Nigerian Wire and Cable PLC was incorporated in 1974 to cater for the wire and cable product needs of the Nigerian market. It was established as a joint venture between the investment arm of the Government of Western State now Odu’a Ivestment Company Limited, Sumitomo Electric Industries Limited, Japan and Sumitomo Corporation, Japan.
The Sumitomo Group in 1975 granted Nigerian Wire and Cable PLC a long-term loan of USD 6.0 million repayable over a period of eight years. Under the Joint Venture Agreement, Odu’a Investment Company Limited had the option to take over Management after seven (7) years and when the long-term loan had been fully repaid. In 1989 Odu’a Investment Company exercised it’s option to take over Management of the Company after full repayment of the Loan in 1988.
Commercial production of the Company’s products commenced in 1978- the same year that the first business transaction with National Electric Power Authority (NEPA) now Power Holding Company of Nigeria (PHCN) was initiated. The Company also registered as a Cable Supply Contractor for L244, PF, PFA & SS, with Post & Telecommunication (P&T)- now Nigerian Telecommunications Limited (NITEL).
As an extension of the company’s product portfolio, which has the objective of offering a complete range of wire and cable products to cater for all segments of the Nigerian market, the Company in 1983 commenced the production of Aluminium Conductors Steel Reinforced (ACSR) and Self Supporting Telecommunications cables in 1989. Armoured cables and Retilence cables were launched in 1990 while Coaxial cable was launched in 1993 as an addition to the Nigerian Wire and Cable PLC’s product range.
A household name in the domestic electrical cables supply market, the Company is the first cable manufacturer to meet the requirements and obtain ISO: 9001: 2000 Certification in Nigeria.
To ensure smooth flow of production activities and to provide the finance for its expansion programmes, the Company increased its Share Capital from N10 million to N30 million in 1993 and in 1996 from N30 million to N60 million. The authorized Share Capital further increased to N300 million in year 2000. The Authorized Share Capital was increased in 2005 to N900 million.
In 1995, the Company became publicly quoted on the Nigerian Stock Exchange. It is classified under the Engineering Technology sector of the capital market.
In September 2007, the Company benefited from a fresh equity injection of about N1.3 billion by way of Special Placement of 1.18 billion Ordinary Shares of 50k each to restructure its financial affairs, expand its production capacity and meet enhanced working capital requirements.
This development has brought a new life into the company. Capacity utilization has improved significantly. Substantial investments had been made in the provision of power and upgrading the machinery of the company.
Strategic initiatives have commenced in the area of production of medium voltage cables and international commercial alliances are being developed to strengthen the Company’s capabilities.
The Stock Market proce of the Company’s Ordinary Shares of 50k each has moved from N3.00 to N10.24k as at 16th May, 2008 to demonstrate the public confidence in the Company’s turnaround and restructuring programmes.
Social