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CUTIX PLC elects new CEO, directors

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CUTIX PLC, cable manufacturing company based in Nnewi, Anambra State, recently, during its 35th Annual General Meeting, AGM, held at the Conv-Aj Center, Nnewi, elected new Chief Executive Officer, CEO, Ijeoma Oduonye, who is expected to resume duty on 1st November, 2018.

Mrs Oduonye, immediate past Company Secretary, CUTIX PLC, replaces Ifeanyi Uzodike, whose tenure as CEO elapses October 31, this year.

Chidozie Nsoedo, Matthias Umego and Vincent Ike were elected into the Board of the Company; via single resolution of shareholders, to fill vacant positions created by voluntary resignation of John Mbonu, Mansur Ahmadu and Olufemi Akintunde.

The Annual General Meeting, which attracted directors, over 800 shareholders, company secretary, registrars, auditors, financial advisers, representatives of the NSE and NSEC, also evaluated Reports of Directors, Statement of Profit and Loss and other Comprehensive Income as at 31st April, 2018; together with report of Auditors.

The shareholders, during the AGM, also approved payment of 20k per ordinary share of 50k each; payable on 6th November, 2018.

Other major items treated during the 35th AGM also include fixing of Auditors remuneration. Members of the Audit Committee were also elected; two from each of the directors and shareholders.

Some of the company’s shareholders, Makanjuola Oladayo and Williams Enoabasi, among others, who spoke to our reporter during the AGM, eulogized the management of the company for working assiduously to break even despite unfavourable operating conditions that characterized 2018 fiscal year.

They praised the outgoing Managing Director, MD, Ifeanyi Uzodike, the incoming MD, Ijeoma Oduonye, as well as the chairman, directors and the entire workforce that saw to it that the company did well in 2018 despite unfavourable operating environment.

Speaking to newsmen at the event, the company’s chairman, Okechukwu Mbonu, said that based on the 20k per share dividend approved, total dividend payable will be N176,132, 202; adding that profit after taxation is N440, 295, 00; even as the company’s profit to be carried forward is N264, 263, 00.

He said that the environment upon which industries operate in Nigeria has remained very challenging; adding that economic instability with Nigeria’s multi decade long electricity problems were mitigating factors that compelled companies to rely on relatively more costly AGO powered generating sets; thereby, increasing cost of production.

He said, however, that despite the challenges, CUTIX PLC still recorded positive changes during the 2018 fiscal year.

Asked why CUTIX PLC was able to make profit and declare 20k per 50k Ordinary share despite challenging business environment, Ijeoma Oduonye, new CEO for the company said because of its commitment to ensuring the distribution of returns fairly to all stakeholders, CUTIX PLC is managed in a way that ensures long term shareholders value, and takes into account the interest of all stakeholders.

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