The board of First Aluminium Nigeria Plc, on Thursday informed the Nigerian Stock Exchange (NSE) of the appointment of Elias Igbinakenzua, a former Executive Director of Zenith and Access Bank Plc. as managing director and chief executive from February 1, 2017.
The new CEO, a member of the Institute of Directors of Nigeria (IoDN), Chartered Institute of Bankers of Nigeria (CIBN) as well as Fellow of the Institute of Chartered Accountants of Nigerian (ICAN), Chartered Institute of Taxation of Nigeria (CITN) and Institute of Credit Administration of Nigeria, brings on board his over 27 years of management and corporate governance experience from across Audit and internal control, treasury and financial institutions, commercial banking, branch management, corporate and investing banking.
He takes over from Callistus Udalor, former Acting Managing Director.
At First Aluminium, Igbinakenzua has his job cut out for him, as he is expected to strengthen the company’s management team that has only two persons listed namely: Cletus Obinna Iwunwa, Group Finance Controller/Treasurer and Ayemoh Anthony, Aluminium Division Manager, besides the acting CEO; and the board chaired by Ms. Maryam Bashir; with Tosayee Ogbomo, Mike Okolo and Mrs. Julia Oku Jacks as non-executive directors.
According to its third quarter financials presented to the NSE last October, the company reported a drop across all parameters, resulting in a weak profit before and after tax that suggest the need for new thinking which Igbinakenzua may be required to bring on board.
According to the company’s result for the nine-month ended September 30, 2016, First Aluminium’s turnover fell to N7 billion from N7.885 billion, out of which cost of sales dropped to N6.223 billion from N7.264 billion, leaving N780.145 million as gross profit, up from N620.447 million.
Distribution costs and administrative expenses left operating profit of N563.038 million from N356.672 million, which was further depleted by the N452.359 million finance cost- net, from N319.363 million.
Profit before tax stood at N110.679 million from N37.309 million, while after tax profit was N75.262 million, representing earnings per share of four kobo, up from N25.37 million or one kobo per share earnings.