Inam Wilson, liquidator of Grief Nigeria Plc, formerly Van Leer Containers (Nigeria) Plc, on Monday assured stakeholders through the Nigerian Exchange Limited that it has commenced the third and final stage of its ongoing liquidation.
So far, the company which manufactures and markets steel drums, plastic containers and sheet metals, said it “has settled its tax and other outstanding liabilities and is concluding the preparation of its final account.”
In a notice titled: Status of members voluntary winding up of Greif Nigeria Plc RC: 501,” the liquidator informed the investing public that the company’s liquidation is “still undergoing its liquidation at the Corporate Affairs Commission (CAC).”
The company’s Registrars, All Crown Registrars, “have been contacted and are in the process of dispatching the notice of the Company’s final general meeting, as well as the liquidation account to the company’s shareholders.”
At the final general meeting, the notice continued, “the liquidation account will be laid before the shareholders and once approved, the accounts will be filed at the CAC for the final dissolution of the company.”
The company, which also offers services for steel punching and aluminium welding, was listed on the NGX in 2011, is a subsidiary of Greif International Holding BV. It was incorporated as a limited liability company on January 20, 1940, with the name, Metal Containers of West Africa Limited. Its name was changed to Van Leer Containers (Nigeria) Limited on July 4, 1969, and then, Van Leer Containers (Nigeria) Plc.
At the end of 2018, Greif Nigeria Plc’s ownership structure showed that the parent company Greif International Holding B.V. The Netherlands, held the majority 51%; The Van Leer Nigerian Education Trust, 23%; and other Nigerian citizens and associations, 26%.
At the end of the 2021 financial year, the company’s external auditors BDO Professional Services drew attention to the material uncertainty related to Greif Nigeria’s going concern basis, when it noted that “the company had been out of operations for the past two consecutive years, the property, plant and equipment of the company had been disposed and the Directors do not have any immediate plan to resuscitate manufacturing in the context of the external business environment in Nigeria.”
The next step, it continued, “is to make an offer to purchase minority shares in order to complete the delisting process.” Our opinion is not modified in this regard.
