First Aluminium Appoints New MD as Igbinakenzua Resigns

By Dipo Olowookere

Managing Director of First Aluminium Nigeria Plc, Mr Elias Igbinakenzua, has resigned from the company.

Mr Igbinakenzua, who left Access Bank as an Executive Director few years ago to take up the plum job at the aluminium company, resigned from his new position after over two years.

A statement from the company said the resignation of Mr Igbinakenzua was accepted by the board on Tuesday, April 30, 2019.

Though no reason was given for the exit of the former banker, there are indications that Mr Igbinakenzua is planning to return to the financial services sector.

Already, the board of First Aluminium Nigeria Plc has announced a new Managing Director of the company.

He is Mr Callistus Udalor, who served the company prior to his appointment as Deputy Managing Director of the company.

He will be expected to pilot affairs of the firm and make it viable again possibly on the Nigerian Stock Exchange (NSE).

“Notice is hereby given to the Nigerian Stock Exchange that at the meeting of the board of directors of First Aluminium Nigeria Plc which held on Tuesday, April 30, 2019 at 177, Moshood Olugbani Street, Victoria Island, Lagos, at which a quorum was present, the board accepted the resignation of Elias Igbinakenzua as the Managing Director of the company and approved the appointment of Callistus Udalor, the former Deputy MD of the company as the new MD,” the statement issued on Friday by the firm said.

Business Post reports that the board of First Aluminium Nigeria Plc had before now consider delisting shares of the company from NSE due to low level of activity.

But in the past days, the company has had improvements in the sale of its shares by investors.

On April 24, 2019, a total of 2.3 million units of the stocks were traded on the NSE, closing at 47 kobo per unit.

The next day, the share price rose to 48 kobo each, but dropped to 47 kobo on the day the board accepted the resignation of Mr Igbinakenzua.

As at the close of business yesterday, shares of the company settled at 42 kobo per unit with a total of 100,000 units sold.