First Aluminium Nigeria Plc
First Aluminium Nigeria Plc

Gone are those days when new buildings were roofed with corrugated metal sheets. A quick survey by Nairametrics confirmed that across Lagos and elsewhere, homeowners and estate developers now prefer aluminium roofing sheets which are not only durable, but also aesthetically valuable. One company is credited for pioneering the aluminium roofing sheet movement in the country, and it is aptly named First Aluminium Nigeria Plc. This little-known, and small-cap industrial goods maker is the focus of our corporate overview today. Get to know everything there is to know about it.

About First Aluminium Nigeria Plc

First Aluminium was incorporated on August 20th,1960, and listed on the Nigerian Stock Exchange in May, 1992. The company specialises in the manufacturing and marketing of various kinds of aluminium products such as roofing sheets, coils, and laminates. It also produces packaging materials for the healthcare, cosmetics and engineering industries.

The ccompany’s entry into the Nigerian market began with the construction of its rolling mills located in Port Harcourt, Rivers State. Being one of the foremost companies to delve into the production of aluminium in Nigeria, First Aluminium Nigeria Plc has been able to master the industry over the years, even as it continues to diversifies its business in a bid to maintain market dominance.

As mentioned earlier, aluminium roofing is one of the key areas where the company has bragging rights. After all, it pioneered it. The company has its operations across the country, with its headquarters situated in Ikea, Lagos.

First Aluminium’s target market

As a major producer of aluminium products, the company has a large target market which cuts across various sectors of the economy. For one, it targets homeowners and estate developers/construction companies, offering its aluminium building roofing sheets. It also targets manufacturing companies, particularly those in the healthcare and cosmetics sub-sectors, with its flexible aluminium packaging containers. These companies make use of the collapsible aluminium containers for the packaging of their products.

Who are the company’s competitors?

As you may well know, hardly does any company operate without a competitor. This is the case with First Aluminium Nigeria Plc, whose main competitor is Tower Aluminium Plc and its many subsidiaries, including the NSE-listed Aluminium Extrusion Industries Plc. Tower Aluminium Plc claims to be “the single largest vertically integrated aluminium downstream producer,” a claim that is backed by its long history, corporate strength, wide product range and financial performance over the years.

Much like First Aluminium Nigeria Plc, Tower Aluminium Plc and its subsidiaries are involved in the production and distribution of such aluminium products as coloured coils, rolled products, extrusion materials, flexible packaging materials, aluminium roofing sheets, etc.

Other competitors are Sparkle Aluminium Company, Ola Aluminium Company, and Mathelise Aluminium Limited.

A brief profile of the CEO of First Aluminium Nigeria Plc

Igbinakenzua Eboigbe Elias
Mr Elias is the Chief Executive Officer (CEO) of First Aluminium Nigeria Plc, a position he recently assumed. Prior to this current position, he held a directorial position at Access Bank Plc, overseeing corporate and investment banking. He previously held the same position between 2005 and 2013 at Zenith Bank Plc. He had also had a stint at PricewaterhouseCoopers (PwC), where he worked from 1988 to 1992.
As an accomplished Banker/Accountant, Elias has over 27 years of professional experience. He became a chartered account in 1992, and is also a member of various other organisations including the Chartered Institute of Taxation, Chartered Institute of Bankers of Nigeria, Institute of Directors of Nigeria, etc.

Deal book 300 x 250

Elias graduated from the University of Benin with a B.Sc. in Accounting. He studied at the Enugu State University for a Master’s degree in Business Administration (MBA) with specialisation in Banking & Finance. He got another M.Sc., this time in Corporate Finance from University of Liverpool. He is also affiliated with the prestigious Harvard Business School, Wharton Business School, and Insead Business School.

Other top management executives of the company are:
• Mr Callistus Udalor (Deputy Managing Director)
• Mr Stuart James Senior (Divisional Manager) and
• Mr Cletus Obinna Iwunwa (Group Finance Controller), etc.

An overview of the company’s recent financial performance

First Aluminium Nigeria Plc is yet to release its full-year 2018 financial result. But the company’s unaudited financial disclosure for the period ended September 30th, 2018 shows it recorded a total turnover of N5.3 billion, with a profit after tax of N52.8 million. In 2017, it recorded a turnover of N9.3 billion, with a profit after tax of N209.9 million.


It is interesting to note that First Aluminum is valued at about ₦801 million, a massive 86% discount to its net book value. The company currently has a net asset of about ₦5 billion compared to its market value of ₦801 million. The relatively cheap valuation is attributed to its low trading volume, as demand and supply for the stock is non-existent.

The shareholders are obviously under no pressure to allow the market price increase appropriately, seeing that they own most of the shares.

The company’s ownership structure is such that Alucon Holdings SA holds 1,592,846,712 shares, representing 75% (majority) shareholding by Alucon, which itself is a subsidiary of Inlak Group. The remaining 25% of First Aluminium’s shares is owned by the company’s directors and the investing public.

This company should perhaps consider going private as it is of no value continuing to exist as a listed company on the Nigerian Stock Exchange.

Plans for the future

First Aluminium Nigeria Plc plans to continue leading the aluminium market in Nigeria. To do that, it is working towards further diversifying its products base, and possibly expanding into the export market. Just as it was stated in the company’s 2017 financial report, “the company continues to encourage the usage of aluminium rolled products in the country and plans to diversify its products base, including expansion into export markets. On the packaging front, we will consider further investment in technology. The company will explore new opportunities to increase its market share.”

However, the company might voluntarily delist from the NSE

In September 2018 when First Aluminium Nigeria Plc held its annual general meeting, the company’s board brought up the issue of voluntarily deviating which was met with instant disapproval from minority shareholders. This is despite explanation by the company’S Vice Chairman, Mr Tosa Ogbomo, who said that the company had considered the move in order to enable pursue other means of raising funds for capital.

In the meantime, it is not yet clear when the First Aluminium Nigeria Plc would actually delist. But the possibility of that happening this year abounds.


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