IPWA Plc, formerly known as International Paints West Africa Limited, is one of the pioneers of paint manufacturing in Nigeria and the second paint company to be established in the country in 1961.
The company was established to manufacture, market, and distribute paints, varnishes, and allied products in Nigeria. Its creation marked a significant turning point in the Nigerian manufacturing sector, as it introduced locally made paints to a market that had been dependent on imported products.
At its inception, IPWA was wholly owned by International Paints (Holdings) Limited, a UK-based subsidiary of International Paints Plc. However, with the enactment of the Nigerian Enterprises Promotion Decrees in the 1970s, which mandated increased local participation in foreign-owned businesses, 60 percent of the company’s equity was transferred to Nigerian investors and associates, leaving the foreign parent company with a 40 percent holding. This transition marked the start of IPWA’s indigenization and its deeper integration into Nigeria’s economy.
Its products have consistently met Nigerian Industrial Standards, earning it certification for items such as Leader Gloss, Glamour Emulsion, and other building paints.
Despite its strong legacy and diversified product mix, IPWA has faced significant challenges in recent years. The company was delisted from the Nigerian Exchange (NGX) in May 2016 after failing to meet post-listing requirements, including timely filing of financial statements and holding annual general meetings.
