Dangote Sugar, BUA Foods propose N99.2bn dividends to shareholders

Dangote Sugar and BUA Foods have collectively proposed N99.22 billion dividends for 2022 subject to approval by shareholders

In its 2022 financial report, BUA Foods said its shareholders are expected to earn N81 billion as a return on investments following the proposal of N4.50 kobo per share as a dividend payment.

Investors holding BUA Foods shares were paid N63 billion in 2021, indicating that the dividends would increase by N18 billion in just one year if approved by the board.

In a statement announcing the proposed dividend on Wednesday, BUA Foods said: “The Board of Directors (“the Board”) recommends for the approval of shareholders a payment of N4.50k dividend per 1 ordinary share of 50 kobo each, out of the profits declared in the financial year ended 31 December 2022 (2021: N3.50k dividend per 1 ordinary share of 50 kobo each).

“If approved, dividends paid to shareholders will be subject to the deduction of withholding tax at the appropriate rate at the time of payment. The N3.50k dividend per 1 ordinary share of 50 kobo each, declared in 2021, was paid in 2022.

“A Final Dividend of ₦4.50 per ordinary share of 50 Kobo each, subject to appropriate withholding tax and approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on 1st September 2023.

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“On 21st September 2023, dividends will be paid electronically to shareholders whose names appear on the Register of Members as of 1st September 2023 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.”

On its part, Dangote Sugar offered shareholders N18.22 billion on N1.50 kobo per share as dividends.

Dangote Sugar’s shareholders were compensated for their investments with N12.14 billion as dividends the previous year.

The latest figure indicated an increase of N6.08 billion.

Speaking on the dividend, Dangote Sugar said: “A Final Dividend of N1.50 for every share of 50Kobo each subject to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on the March 24th, 2023.

“Dividends will be paid electronically within 24 hours of the Meeting to shareholders whose names appear on the Register of Members as of the 24th day of March 2023 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.”

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