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BUA Foods Shareholders Endorse N63bn Dividend

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BUA Foods Shareholders Endorse N63bn Dividend

By Edozie Obasi-Eze

The shareholders of BUA Foods Plc rose from their maiden Annual General Meeting (AGM) with a resolution approving a dividend of N63 billion for the 2021 accounting period.

The Board of the company, led by the chairman, Abdulsamad Rabiu had tabled the resolution for a total dividend of N63 billion at the AGM on Thursday in Abuja, before the shareholders, based on what it described as the positive growth recorded in the financial year ended December 31, 2021.

This translates to N3.50 which makes BUA Foods the company with the highest dividend payout in Nigeria’s Food and Fast Moving Consumer Goods industry on the NGX.

The company’s positive results is driven by impressive results across all three revenue-generating divisions- Sugar, Flour and Pasta.

READ ALSO: NGX Commends BUA Foods at Virtual Facts Behind the Listing

For instance, its operating profits grew by 56 per cent to N79.9 billion, while Profit Before Tax (PBT) increased by 63.96 per cent to N77.5 billion. The total profit at the end of the year was N69.8 billion (+97 per cent y-o-y).

It was gathered that dividends payment would commence on August 4.

Rabiu, said, “2021 was a pivotal year in our corporate history. It charted a new path for us to fulfil our vision to meet Africa’s growing demand for food by promoting food security and nourishing lives.

“Our bold decision to consolidate and restructure our business strengthened our productivity and improved our efficiency as a food value chain company.”

BUA, said to be one of the most valuable companies by market capitalisation Sub-Saharan Africa, is a leading manufacturer of high-quality foods.

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JUST IN: Tension Mounts As Police Secure Rivers Assembly Amid Crisis

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The standoff between Governor Siminalayi Fubara of Rivers State and Minister of the Federal Capital Territory (FCT), Nyesom Wike, intensified on Friday as police presence swelled at the House of Assembly quarters along Aba Road, Port Harcourt.

With approximately 30 officers securing both the primary and secondary entrances and an additional 25 patrol vans blocking other access points, the situation grew increasingly tense.

This development followed accusations by House Speaker Martins Amaewhule, who alleged Governor Fubara’s involvement in plans to demolish the legislative quarters.

Governor Siminalayi Fubara  had made a surprise visit to the facility on Thursday afternoon, stating that he wanted to assess the premises following the appointment of a new Speaker.

He said, “Is the Assembly quarters not part of my property? Is there anything wrong in going to check how things are going on there?

“You are aware of the developments. We have a new Speaker, and I went there to see for myself how things are. There might be a few things I might want to do there for the good of our people.”

According to reports, after Amaewhule’s alarm, anti-Fubara lawmakers and certain All Progressives Congress (APC) chieftains maintained a vigil around the estate until Friday.

Earlier, a Rivers court had restrained the Pro-Wike lawmakers from identifying themselves as legislators, declaring their seats vacant. Meanwhile, the ‘Sim Media Volunteers’ group, during a news briefing in Port Harcourt on Friday, urged the Inspector-General of Police to oversee police activities in the state and ensure adherence to rules of engagement.

Frank Kilsi, the Convener, expressed concern over the arrest and intimidation of the governor’s supporters by the police, warning that such actions could lead to anarchy.

Kilsi stated, “We call on the Inspector-General of Police to rein in his men and exercise restraint by stopping the unnecessary attack or wanton arrest on any of the governor’s supporters, as further harassment could lead to anarchy and breakdown of law and order that may not do our state any good.

“We, the youths of the state, under the aegis of SIM Media Volunteers do hereby emphasize the need for peace, justice and development in Rivers State.

“We implore all relevant stakeholders such as the citizens, political leaders, traditional institutions and law enforcement agencies, to ensure that the rights and freedom of the people are upheld and protected at all times.

“To this end, we would like to acknowledge and applaud the great youths of Rivers State for being peaceful and law-abiding even in the face of provocation”.

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Tinubu Confers GCON On Awujale

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In a momentous ceremony marking the 90th birthday of Oba Sikiru Adetona, the esteemed Awujale and paramount ruler of Ijebuland, President Bola Tinubu bestowed upon him the prestigious Grand Commander of Order of Nigeria (GCON).

Held at the Oba Sikiru Adetona School of Governance, Olabisi Onabanjo University, Ago-Iwoye, Ogun State on Friday, the event witnessed Vice President Kashim Shettima representing President Tinubu.

Additionally, the President directed the transfer of management of the revered school to the National Institute of Policy and Strategic Studies, Kuru, Jos, in honor of Oba Sikiru Adetona’s enduring legacy.

President Tinubu hailed Awujale as an exceptional royal figure and a stalwart of Nigerian democracy, revered nationwide for his unwavering commitment to national progress and resilience in confronting challenges.

 

 

Details later……. . 

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JUST IN: Yahaya Bello To Present Himself For Arraignment

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Former Kogi State Governor, Alhaji Yahaya Bello, has agreed to appear before the Federal High Court in Abuja for his arraignment on corruption charges filed against him by the Economic and Financial Crimes Commission (EFCC).

Bello’s lead counsel, Abdulwahab Mohammed, assured Justice Emeka Nwite of his client’s willingness to face the court on June 13, following the rejection of a request to suspend the trial.

Mohammed emphasized that Bello is not apprehensive about the arraignment itself but rather concerned for his safety in the custody of the EFCC in Abuja.

He cited consistent threats to Bello’s life in the capital city as the reason for his client’s decision to prioritize personal safety by going underground.

The decision to comply with the court trial was influenced by Justice Nwite’s remarks, affirming the EFCC’s commitment to legal protocols.

The Judge assured that the EFCC operates within legal boundaries, noting Bello’s situation isn’t unprecedented.

Emphasizing the presumption of innocence, Justice Nwite highlighted the unproven nature of the allegations.

He advised Bello’s lawyer to urge his client to respect the court’s authority.

In response, Bello’s counsel thanked the Judge and pledged Bello’s cooperation, relying on the EFCC’s assurance of adherence to due process.

He said “All my client needs is just an assurance for the safety of his life which has been under threat for sometimes in Abuja.”

The lawyer requested a four-week grace period to present his client before the court, stating that Bello would appear in court rather than at the EFCC to enter his plea on the charges.

With no objection from the EFCC counsel, Rotimi Oyedepo SAN, Justice Nwite scheduled June 13 for Bello’s appearance in court to have his plea recorded.

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