Greif Nigeria Plc has announced that it has settled its tax obligations and other outstanding liabilities, a key requirement for completing the third and final stage of its delisting process on the exchange.
This announcement follows an earlier disclosure made in September 2024, where the company indicated it was preparing to enter the final stage of delisting, subject to the settlement of all tax and financial obligations.
The company, which was listed on the Nigerian Stock Exchange in 2012 at an initial price of N13 per share, experienced a prolonged decline in the market.
Its share price eventually dropped to N5.45, largely due to a stagnant market for steel drums, which form the core of its business.
In the latest update, the company’s liquidator, Inam Wilson, confirmed that the final account has been prepared and noted that discussions are ongoing with the company’s registrar, All Crown Registrars, to begin dispatching notices for the final general meeting.
The statement read:
“The company’s registrars, All Crown Registrars, have been contacted and are in the process of dispatching the notice of the company’s final general meeting, along with the liquidation account, to shareholders.”
At the final general meeting, shareholders will review and approve the liquidation account, which will then be filed with the Corporate Affairs Commission to complete the dissolution of Greif Nigeria Plc.
About the company
Greif Nigeria Plc, formerly known as Van Leer Containers (Nigeria) Plc, is a manufacturing company with a focus on producing and marketing steel drums, plastic containers, and sheet metal products.
- In addition to its core manufacturing operations, the company offers specialized services including steel punching and aluminum welding.
- Headquartered in Apapa, Lagos, Greif Nigeria Plc operates as a subsidiary of Greif International Holding BV, a global leader in industrial packaging.
- Since its listing on the Nigerian Exchange, the company’s stock has experienced a steady decline, shedding more than half of its value over the years.
Stock market performance before suspension
Greif Nigeria Plc experienced a steady and prolonged decline in share price following its listing on the Nigerian Exchange in 2012, with 2021 marking its worst year.
That year alone, the company’s stock dropped by 33.54%, a fall largely attributed to the economic downturn triggered by the COVID-19 pandemic.
Initially listed at N13.30 per share, the stock dipped below N10 by 2017 and continued its downward slide, crashing below N6 by 2021.
- By the time trading on the company’s shares was suspended by the Nigerian Exchange in 2022 to facilitate a smooth winding-up process, the price had dropped to N5.45.
In 2024, the company’s chairman, Mr. Adedayo Olowoniyi, reflected on the difficult business environment, pointing to mounting challenges that weighed heavily on the company’s operations.
“As a result of increased competition and a stagnant market for steel drums, we do not see an improvement happening in the near future. Greif Nigeria has been operating well below operating costs, even below direct material costs, and sees no signs of improved market conditions,” he said.
