Mr. Frank Nneji, the founder of ABC Transport Plc (NGX: ABC), a company with market value of approximately N1 billion has retired from as the Managing Director/Chief Executive of the company.
Also read; WAPIC set to delist from NGX Exchange, Board receives offer price of 65 Kobo per share
In a notifications of changes on the Board of ABC Transport Plc filed by the company o Tuesday, ABC stated that Mr. Frank Nneji will continue to serve as a Non-Executive Director on the Board.
Mr. Francis Nneji, who holds a B.Sc in Zoology from the University of Nigeria Nsukka founded ABC Transport Plc on February 13, 1993 as an off-shoot of Rapido Ventures, a he also founded in 1983 with a view to running a modern road transportation system in Nigeria.
In March 2003, Capital Alliance Private Equity (CAPE) acquired 30% shares of ABC Transport. With the acquisition, Capital Alliance (Nigeria) became stakeholders in ABC TRANSPORT, a partnership that re-positioned the company for greater performance.
The company became a Public Liability Company in 2005, and listed its shares on the Nigerian Exchange in December 2006.
At the Annual General Meeting of 12th August, 2011, the Company’s name was changed from Associated Bus Company Plc to ABC Transport Plc in 2011.
As at December 2022, Mr. Francis Nneji held 1.05 billion shares of ABC Transport Plc directly, and 335.93 million indirectly through Rapido Ventures Ltd.
His combined holding stood at 1.38 billion shares, representing 57.99% of the company’s 2.39 billion outstanding ordinary shares.
The Board of ABC Transport Plc has also announced the appointment of Mr. Jude Nneji, as the acting Managing Director of the Company. Mr. Jude Nneji holds a bachelor’s degree in Pharmaceuticals from the University of Nigeria Nsukka.
Before his new appointment, Mr. Jude Nneji was the Company’s Deputy Managing Director. He is said to have over 18 years of experience as a member of the Board and have over 27 years of experience in professional Transportation and Logistics.
Mr. Jude Nneji served under the retiring MD/CEO and has been in the Company from its inception.
In a filing made by ABC to the Securities and Exchange Commission in 2022, ABC stated that Mr. Jude Nneji is a brother to Mr. Francis Nneji. Another member of the family, Mr. Victor Nneji, the son of Mr. Francis Nneji is the Group Head, Innovations Strategy & Marketing at ABC Transport Plc.
ABC Transport Plc has a market capitalization of N980.97 million, with its share price currently at 41 Kobo. The Principal activity of the company is road transportation. It provides both long and short haul bus services; consolidated cargo and Haulage services within Nigeria and the West African sub-region.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
