NSE Tasks Berger Paints Nigeria to Sustain Value Creation for Shareholders

The Nigerian Stock Exchange (NSE) yesterday advised the management of Berger Paints Nigeria Plc to sustain its efforts aimed at ensuring that shareholder get regular value. The exchange also commended the company for adhering to the post-listing requirements of the exchange, which requires regular provision of information by every quoted company to enable investors make investment decision.

The Chief Executive Officer of the NSE, Mr. Oscar Onyema gave the commendation while speaking during company’s presentation of ‘Facts Behind the Figures’ at the exchange in Lagos.

Onyema, who was represented by the Executive Director, Regulation, Ms Tinu Awe, explained that the exchange remained committed to partnering quoted companies as stakeholders in the market ecosystem.

According to Onyema, the exchange aggregates all issues affecting quoted companies, including corporate governance and tax reform and play pivotal role to ensure smooth operation of the companies. He commended the resilience of Berger Paints Nigeria Plc despite the tough operating climate.

Earlier in his presentation, the Managing Director and Chief Executive Officer of the company, Mr. Peter Folikwe identified top-notch and experienced management, high quality products, efficient market and strong distribution network, effective utilisation of modern information technology and strong brands as some of the factors that enhance the company’s competitive edge. Folikwe also noted that effective franchise growth and deployment of point of sales (POS) machine were among the key drivers that shall boost the company’s profitability.

Commenting on the strategic outlook for the company, he explained that the focus would be on increase in earnings and profitability, leverage on the new automated factory to be inaugurated, increased production output, increase in market share, optimising return on investment (ROI) and implementation of risk management culture among others.

“We shall increase innovativeness and deepen routes to market to ensure that our products are available in most of the geo-political zones. Our outsourced business partners are being provided massive sales and marketing support to cause a desirable change in trade,” Folikwe said.

Also speaking, Chairman of Berger Paints Nigeria, Mr. Abi Ayida stated that the company would review its business model to improve its processes and take advantage of investment opportunities in Nigeria irrespective of the challenges in the operating climate.

He assured the NSE of company’s willingness to partner with it in some of its activities that fall under corporate social responsibilities (CSR).