Steel drum maker, Greif Nigeria Plc, has officially announced its delisting from the Nigerian Exchange Group (NGX) as part of its ongoing liquidation process at the Corporate Affairs Commission (CAC).
The company, a long-standing participant in the Nigerian market, is now in the final stage of liquidation, as confirmed by its liquidator, Inam Wilson, in a statement released on the NGX website on September 13, 2024.
Greif Nigeria Plc has successfully settled its tax obligations and is currently finalizing the settlement of other debts and responsibilities. All Crown Registrars, the company’s registrars, will be involved in overseeing the distribution of remaining assets to shareholders as part of the liquidation process.
Having been listed on the NGX since 2011, Greif Nigeria Plc has faced challenges in its stock performance, with a significant 57% decline from N13 at listing to N5.45. This decline can be attributed to heightened competition and a saturated market for steel drums.
Originally incorporated as a limited liability company under the name Metal Containers of West Africa Limited on January 20, 1940, the company underwent name changes to Van Leer Containers (Nigeria) Limited in 1969 and Van Leer Containers (Nigeria) Plc thereafter. The company ultimately adopted the name Greif Nigeria Plc through a special resolution on May 12, 2004.
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