Greif Nigeria Plc, a manufacturing company specializing in steel drums, plastic containers, and sheet metal products, is nearing the end of its liquidation process.

The company has settled its tax obligations and other outstanding liabilities, marking a significant milestone in its delisting process from the Nigerian Exchange (NGX).

According to Inam Wilson, the company’s liquidator, Greif Nigeria Plc has commenced the third and final stage of its liquidation.

The company’s registrars, All Crown Registrars, are dispatching notices for the final general meeting to shareholders, where the liquidation account will be reviewed and approved.

Key Developments:

1. Final General Meeting: Shareholders will review and approve the liquidation account, paving the way for the company’s dissolution.

2. Tax Obligations Settled: Greif Nigeria Plc has successfully settled its tax liabilities, a crucial step in the liquidation process.

3. Delisting Process: The company began the delisting process due to a prolonged decline in its stock performance, largely attributed to a stagnant market for steel drums .

Greif Nigeria Plc was listed on the NGX in 2012 at an initial price of N13 per share but experienced a steady decline, with its share price dropping to N5.45 by 2022.

The company’s chairman, Adedayo Olowoniyi, cited increased competition and a stagnant market for steel drums as major challenges .