ABC Transport Founder Frank Nneji Retires, Hands Over Company Worth N1bn To Brother

The founder of Associated Bus Co PLC (ABC Transport), Frank Nneji, has officially retired from the company he founded back in 1993.

The business mogul who has served as the Chief Executive Officer of the transport company has handed his role to Jude Nneji.

But Frank will “continue to serve as a Non-Executive Director on the Board,” the company said in a filing seen by THE WHISTLER on Tuesday.

ABC Transport Plc commenced road passenger transportation on February 13, 1993 as an off-shoot of Rapido Ventures.

“Board of Directors hereby expresses its gratitude to Mr. Frank Nneji for all his
sacrifices, innovations and outstanding vision which has placed the Company at its present height in the transportation and logistics sector,” ABC said.

The founder’s sibling who is his successor Jude was the company’s Deputy Managing Director.

Jude began his career with Rapido Ventures Limited immediately after his graduation from the University of Nigeria where he studied Pharmacy.

The company said, ” He served under the retiring MD/CEO and has been in the Company from its inception. He has over 18 years of experience as a member of the Board. He steps into this new role with over 27 years of experience in professional Transportation and Logistics.

“He attended the Advanced Management Programme (AMP 14) and Chief Executive Programme (CEP 21) at the Lagos Business School. He has undergone several trainings in the transportation and logistics sector locally and internationally.”

The company which trades on the Nigerian Exchange Limited has a share capital of 2,392,621,775 with a share price of N0.41 as of the close of trade on Monday, June 3, 2023.

Consequently, the company’s market capitalisation is worth N980.9m.

As of the first quarter of 2023, ABC Transport Plc posted a decline in its revenue from N1.86bn in Q1 2022 to N1.45bn in Q1 2023.

The company declared a loss of N97.1 in Q1 2023. In the 2022 full year, ABC’s audited books show the company made just N60.1m in profit.

In 2021, the company declared a loss of N88.55m.

As of the first quarter of 2023, the company’s total liability was N3.69bn majorly from loans and trade payables. But its assets stood at N6.48bn.

As of December 2022, Frank controlled 1,387,615,826 shares in the company. He has 1,051,680,000 direct shares and 335,935,826 indirect shares. Jude controls 30,580,213 direct shares.