WorldStage– Cutix Plc, Nigeria’s electric and automobile cable manufacturer, announced the departure of two of its C-suite executive, and triggered a 4.01 fall in its share price on the Nigeria Exchange Group on March 18.
In spite of its 52-week rise (more than 42 percent) in share price, the company has generating metrics that raise concerns about its performance, and the exit of its CEO, Njeoma Oduonye and CFO, Chidi Onwudiwe at the same time.
A January 31 unaudited financial statement the company released on the exchange revealed a 66.2 percent contraction in the 2026 Quarter 3 profit after tax compared to the same quarter last year.
Its total assets shrank by 0.46 percent to N8.65 billion from N8.69 billion in the same period Liabilities grew 14 percent from N4.44 billion to N5.14 billion. Its earnings per share dropped 66 percent to N1.65 from N4.87.
A statement by the company’s secretary, Chiwendu Nwokporo, didn’t disclose why the two officers left. She, however, said two persons, both female, have been appointed in an acting capacity to fill the vacuums.
According to the statement, Uchechukwu Igbokwe, formerly an assistant general manager, will act as CEO while Uche Okonkwo, a chartered accountant, will act as CFO.
