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

Notore Chemical Industries Plc has announced the exit of three members of its Board of Directors, just as the company reported a 123 per cent 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-year 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.

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.