Cutix shares near 52-week low after CEO, CFO quit

The simultaneous resignation of Cutix Plc top two leaders has sent ripples through the Nigerian Exchange Limited (NGX), pushing the stock price toward its yearly floor.

The Board of Directors of Cutix Plc informed Nigerian Exchange Limited, the shareholders, and the investing public of the departure of Ijeoma Oduonye and Chidi Onwudiwe  from the Company and their respective roles as Chief Executive Officer (CEO) and Chief Financial Officer (CFO), effective March 5, 2026.

While executive transitions are a part of corporate life, the simultaneous departure of the two powerful people in the company’s leadership left investors with a haunting question.

Oduonye had led the company since 2018, recently receiving awards for her leadership. Her sudden exit, paired with the CFO’s departure, has left investors questioning the timing and the company’s internal stability.

Ahead of this development, Cutix Plc notified  the investing public that Ijeoma Ezeasor an Independent Non-Executive Director resigned from the Board of Cutix Plc. Her resignation took effect from March 3, 2026.

Cutix Plc, founded in 1981 and based in Nnewi, Nigeria, is a leading manufacturer of electrical, automobile, and telecommunication wires and cables. The company produces high-quality armored/non-armored cables, PVC cables, and conductors, and was the first company in Nnewi to be quoted on the Nigerian Exchange Limited.

A storm of financial headwinds…

The CEO and CFO exit was only half the story. The numbers for the 2025/2026 financial year had already begun to tell a tale of struggle.

Recent reports showed pre-tax profit sliding by 95 percent, a staggering drop from the N1.266 billion heights reached just a year prior. Also, revenue dropped by 7 percent from N11.81billion a year earlier.

The Group’s earnings per share (EPS) dropped to 0.67 kobo from 12.14 kobo recorded a year earlier. The company’s 1-for-1 bonus issue in late 2025 doubled the share capital, which significantly diluted Earnings Per Share (EPS), making the stock less attractive to some valuation-sensitive investors.

The market reaction has been swift…

Following the news, Cutix shares dropped significantly to N3.49 after dipping by 4.01 percent on Wednesday, March 18. The stock’s new dip lowered its return this year to 12.58 percent, thereby underperforming the NGX-ASI with returns exceeding 30 percent year-to-date (YtD). Cutix shares outstanding of 7.045 billion units are valued at N24.588billion. The stock had reach a 52-week high of N5.1 as against a 52-week low of N2.1.

Market performance and valuation…

Share Price: As of March 18, 2026, Cutix closed at N3.49 on the Nigerian Exchange Limited (NGX).

Year-to-Date (YtD): The stock has gained approximately 12.6 percent since the start of the year, although it has faced some volatility in the last month.

Market Cap: Approximately N24.59 billion, with 7.05 billion shares outstanding.

Dividends: The trailing dividend yield is around 2.87 percent. The company’s payout ratio has been under scrutiny recently due to earnings pressure.

For the 2025 financial year, Cutix posted a pre-tax profit of N1.266 billion. However, interim results for the 2026 fiscal year have shown significant contraction.

Stabilising the ship…

The company said the process for the appointment of substantive Chief Executive Officer and Chief Financial Officer is currently underway.

In the interim, the Board has appointed the following individuals in an acting capacity: Uchechukwu Igbokwe as the Acting Chief Executive Officer pending the appointment of a substantive Chief Executive Officer. Igbokwe, is the Assistant General Manager and Head of Strategy and Planning in the Office of the Chief Executive Officer at Cutix Plc.

Also, the Board appointed Uche Okonkwo as the Acting Chief Financial Officer pending the appointment of a substantive CFO. Okonkwo is a Chartered Accountant and an accomplished finance professional currently serving at Cutix Plc.