Notore Chemical announces exit of three directors, amid 123% loss for 2018

Section of the Notore fertiliser plant
Section of the Notore fertiliser plant

Notore Chemical Industries Plc on Monday announced the exit of three members of its Board of Directors, just as the company reported a 123 percent loss in its financial position for 2018.

In its notification to the Nigerian Stock Exchange (NSE), the company’s Group Secretary, Otivbo Saleh, said Odoliyi Lolomani, a non-Executive Director, had retired, while two others – Geofrey Dedieu and Bernard Longe — resigned their positions.

Mr Lolomari, a former group managing director of the Nigerian National Petroleum Corporation (NNPC), joined the Board of Notore Chemical Industries on April 27, 2007.

Mr Dedieu who joined the Board of the Company on February 2011, served for over seven years, just as Mr Longe who left after seven years, having served on the Board of the company since November 17, 2011.

The company also announced replacements for the three departed top officials. The new non-executive directors’ appointments include Ovie Ukiri, Tseyi Hammond and Olusoji Emiola.

Mr Ukiri, a legal practitioner with over 28 years experience, is a member of the Nigerian Bar Association and a fellow of the Chartered Institute of Taxation of Nigeria.

He is also into full corporate and commercial law practice, specializing in Energy, Oil & Gas, Company Law and Corporate Governance and Compliance Law.

Mr Hammond, a financial professional with over 17 years experience in the finance sector, has been involved in establishing business lines and products through strategic assessment of financial markets.

Advertisement

SGF Campaign AD

Mr Emiola is an experienced professional with a successful career in the insurance industry. Before his appointment, he worked as the Managing Director of TY Holdings Limited, with a mandate to provide strategic leadership, direction and guidance, in line with approved plans.

Notore Chemical Industries Plc was incorporated in Nigeria as a private limited liability company on November 30, 2005.

The company’s principal activities cover to manufacture, treat, process, produce, supply and deal in nitrogenous fertilizer and all substances suited to improving the fertility of soil and water. The Company has a 500,000 metric tonne Urea Plant in Onne, Rivers State.

Meanwhile, the company, which is one of Nigeria’s fertilizer and agro-allied products manufacturers, has been experiencing declining fortunes in recent years, with its latest financial report as at September 2018 showing 123 percent loss, from N8.65billion profit recorded in 2017 to a loss of over N2.013 billion.

Retained loss, which stood at about N33.3 billion in 2016, improved marginally in 2018 to N17.197 billion, from N19.88 billion in 2017. Total liabilities increased from N96.5 billion in 2017 to about N104.13 billion.

Total equity and liabilities also increased from N147.2billion in 2017 to about N152.8billion in the current financial year, while borrowings grew from N25.3billion to N69.3 billion.

Earnings per share, which stood at N5.37 in 2017, will be less than N1.25 in 2018.

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.