Aliko Dangote, Rabiu Abdulsamad’s Food Companies To Pay Shareholders N99.22 billion

The food companies owned by Aliko Dangote and Rabiu Abdulsamad proposed to pay their shareholders N99.22 billion as dividends for their investments in 2022.

According to the financial records of Dangote Sugar, owned by Dangote, and BUA Foods, owned by Abdulsamad, the dividend for the financial period of last year is more than the N75.14 billion their shareholders shared for the period of 2021.

Prime Business Africa gathered that investors holding the 12,14 billion shares belonging to Dangote Sugar will share N18,22 billion if the N1.50 kobo per share dividend is approved by the shareholders at its upcoming Annual General Meeting (AGM). 

The year before, Dangote Sugar shareholders received N12.14 billion as dividends for their investments in the food business owned by Africa’s richest man.

“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 24hours of the Meeting to shareholders whose names appear on the Register of Members as at 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,” Dangote Sugar said. 

Also, the board of directors at BUA Foods have proposed N4.50 kobo per share as a dividend payment. This represents N81 billion. 

This is an increase when compared to the N63 billion BUA Foods handed its shareholders for the financial period of 2021. 

In the statement disclosing the dividend, 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. 

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