Nascon Allied Industries Plc announces resignation of Managing Director

Nascon Allied Industries Plc has informed the Exchange, shareholders and general public of the resignation of the company’s Managing Director and Chief Executive, Mr Paul Farrer which is to take effect from March 3rd 2022. This was disclosed in a notice signed by the company’s secretary, A. A. Samuel, and filed with the Nigerian Exchange Limited.

The disclosure stated, “This is to inform Nigerian Exchange Limited, shareholders of NASCON Allied lndustries Plc (the Company) and the investing public that the Managing Director of the Company, Mr Paul Farrer, has given notice of his resignation as the Managing Director and Chief Executive of NASCON Allied lndustries Plc with effect from 13th March 2022.”

In addition, the company mentioned that the public will be notified as soon as the Board appoints a new Managing Director to succeed Mr Paul Farrer.

Before his appointment in 2015 as the Managing Director & Chief Executive at NASCON Allied Industries Plc, Mr Paul Farrer previously occupied the position of Non-Executive Officer at Food Concepts Plc.

During his time at Nascon Allied Industries Plc, the company’s share price has appreciated by 83% from N7.13 as at Dec 2015 to its current price of N13.10.

The Company’s revenue has increased by 54.21% from N16.18 billion in 2015 to N24.95 billion as at 9-months ending September 2021. Profit, however, has appreciated by 14.72% during the same period from N2.11 billion to N2.42 billion.

Nascon Allied Industries Plc is a member of the Dangote Group of companies. The Company is involved in salt refining and distribution. The Company is also engaged in the processing of raw salt into refined, edible and industrial salt. The Company produces seasoning, tomato paste and vegetable oil, operating principally in Nigeria. It also produces other food-related products. Its segments include Salt, Seasoning, Tomato, Vegetable Oil and Freight income.