Steel drum maker, Greif Nigeria Plc has disclosed its delisting from the Nigerian Exchange Group (NGX) following its ongoing liquidation at the Corporate Affairs Commission (CAC).
The company, which has been a part of the Nigerian market, is entering the third and final stage of its liquidation, this was disclosed by its liquidator, Inam Wilson, in an announcement on the NGX dated September 13, 2024.
According to the statement, Greif Nigeria Plc has successfully settled its tax liabilities and is in the process of concluding settlements on other outstanding debts and obligations.
It said, “As part of the liquidation process, the company’s registrars, All Crown Registrars, will be engaged to facilitate the final distribution of assets to shareholders, where applicable.”
The company, which was listed on the NGX in 2011, has experienced a prolonged decline in its stock performance, dropping by 57% from N13 at listing to N5.45 due to increased competition and a stagnant market for steel drums.
Greif Nigeria Plc was incorporated as a limited liability company on January 20, 1940, with the name, Metal Containers of West Africa Limited. The name was subsequently changed to Van Leer Containers (Nigeria) Limited on July 4, 1969, and then, Van Leer Containers (Nigeria) Plc.
The Company’s name eventually became “Greif Nigeria Plc” by a special resolution on May 12, 2004.
