Adedayo Olowoniyi
Wind-up of Greif Nigeria Plc still ongoing – Liquidator
Inam Wilson, the appointed liquidator of Greif Nigeria Plc, has said that the process of voluntary wind-up is still ongoing.
In a notice of Status of Members Voluntary Winding up of Greif Nigeria Plc seen by Nairametrics, the Nigerian Exchange Group and investors were informed that Greif Nigeria Plc is in the process of voluntary liquidation, which is still ongoing.
The statement noted that necessary steps, including the appointment of a liquidator, approval of the wind-up by shareholders, submission of the statement of assets and liabilities, and newspaper publications have all been completed and filed with the Corporate Affairs Commission (CAC).
According to the statement signed by the Liquidator, efforts to settle the company’s tax liabilities and other debts/liabilities are currently underway. All crown registrars, the company’s registrars, will be contacted to facilitate the final distributions to shareholders as applicable.
The statement reads:
- “By way of background, pursuant to a resolution of Greif Nigeria Plc (the “Company”) dated 31 January 2022, the Company resolved to voluntarily wind up its affairs and I, Inam Wilson, was duly appointed as a liquidator. My appointment as liquidator was subsequently confirmed by the Corporate Affairs Commission (“CAC”) through a letter dated 4 April 2022.
- In light of the above, and by way of update, this announcement is to notify the Nigerian Exchange Group and the investing public that the members voluntary winding up of Greif Nigeria Plc (“the Company”) is still undergoing its liquidation.
- The shareholder’s resolution appointing the liquidator and approving the voluntary winding up, the statement of assets and liabilities and newspaper publications have all been filed with the CAC. The settlement of the Company’s tax liabilities and other debts/liabilities is currently ongoing.
- The Company’s registrars (All Crown Registrars) will be contacted to make the final distributions to the shareholders where applicable.
- Following the settlement of the debts and liabilities, a final general meeting of the company will be called where the liquidation account will be laid before the shareholders”.
Nairametrics reported two years ago that Nigerian Exchange Limited had suspended trading the shares of Greif Nigeria Plc to ensure a smooth wind-up process.
This followed the approval of the shareholders of Greif Nigeria Plc at its annual general meeting (AGM), which was held on 31 January 2022, authorizing the commencement of the process of voluntary wind-up of the company and in accordance with Section 622 of Companies and Allied Matters Act (CAMA) 2020.
Greif Nigeria had, in 2019, announced its plans to delist from the Nigerian Exchange. The manufacturer of steel drums and plastic containers took the decision 11 months after it suspended its operation.
Aside delisting from the stock exchange, Greif Nigeria also plans to sell its assets in Nigeria for a price that will be determined by the company’s board.
What the NGX said
- NGX in a statement said: “Further to the approval of the shareholders of Greif Nigeria Plc at its Annual General Meeting which held on 31 January 2022 authorizing the commencement of the process of voluntary winding up of the Company and in accordance with Section 622 of Companies and Allied Matters Act (CAMA) 2020 which states that a voluntary winding-up shall be deemed to commence at the time of the passing of the resolution for voluntary winding-up.”,
- NGX Regulation Limited (NGX RegCo) wishes to notify all Trading License Holders and the investing public that it has suspended trading in the shares of Greif Nigeria Plc effective on Monday to ensure a smooth winding-up process.
- This is in line with Section 624 of CAMA 2020 which provides that “A transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of a voluntary winding-up, shall be void.”
What you must know
The Chairman of the company, Mr. Adedayo Olowoniyi, had said the company was performing below operating and material costs.
He noted that the company was working assiduously to prevail through the challenging business environment but still had issues in cost-recovery through several price increases in the market, despite adopting cost-reduction measures and driving efficient methods.
- Olowoniyi said, “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 condition.”
