Cutix Appoints Nwahiri As Chairman

Cutix Plc has announced the appointment of Barrister Ifeoma Nwahiri as the new chairman of the Board of directors of the Company.

This decision comes in the wake of Ambassador Okwudili Nwosu’s retirement from the position of chairman at the 40th Annual General Meeting (AGM) held in Anambra State.

The Company said “Nwahiri’s journey with Cutix began in 2016 when she joined as a Non-Executive Director on the Board. Her elevation to the role of chairman is a testament to her dedication to the growth of the company.

“An alumna of Imo State University, Owerri, Barrister Nwahiri graduated with an LLB in 2003, before pursuing her legal education at the Nigerian Law School, Abuja. Since 2007, she has been the Principal Partner of Laud Chambers, showcasing her prowess in legal matters.

“Nwahiri is a member of the Nigerian Bar Association and holds memberships in prestigious organisations like the Negotiation and Conflict Management Group, the Chartered Institute of Arbitration (UK branch, 2005), and the Chartered Institute of Taxation (2016).

“Her professional journey encompasses notable roles such as the managing director of Soul Mill Limited from 2010 to 2014 and a non-executive director at Adswitch Plc from 2011 to 2013.”

Cutix stated that “the retirement of Ambassador Okwudili Nwosu marks the end of a remarkable 41-year journey as a senior executive and director of Cutix Plc. Throughout his tenure, he held pivotal positions such as Project manager, general manager, deputy managing director, and ultimately managing director until his retirement in 1994.”

Speaking to shareholders, Nwosu stated, “with the conclusion of this year’s Annual General Meeting, I am stepping down from the Board of Directors of our esteemed company. This marks the formal culmination of my association with the company, both in managerial and directorial capacities, since 1982, excluding my service as the Ambassador of the Federal Republic of Nigeria to the Republic of Burundi.”

The Founder of Cutix, Engineer Ajulu Uzodike, hailed the smooth transition, viewing the passing of the baton to a younger leader as indicative of the Company’s promising future.

According to Uzodike, this transition is well-deserved, as many of our current top-level managers embarked on their journey with the company and grew alongside its expansion.

“They have been groomed and trained to steer the Company forward. I also extend my congratulations to the outgoing chairman and co-founder, Ambassador Nwosu, who embarked on this journey alongside me several years ago.”

During the financial year ended April 30, 2023, Cutix reported a profit after tax of N789.985 million, marking a 0.47 percent growth compared to N786.307 million during the same period in 2022.

The shareholders of the company demonstrated their approval by endorsing a gross dividend of N422.717 million recommended by the directors, translating to a dividend of 12 kobo per share. This represents a 20 per cent increase in dividend amount (N352.264 million) paid last year.