United African Company of Nigeria PLC
Encyclopedia
For over a century, United Africa 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 2010 is Senator Udoma U.Udoma with Mr Larry Ettah serving as Group Managing Director and CEO.
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:
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.
Economy
An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area...
. Its areas of operation include manufacturing, services, logistics and warehousing, agricultural and real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
. The current Chairman of the Board
Chair (official)
The chairman is the highest officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office is typically elected or appointed by the members of the group. The chairman presides over meetings of the assembled group and conducts its business in an...
as of 2010 is Senator Udoma U.Udoma with Mr Larry Ettah serving as Group 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 CompanyUnited Africa Company
The United Africa Company was a British company which principally traded in West Africa during the 20th century.The United Africa Company was formed in 1929 as a result of the merger of the Royal Niger Company, which had been effectively owned by Lever Brothers since 1920, and the African &...
Ltd. which later became UAC International ("UACI"). UACI, a subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of Unilever
Unilever
Unilever is a British-Dutch multinational corporation that owns many of the world's consumer product brands in foods, beverages, cleaning agents and personal care products....
, 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
African & Eastern Trade Corporation
The African and Eastern Trade Corporation was incorporated in Liverpool in 1919 and had establishments in several African Colonies..It served in the Congo side by side with the British Consulate as a semi-official representative for British trading interests in that Colony...
, all of which had long-standing trading links with West Africa
West Africa
West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of 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
Unilever
Unilever is a British-Dutch multinational corporation that owns many of the world's consumer product brands in foods, beverages, cleaning agents and personal care products....
, 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
Liquidation
In law, liquidation is the process by which a company is brought to an end, and the assets and property of the company redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of 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
Financial capital
Financial capital can refer to money used by entrepreneurs and businesses to buy what they need to make their products or provide their services or to that sector of the economy based on its operation, i.e. retail, corporate, investment banking, etc....
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
Ownership equity
In accounting and finance, equity is the residual claim or interest of the most junior class of investors in assets, after all liabilities are paid. If liability exceeds assets, negative equity exists...
participation to 60 percent.
The name UACN Plc was adopted in 1991.