Cutix Plc Marks 40 years Anniversary

Cutix Plc, Nigeria’s Foremost Cable Manufacturer, has flagged off its forty years anniversary celebration themed “40 Years of Striving for a Commonwealth.”

The Chief Executive Officer of Cutix Plc, Mrs. Ijeoma Odunye, during a press briefing in Lagos as part of the activities marking the fortieth-year anniversary of the company, said that Cutix Plc is exceptional with the exclusive qualities of its cables and wires.

According to Mrs. Oduonye, the company started as a private limited company in the year 1982. Later, the Founder, Engr. Dr. Ajulu Uzodike in 1983, got eighteen of his friends who put their resources together in the form of a private placement to raise the sum of N400,000 then with which the company went into commercial production in the year 1983. Then in 1986, the company raised N1.6million at the capital market with the shares listed at the second tier security market of Nigeria Stock Exchange on 12th August, 1987.

Mrs. Oduonye highlighted the achievements of the company including migrating from the second tier to the first tier of the equity market in 2008 and currently having eight thousand four hundred and ninety-five (8,495) shareholders.

She also emphasized that despite numerous successes the company has recorded since it was established, Cutix Plc has continued to battle, among other challenges, with poor infrastructure, multiple taxations, unstable government policies, difficulty in sourcing raw materials, and influx of substandard products in the market.

In an interview, the founder of the company, Engr. Ajulu Uzodike, expressed gratitude to God for the success the company has recorded so far through the efforts of the Board and the Management team.

The founder maintained that Cutix Plc has done Nigerians proud when it comes to maintaining exclusive quality products. He pointed out that, already, the company is ranking as the best in terms of product quality in the country and not far off the top three in the world.

Among those present at the event were representatives of the government, the manufacturing sector, and the media.

Bell ringing at the Nigeria Stock Exchange, Marina, Lagos Island, and Facts behind the Figures were also part of the events carried out in marking the forty years anniversary.