Premier Paints appoints Emeka Ene as Chairman after Xenergi takeover
Premier Paints Plc announced on August 31, 2026 that Mr. Emeka Ene, CEO of Oida Group and key executive of Xenergi Limited, has been appointed Chairman of the Board following Xenergi’s acquisition of a controlling stake. The appointment of four new directors—Ene as Chairman, Adebowale Fagbemi, Dr. John Erinne, and Mrs. Doseke Akporiaye as Non-Executive Directors—takes effect August 31, pending ratification at the next Annual General Meeting. Simultaneously, three long-serving directors—Mr. Adedoyin Adeyinka, Dr. M.K.O. Balogun, and Mr. Ajayi Oluyemi—retired from the board on the same date.
The board changes follow Xenergi Limited’s increase of its shareholding in Premier Paints from 49.60% to 51.22% after a mandatory takeover offer launched in July 2026 for up to two million ordinary shares at ₦38 per share, valuing the transaction at ₦76 million. This builds on an earlier June 2026 purchase of 61 million shares (49.60% stake) after approvals from the FCCPC, SEC, and NGX. The takeover traces back to a December 2025 disclosure that major shareholders Clover Global Resources (39.02%) and TGHL Capital (15.20%) were negotiating the sale of their stakes to Xenergi, ultimately giving the energy-focused firm control of about 63 million shares, or roughly 51% of Premier Paints.
For investors and stakeholders, the shift signals a strategic pivot toward energy-linked governance, potentially influencing the paint manufacturer’s future direction, dividend policy, and operational priorities. What does this mean for your investment or business dealings with Premier Paints—will you monitor upcoming AGM decisions for possible shifts in strategy, or reassess your exposure given the new majority shareholder’s energy sector focus?