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One of the things expected of every quoted company on the Nigerian Stock Exchange (NSE) is the public disclosure of their quarterly/annual financial statements. The NSE’s Rule Book requires listed companies to issue periodic notices, in order to update investors about important developments when need be.

Occasionally, some companies flout the NSE’s rules and it is understandable. However, what is not understandable is when companies like Nigerian-German Chemicals Plc consistently fail to release any financial statement for four whole years.

The situation of Nigerian-German Chemicals Plc has left some people confused as to whether the company is still listed on the Nigerian Stock Exchange. Some people have even sent in inquiry emails in a bid to better understand what is happening. It’s in response to those emails, therefore, that we conducted some research; the findings of which shall now be shared in the rest of this article. We shall also be sharing some more information you should know about the company.

On that note, welcome to the Nairametrics’ weekly company focus, a column solely dedicated for the examination of some of the little-known, penny stock companies that are listed on the Nigerian bourse.  This week, our focus is on Nigerian-German Chemicals Plc. As always, get to know everything there is to know about the company, its business model, competition, financials, and current status on the NSE.

The entrance to the company’s factory in Sango-Ota, Ogun State…

About the company: Corporate Overview

Nigerian-German Chemicals Plc is a chemical/healthcare company which was incorporated in 1964. Initially known as Nigerian Hoechst Plc, the company rebranded and changed to its current identity in 1995, 31 years after its establishment and 16 years after it was listed on the Nigerian Stock Exchange in 1979.


[READ THIS: FOCUS: This hospitality company’s finances suffered recently]

Focus on the company’s business model

As a going concern, the company makes its money from the manufacturing and sale of industrial chemicals, agrochemicals, and pharmaceuticals. Information gleaned from the company’s website and other sources revealed that it manufactures the following:

  1. Anageldics: E.g – Tabalon, Valgin, etc.
  2. Anti-fungal: E.g – Grieseoval
  3. Anti-Diabetics: E.g – Gluformin and Glanil
  4. Anti-Spasmodic: Eg- Colipan Elixir
  5. The company manufactures cough medication such as Expectorant Cough Syrup.
  6. It also has a consumable line where it manufactures and sells its Vimto juice and a portable water brand.

The company is also known to produce other household consumables such as insecticides, detergents, bleach, disinfectants, air fresheners, and some hygiene and personal care products. It also manufactures veterinary products consisting of anti-rabies vaccines, ectoparasite remedies, anti-infectives, anthelmintics, etc.

Standard chartered

The company’s target market

Considering the wide range nature of the products manufactured and marketed by the company, it becomes easy to see how spread-out its target market actually is. The target market range from pharmacy stores to hospitals, and Nigerian regular households. Products are also targeted at veterinarians and pet owners.

Standard chartered
Deal book 300 x 250

Meanwhile, it is unclear whether the company is actually taking advantage of this wide-spread market opportunity. This is due to the unavailability of financial reports which could have aided an analysis to determine financial performance in comparison to the product lines and market opportunities.

This is one of the company’s many products

A quick look at the company’s management

  • Adeboye Shonekan: Executive Vice Chairman and Chief Executive Officer
  • Olufemi Oguntade: Chief Financial Officer and Executive Director
  • Benson Inobowa: Executive Director
  • S Dalvi: Head of Industrial Chemicals Division
  • Michael Ajayi: Head of International Business Operations

[READ THIS: How much longer would this pharmaceutical company remain listed on the NSE?]


Competition for Nigerian-German Chemicals Plc

As you have seen from the foregoing, the company operates in the healthcare sector, offering product lines that are mainly drugs. It is, therefore, not erroneous to note that the company’s major competitors are pharmaceutical companies such as May & Baker and Pharma Deko Plc.

The company’s status/presence on the NSE

1979 was the year Nigerian-German Chemicals Plc was listed on the Nigerian Stock Exchange. Specifically, the company was listed on the NSE’s main board. Information available on the NSE’s website said it has a market capitalisation of 556,705,363.44 and shares outstanding that stands at 153,786,012.

The last recorded activity on the company’s stock (in terms of buying and selling), was on the 2nd of October 2017 when it closed trading at N3.44. The volume of stock traded on that day was 20 units of shares.

Similarly, the company has not disclosed any financial statement since April 17th, 2015 when it released the half-year result for its 2014 financial year. The result showed major declines across virtually all the financial indicators, including turnover and profit after tax.


[KEEP READING: Pharma Deko Plc is struggling to remain profitable as competition stiffens]

So, what exactly is happening?

As it turns out, there’s a reason why there has been zero activity from Nigerian-German Chemicals Plc. According to information contained in the latest NSE X-Compliance Report, the company is currently in the process of delisting its shares from the NSE.

However, it is uncertain, at the moment, if the company is delisting voluntarily or being forced to do so. It is also uncertain when the delisting process will be concluded. One thing that is certain, however, is the fact that this company will not remain listed on the NSE any much longer.


  1. Nairametrics company profile…
    It’s been a while since the last one, Emmanuel.
    I personally missed it.
    Thanks for this.

  2. I commented on this article telling you the current situation of NGC but you chose not to publish it because it takes a shine off your research or what exactly? Wonderful! Nigerians!

    • Hello Chy, How are you?

      Apologies for that.
      Your comment was deleted primarily because it contained an outbound link we didn’t want appearing on our platform.
      On whether the comment “takes a shine off my research”, the answer is not really. Below is your initial comment-

      “Nigerian German Chemical is currently undergoing a creditors’ winding up at the FHC. I wonder why they did not deem it necessary to inform the market about this fundamental issue and also why the NSE have not caused them to notify.”

      Now, towards the ending part of my article, I clearly stated the following- “As it turns out, there’s a reason why there has been zero activity from Nigerian-German Chemicals Plc. According to information contained in the latest NSE X-Compliance Report, the company is currently in the process of delisting its shares from the NSE.”

      I hope this sorts this issue.

      Kind regards.

  3. I believe the reason why comments are moderated before posting is to conform it to the rules of the publishing site. In that case, the link should have been edited out of the comment instead of an outright deletion.

    Thank you all the same.


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