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First Aluminium Nigeria rakes in billions in revenue making aluminium products

Metal News - Published on Wed, 04 Jul 2018

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Naira Metrics reported that gone are the days when it was common place to see new buildings being roofed with corrugated metal sheets. A quick survey of some construction sites in Lagos and elsewhere in Nigeria attests to this change in building trends. In place of corrugated metal and even asbestos sheets, builders and homeowners alike are going for aluminium roofing sheets which are not only durable, but also aesthetically valuable.

There is one Nigerian company that is credited for pioneering the aluminium roofing sheet movement in the country, and it is aptly named First Aluminium Nigeria Plc. This little-known, yet very important company, is the focus of our corporate overview today. Get to know everything there is to know about it.

Meanwhile, Incorporated in 1960, First Aluminium Nigeria Plc is one of Nigeria’s foremost companies. It is also one of the companies with stocks listed for trading on the Nigerian Stock Exchange. The company manufactures and distributes various kinds of aluminium products including sheets, coils and laminates. It also produces packaging materials for the healthcare, cosmetics and engineering industries; a notable example of which is the seamless aluminium tubes that are used as packaging material for notable toothpaste brands.

The company began operation with its rolling mills located in Port Harcourt, Rivers State. Being one of the foremost companies to delve into the production of aluminium in Nigeria, First Aluminium Nigeria Plc has over the years been able to master the industry, even as it continually diversifies its business in a bid to maintain market dominance. For example, it claims to be in charge of the entire production process, starting from “the chemical composition of the aluminium alloy to the installation of the roof.”

Note that aluminium roofing is one of the key areas of the industry where the company has bragging rights. After all, it pioneered it. The company has its operations across the country, although its head office is situated in Lagos.

Mr Elias is the Chief Executive Officer of First Aluminium Nigeria Plc, a position he recently assumed. Prior to this current position, he held a directorial position at Access Bank Plc, overseeing corporate and investment banking. He previously held the same position between 2005 and 2013 at Zenith Bank Plc. He had also had a stint at PricewaterhouseCoopers, where he worked from 1988 to 1992.

As an accomplished Banker/Accountant, Elias has over 27 years of professional experience. He became a chartered account in 1992, and is also a member of various other organisations including the Chartered Institute of Taxation, Chartered Institute of Bankers of Nigeria, Institute of Directors of Nigeria, etc.

Elias graduated from the University of Benin with a B.Sc. in Accounting. He studied at the Enugu State University for a Master’s degree in Business Administration with specialisation in Banking & Finance. He got another M.Sc., this time in Corporate Finance from University of Liverpool. He is also affiliated with the prestigious Harvard Business School, Wharton Business School, and Insead Business School.

First Aluminium’s target market
As a major producer of aluminium products, the company has a large target market which cuts across various sectors of the economy. For one, it targets construction companies with its aluminium building roofing sheets. It also targets manufacturing companies, particularly those in the healthcare and cosmetics sub-sectors, with its flexible aluminium packaging containers. These companies make use of the collapsible aluminium containers for the packaging of their products.

Who are the company’s competitors?
As you may well know, hardly does any company operate without a competitor. This is the case with First Aluminium Nigeria Plc, whose main competitor is Tower Aluminium Plc and its many subsidiaries, including the NSE-listed Aluminium Extrusion Industries Plc. Tower Aluminium Plc claims to be “the single largest vertically integrated aluminium downstream producer,” a claim that is backed by its long history, corporate strength, wide product range and financial performance over the years.

Much like First Aluminium Nigeria Plc, Tower Aluminium Plc and its subsidiaries are involved in the production and distribution of such aluminium products as coloured coils, rolled products, extrusion materials, flexible packaging materials, aluminium roofing sheets, etc.

Other competitors are Sparkle Aluminium Company, Ola Aluminium Company, and Mathelise Aluminium Limited.

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Posted By : Joykumar Irom on Wed, 04 Jul 2018
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