United Africa Company of Nigeria
The United Africa Company of Nigeria is a company based in Nigeria. Its areas of operation include manufacturing, services, logistics and warehousing, agricultural and real estate. The current Chairman of the Board as of 2010 is Senator Udoma U.Udoma with Mr Larry Ettah serving as Group Managing Director and CEO.
History of UAC Nigeria
UAC Nigeria was first incorporated in Nigeria under the name Nigerian Motors Ltd on April 22, 1931 as a wholly owned subsidiary of the United Africa Company Ltd. which later became UAC International (UACI). UAC International, a subsidiary of Unilever, included in its business the activities formerly carried on by a number of other companies including The Niger Company Ltd. and the African and Eastern Trade Corporation Ltd, all of which had long-standing trading links with West Africa.
The company, whose name was changed to United Africa Company Ltd in 1943, remained dormant until 1955 when it became The United Africa Company of Nigeria Ltd and started acquiring, over a period of five years, a large part of the business of UAC International. In 1960 C.W.A. Holdings Ltd, England also a subsidiary of Unilever, acquired the interest of UAC International in the company. Further reorganisation concluded in 1973 and resulted in the acquisition of a number of wholly owned fellow subsidiaries of C.W.A. Holdings.
Following reorganisation, the company conducted the acquired businesses as operating divisions, which are now in voluntary liquidation. The company took the name UAC of Nigeria Ltd in 1973. In compliance with the Nigerian Enterprises Promotion Act 1972, 40 percent of the company's share capital was acquired in 1974 by Nigerian citizens and associations and in accordance with the provisions of the Nigerian Enterprises Promotion Act 1977, an additional 20 percent of the UAC's share capital was publicly offered in 1977, increasing Nigerian equity participation to 60 percent. The name UACN Plc was adopted in 1991.