Berger Plc Non-Executive Director Mr. Victor Olusegun Adeniji Resigns amidst Controversies

Berger Paints Nigeria PLC

Berger paints started operation in Nigeria on the 9th of January 1959. The company started leading the Coating and Allied Industry in Nigeria, “a legacy inherited from Lewis Berger, the German Colour Chemist who founded the Berger Paints’ in London, in 1760.

Way before Nigeria's independence, Berger became the first in the paint industry in Nigeria and set notable standards, they were the first company to create a unique factory with a daily capacity of 10,000,000 liters of paint production.

They operate in 5 business segments Decorative/Architectural finishes, Industrial coatings, Marine & Protection coatings, Automotive/Vehicle refinishes, Wood Finishing, and Preservers, with a manufacturing plant and their major distribution headquarters in Lagos, which has over 25 depots/business partners outlets, Colour World centers and a countrywide distribution network of merchants in strategic areas dissipate throughout the country, the most important contribution to the success has been the Company's on-going commitment to the growth and industry of paints and allied coatings which are technologically valid, environmentally friendly and developed to withstand harsh equatorial situations.

Berger paints Nigeria PLC grew revenues 30.03% from 3.84bn to 4.99bn while net income improved 35.46% from 146.03m to 197.81m year to year, what an incredible feat.

Recently, Berger paint PLC announced to the public and its stakeholders that Mr. Victor Olusegun Adeniji, an Independent Non-Executive Director of Berger Paints Nigeria Plc, has resigned from the Board effective March 9, 2022, due to personal and undisclosed reasons. There have been controversies around Mr. Victor Olusegun's resignation, however, "The board remains appreciative of his contributions to the Company for the entire duration of his tenure, and wishes him continued success in his future endeavors".

Berger closed its last trading day Friday, March 11, 2022, at NGN8.30 per share on the Nigerian Stock Exchange. They started the year with a share price of N8.55, lost 2.92% off that price valuation yet they are the 90th most traded stock on the Nigerian Stock Exchange over the past 3 months.

Berger has exchanged a total volume of 6.93 million shares in 648 deals valued at NGN 55.7 million over time, with an average of 110,000 traded shares per session. A volume high of 1.53 million was attained on January 11th for the same period.