Nigerian Enamelware Plc to hold 61st Annual General Meeting (AGM) on December 9

Nigerian Enamelware Plc has announced that it will be hosting its 61st Annual General Meeting on the 9th of December, 2021. The meeting will be held at Olokun Hall, Lagos Airport Hotel, Ikeja, by 11:00 am prompt.

This is according to a statement issued by the company and signed by its secretary, Oyetola Oluwafemi. Some of the issues to be discussed at the AGM include;

  • The audited financial statement for the year ended April 30, 2021, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Consequently, the register of members shall be closed from Monday, November 29, 2021 to Friday December 3, 2021 (both days inclusive) for the purpose of updating the register of members.

For more information about the AGM, click HERE.


Nigerian Enamelware Plc announces new board changes.

Nigerian Enamelware Plc has announced that five (5) of its Directors have retired from the Board of the Company, effective from 30th of June, 2021.

According to a statement issued by the company and made available on the website of the Nigerian Exchange Limited (NGX), the five Directors who retired are; Alhaji Chief M.A Ola Yusuf (Chairman/Independent Non-Executive Director), Philip Shui Che Tung (Executive Director), Aare Hadji Tokunbo Alli (Executive Director), Paul Shui Po Tung (Non-Executive Director), Lewis Shui Ngok Tung (Non-Executive Director).

On the other hand, the company also announced the appointment of seven (7) other individuals into its Board as Directors, effective on 1st of July, 2021.The newly appointed Directors are;

  • Bamofin Olatokunbo Sanni (CHAIRMAN/INDEPENDENT NON- EXECUTIVE DIRECTOR): Bamofin Olatokunbo Sanni is o solicitor and legal practitioner with over 30 years’ experience in the legal profession. He has on extensive board experience. Prior to his appointment to the Board, he was the company secretary to Nigerian Enamelware Plc. and sundry other companies under the WEMPCO Group which he has only proven himself very resourceful. He brings a wealth of experience and knowledge to this important role, and has an exceptional track record of delivering strategic information.
  • Taiwo Alli (EXECUTTVE DTRECTOR): Mr. Taiwo Alli started his career in WEMPCO Group of Companies in 2006 as an Administrative Manager in Standard Industrial Developments and subsequently transferred to Wempco Steel Mills Company Limited as Project Manager. He was the Public Relations and a seasoned operations Manager at Logos Oriental Hotel from April 2009 until December 2019 when he became an Executive Director of the parent company, Western Metal Products Company Limited.
  • Stanley Sham (EXECUTIVE DIRECTOR): Mr. Sham hos occupied several management positions with vast experience in finance, accounting, and internal audit. His career as on administrator spans across several Countries over 40 years namely Hong Kong, China and Philippines. He brings a wealth of experience to his new role of providing strategic leadership in the management of the Company.

He holds a degree in Business Administration from Hong Kong.

  • Yujun Tang (EXECUTIVE DIRECTOR): Mr. Yunjun Tong worked at Shanghai Donglian Electric Company Limited as the electric maintenance supervisor from July 1990 to May 2000′ He is presently employed by WEMPCO Group of companies since July, 2000 where he has proven resourceful with his vast experience of over thirty years. Mr. Tong attended Jiangsu and Wutan Middle School Central High in China. He hos also attended several electrical and management courses where he obtained high-ranking certificates.
  • Robert Tung (NON-EXECUIIVE DIRECTOR): Mr. Robert Tung is a senior executive in WEMPCO Group of companies. He has worked with the Group for over 41 years, handling the financial aspect of the business activities. He is currently o non-executive in Africa Finance Corporation.
  • Prince Sunday. O. Ogunnowo (Independent Non-Executive Director): Prince Sunday acts as a director in Leverage Homes Savings & Loans Ltd. He also serves in the capacity of a member of Audit Committee for a number of Companies including Consolidated Breweries Plc as well as Nigerian Enamelware.
  • Lawrence Iseh (Executive Director): Mr. Lawrence Iseh is a chartered accountant and seasoned professional with diverse experience in the private and public sector. He had previously worked in firms like Kew-Metal Works Limited, Standard Industrial Development Company Limited before joining WEMPCO Group of Companies in 2016. He holds HND (Upper Credit) in Accountancy from Yaba College of Technology.

In addition, the company also announced that it has appointed Ms Oyetola Oluwafemi as the Company Secretary effective 1st of September, 2021, following the resignation of the defunct secretary-Bamofin Olatokunbo Sanni, who was appointed into the Board as a Director.

Speaking on behalf of the outgoing Directors, Alhaji Chief M.A. Ola Yusuf said: ‘’Having served as Chairman of Nigerian Enamelware Plc. for 3Oyears, I cannot think of a better time to be handling over the reins of the company to a new Chairman, and I on behalf of the Directors, I would like to thank the Board and Management of Nigerian Enamelware Plc. for their support over the years and to welcome the new members of the board. They have a great exciting future ahead of them and I believe that they would make the company even more successful than the last.’’

Nigerian Enamelware Plc reports a loss of N37.8 million in Q1 2021.

Nigerian Enamelware Plc released its unaudited interim results for the 3 months period ended 31st of July, 2021.

  • Revenue for the period was N97.2 million. (-41% YoY)
  • Cost of sales was N126.5 million. (-42% YoY)
  • Administrative expenses totalled N8.47 million. (+40% YoY)
  • A loss after tax of N37.8 million was incurred.
  • Loss per share of 50 kobo Vs 112 kobo YoY.

See link to results.