United African Company of Nigeria PLC
- United African Company of Nigeria PLC
For over a century, United African Company of Nigeria PLC (sometimes referred to as "UACN PLC") has distinguished itself as a major contributor to the Nigerian economy. Its areas of operation include manufacturing, services, logistics and warehousing, agricultural and real estate. The current Chairman of the Board as of 2006 is General Mohammed Wushishi with Dr. Joshua Ayodele Ajayi serving as Managing Director and CEO.
History of UAC Nigeria
UAC Nigeria was first incorporated in Nigeria under the name Nigerian Motors Ltd on April 22, 1931 as a wholly owned subsidiary of the United Africa Company Ltd. which later became UAC International ("UACI"). UACI, a subsidiary of Unilever, included in its business the activities formerly carried on by a number of other companies including The Niger Company Ltd. and the African and Eastern Trade Corporation Ltd, all of which had long-standing trading links with West Africa.
The company, whose name was changed to United Africa Company Ltd in 1943, remained dormant until 1955 when it became The United Africa Company of Nigeria Ltd and started acquiring, over a period of five years, a large part of the business of UACI. In 1960 C.W.A. Holdings Ltd, England also a subsidiary of Unilever, acquired UACI's interest in the company. Further reorganisation concluded in 1973 and resulted in the acquisition of the following wholly owned fellow subsidiaries of C.W.A:
#Africa Timber & Plywood (Nigeria) Ltd
#Bordpak Ltd
#Federated Motors Industries Ltd
#Finets Ltd
#G. Gottschalck & Company (West Africa) Ltd
#Greenham Plant Hire (Nigeria) Ltd
#Kingsway Chemists of Nigeria Ltd
#Kingsway Stores of Nigeria Ltd
#Niger Motors Ltd
#G.B Ollivant (Nigeria) Ltd
#Pan Electric Ltd
#Premier Packaging Ltd
#A.J. Seward (Nigeria) Ltd
#UAC (Technical) Ltd
#West African Cold Storage Company of Nigeria Ltd
Following reorganisation, the company conducted the acquired businesses as operating divisions, which are now in voluntary liquidation. The company took the name UAC of Nigeria Ltd in 1973. In compliance with the Nigerian Enterprises Promotion Act 1972, 40 percent of the company's share capital was acquired in 1974 by Nigerian citizens and associations and in accordance with the provisions of the Nigerian Enterprises Promotion Act 1977, an additional 20 percent of the UAC's share capital was publicly offered in 1977, increasing Nigerian equity participation to 60 percent.The name UACN Plc was adopted in 1991.
ee also
*List of Nigerian companies
*Economy of Nigeria
External links
* [http://www.uacnplc.com/ United African Company of Nigeria PLC website]
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