Each of these companies are into the manufacturing and marketing of similar products as Meyer Plc.

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Below are these companies’ unaudited financial highlights for the period ended September 30th 2018:

• Cap Plc: Revenue of ₦5.4 billion and PAT of ₦1.2 billion.
• Berger Paint Nigeria Plc: Revenue of ₦2.4 billion and PAT of ₦181.6 million.
• Portland Paints & Products Nigeria Plc: Revenue of ₦1.9 billion and PAT of ₦126.1 million.
• Premier Paints Plc: Revenue of ₦125.7 million and a loss after tax of ₦57.9 million.
• Meyer Plc: Revenue of ₦752.4 million and PAT of ₦186.1 million.

Based on this comparison, it is obvious that Meyer Plc is not among the top three  players in the paint/chemical industry in Nigeria. Apparently, the company has been affected by economic challenges in recent years, which resulted in irregular revenues and even  losses.

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But all these notwithstanding, Meyer Plc is hopeful for a brighter future in the market. In a written address by the company’s Chairman as contained in the 2017 financial report, Mr Falowo, said that Meyer Plc is “prospecting for foreign technical partnership to strengthen their technical capability and open business to untapped opportunities in the industries.”

It is yet to be seen whether this technical partnership has taken place, and the most importantly, if it can help revitalise the struggling company.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Africa Prudential proposes dividend of N1 billion for shareholders

Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.



African Prudential could be worth more than N4.55

The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.

This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.

The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.

The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.

What you should know

  • Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
  • Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.

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Dangote Sugar proposes N18.2 billion as final dividend for 2020

Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders.



Dangote Sugar proposes N18.2 billion as final dividend for 2020

The Board of Directors of Nigeria, Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders for the period ended 31st December 2020.

This announcement was contained in the audited financial statement of the leading integrated sugar company.

In line with the statement of the Board of DSR, the approval of this proposed dividend at the forthcoming Annual General Meeting will see Dangote Sugar pay out a final dividend of N1.50 for each of the outstanding 12,146,878,241 ordinary shares of the company, held by its shareholders.

The proposed dividend is 36.36% higher than the final dividend of N1.1 per share (N13.36 billion) the sugar company paid its shareholders in 2019.

What you should know

  • Dangote Sugar Refinery declared in its audited statement for the period ended 31st December 2020 that its profit for the year climbed to N29.8 billion, from N22.4 billion in 2019.
  • According to these figures, DSR’s earnings per share for 2020 are pegged at N2.45. Hence, with a dividend of N1.50 per share, Dangote Sugar is set to payout 61.2% of its profits for 2020.
  • At the close of trading activities on the floor of the Nigerian Stock Exchange today, shares in Dangote Sugar Refinery declined by 0.83% to close lower at N17.85.
  • At this price, the dividend yield of Dangote Sugar shares is 8.40%.

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