CAP Plc - Chemical and Allied Products Plc, a subsidiary of UAC of Nigeria Plc, is the technological licensee of AkzoNobel for Nigeria; (ICI was acquired in 2008 by AkzoNobel, the world’s largest paint producer). CAP Plc evolved from the world-renowned British mul[...] Date Posted: 23 Dec 2016
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About CAP Plc
Chemical and Allied Products Plc, a subsidiary of UAC of Nigeria Plc, is the technological licensee of AkzoNobel for Nigeria; (ICI was acquired in 2008 by AkzoNobel, the world’s largest paint producer). CAP Plc evolved from the world-renowned British multinational Imperial Chemical Industries Plc, which formalized it Nigeria operations in 1957 under ICI Exports Limited. In 1965, ICI Exports Limited changed its name to ICI Nigeria Limited and in 1968 it subsumed the paints company.
Following the promulgation of the first and second indigenisation Decrees in 1972 and 1977, ICI Nigeria Limited at first sold 40 percent but later 60 percent of its share capital to the Nigerian public, and went further to change its name by a special resolution of the shareholders to Chemical and Allied Products Limited (CAPL) in the spirit of indigenization. In 1991, the ‘Limited’ appellation was dropped for ‘Plc’ in compliance with the provision of the Companies and Allied Matters Act of 1990.
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