Who Owns Notore Chemical Industries Ltd. Company?

Who Owns Notore Chemical Industries Plc?

Understanding company ownership is key to grasping its direction and accountability. Notore Chemical Industries Plc recently transitioned from public to private ownership through a voluntary delisting from the Nigerian Exchange Limited (NGX) on July 4, 2025.

This significant shift underscores a concentrated ownership structure, driven by its core shareholders.

Who owns Notore Chemical Industries Plc?

Notore Chemical Industries Plc, established in 2005, traces its roots to the acquisition of assets from the former National Fertilizer Company of Nigeria (NAFCON), incorporated in 1981. The company's mission was to boost fertilizer production in Nigeria, utilizing natural gas resources to enhance food security and agricultural productivity across Africa. Before its delisting, Notore was the 33rd most valuable stock on the NGX, with a market capitalization of NGN 252 billion. It operates a major urea fertilizer plant in Sub-Saharan Africa, also providing agricultural advisory services and distributing farm inputs, including products analyzed in the Notore Chemical Industries Ltd. BCG Matrix.

Notore Chemical Industries Plc was established in 2005, spearheaded by a group of investors led by Mr. Onajite Okoloko. This consortium acquired the former National Fertilizer Company of Nigeria (NAFCON) assets in Onne, Rivers State, with Mr. Okoloko playing a pivotal role in assembling the team and driving the acquisition.

Founding Vision

The primary objective was to leverage Nigeria's natural gas resources for domestic fertilizer production. This aimed to reduce dependence on imports and bolster national food security.

Key Founder

Mr. Onajite Okoloko, a seasoned professional with over 25 years in sales, marketing, and business development, led the founding consortium. He was also a co-founder of the Ocean & Oil Group.

Early Investment Backing

The company secured significant early financial support from notable investors. These included Emerging Capital Partners (ECP) and the Orascom Group.

Major Funding Milestone

In 2007, Notore successfully raised a substantial US$222 million. This was achieved through the largest single loan syndication from seven Nigerian financial institutions.

Operational Commencement

The company marked a significant achievement when urea production officially began in 2009. This represented a key step in fulfilling the founders' initial vision for domestic fertilizer manufacturing.

Acquisition of Assets

The foundation of the company involved the acquisition of assets from the former National Fertilizer Company of Nigeria (NAFCON). This facility is located in Onne, Rivers State.

Mr. Okoloko's extensive experience, including his tenure as Managing Director and CEO of Oando Energy Services from 1994 to 2006, provided a strong foundation for leading the early development of Notore. The company's initial strategy focused on establishing a robust domestic fertilizer production capacity, utilizing Nigeria's abundant natural gas resources. This strategic approach aimed to reduce the nation's reliance on imported fertilizers and enhance food security. The successful US$222 million loan syndication in 2007 underscored the confidence early investors and financial institutions had in the venture. For a detailed look at the company's beginnings, you can refer to the Brief History of Notore Chemical Industries Ltd.

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The ownership of Notore Chemical Industries Plc has seen significant evolution, culminating in its transition to a privately held entity. Key events include its initial public offering and subsequent delisting, reflecting substantial shifts in its shareholder base and control structure.

The privatization process initiated in late 2024 and concluded in early 2025 marked a pivotal moment for Notore Chemical Industries Plc. This period saw a consortium of core shareholders, comprising Kwararafa Africa Limited, TY Holdings Limited, and Notore Chemical Industries (Mauritius) Limited, successfully acquire the shares of minority shareholders. This strategic move, approved by shareholders in March 2025, led to the voluntary delisting of the company from the Nigerian Exchange Limited on July 4, 2025. The acquisition, valued at $150 million, was spearheaded by Thomas Etuh and TY Holdings, fundamentally altering the ownership structure to that of a private company.

Key Ownership Changes

Notore Chemical Industries Plc transitioned from a publicly listed company to a privately held entity. This shift was driven by a significant acquisition by a consortium of core shareholders.

• Initial listing on the NGX Main Board on August 2, 2018.
• Major shareholders as of December 31, 2023, included Notore Chemical Industries (Mauritius) Limited with 76.55%.
• A privatization offer was approved by shareholders on March 27, 2025.
• The company was officially delisted from the NGX on July 4, 2025.
• The acquisition was completed for $150 million, consolidating ownership.

Understanding who owns Notore Chemical Industries Ltd. requires looking at its historical trajectory and the recent privatization. Initially, as a publicly traded entity, its ownership was distributed among various shareholders, with Notore Chemical Industries (Mauritius) Limited being the largest single holder. The recent acquisition by Thomas Etuh and TY Holdings has concentrated the ownership, making it a privately held company. This transition impacts how one might find out who owns a company like Notore Chemical, shifting focus from public filings to private ownership details. The current owners of Notore Chemical Industries Nigeria are now the core shareholders who led the privatization effort. This change also affects the understanding of Notore Chemical Industries Ltd investor relations, as it is no longer subject to public market disclosures. The Growth Strategy of Notore Chemical Industries Ltd. will likely be shaped by this new, concentrated ownership structure.

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The Board of Directors for Notore Chemical Industries Plc, as of June and August 2024, includes both executive and non-executive members. Mr. Thomas Etuh took on the role of Chairman in June 2024, with Mr. Ohis Ohiwerei serving as Group Managing Director/CEO and Mr. Danjuma Abdul-Kadiri Etuh as Deputy Managing Director/COO. The board's composition reflects the company's ownership structure, with key figures representing major shareholders.

The ownership structure of Notore Chemical Industries Plc is significantly influenced by its major shareholders. The acquisition of 60% ownership and management control by Thomas Etuh and TY Holdings Limited, associated with Theophilus Danjuma, in August 2024, highlights the direct correlation between substantial shareholding and board representation. This concentration of ownership is a key factor in understanding who owns Notore Chemical and how decisions are made within the company.

Understanding Voting Power and Governance

Notore Chemical Industries Plc generally operates under a one-share-one-vote principle. However, the significant voting power held by its core shareholders was instrumental in recent corporate actions, including the privatization process. This governance approach aligns with the SEC Code of Corporate Governance.

• The company generally follows a one-share-one-vote system.
• Major shareholders possess substantial voting power.
• This voting power was crucial for the company's recent privatization.
• The approval of the Scheme of Arrangement on March 27, 2025, facilitated the voluntary delisting from the Nigerian Exchange Limited.
• Governance practices are in line with Nigerian and international standards.

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What Recent Changes Have Shaped Notore Chemical Industries Ltd.’s Ownership Landscape?

Over the past three to five years, Notore Chemical Industries Plc has seen a significant shift in its ownership, transitioning from a publicly listed company to a privately held entity. This transformation involved substantial share acquisitions and a comprehensive buyout of minority shareholders.

Event	Date	Details
Shareholder Authorization for Private Placement	January 2024	N105.791 billion to be raised via issuance of 2,418,099,300 ordinary shares at N43.75 per share.
Listing of Additional Shares	July 29, 2024	Total issued shares increased from 1,612,066,200 to 4,030,165,500 ordinary shares.
Offer to Buy Out Minority Stakes	November 21, 2024	Kwararafa Africa Limited, TY Holdings Limited, and Notore Chemical Industries (Mauritius) Limited launched the offer.
Shareholder Approval of Scheme of Arrangement	March 27, 2025	Minority shareholders approved to receive ₦62.60 per share.
Acquisition of Control	August 2024	Thomas Etuh's Tak Agro and Theophilus Danjuma's TY Holdings secured 60% ownership and management control for $150 million.
Approval for Voluntary Delisting	June 3, 2025	NGX approved the delisting of Notore's shares.
Official Delisting from NGX	July 4, 2025	Company ceased trading on the Nigerian Exchange.

The recent developments indicate a strategic consolidation of ownership, with core investors aiming to gain full control. This move away from public trading may be influenced by the company's financial performance, which showed a group loss of N191.214 billion for the twelve months ending December 31, 2024, a significant increase from the N114.251 billion loss in 2023. Group revenue also saw a substantial decline to N751.361 million in 2024 from N21.545 billion in 2023. This transition to private ownership allows for more focused strategic adjustments away from the scrutiny of public markets, especially during periods of financial challenge. Understanding Revenue Streams & Business Model of Notore Chemical Industries Ltd. can provide further context to these ownership shifts.

Consolidation of Ownership

Core shareholders, including TY Holdings and Tak Agro, have actively worked to acquire all minority stakes. This has resulted in a significant concentration of ownership among a few key entities.

Transition to Private Status

The company's voluntary delisting from the Nigerian Exchange in July 2025 marks a definitive shift to private ownership. This move impacts the company's public reporting requirements and operational flexibility.

Leadership Adjustments

Significant changes in the board of directors have accompanied the ownership trends. Mr. Thomas Etuh assumed the role of Chairman in June 2024, following Mr. Femi Agbaje's appointment in March 2024. A notable departure was Mr. Onajite Okoloko, who resigned from the board in May 2024.

Financial Performance Context

The company's financial results for 2024, including a substantial group loss and a sharp decline in revenue, likely played a role in the decision to privatize. This allows for strategic restructuring away from public market pressures.

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