Shareholders expect N340bn dividend approval at Dangote Cement’s AGM

By Saby Elemba

Shareholders of Dangote Cement plc are looking forward eagerly to their annual general meeting (AGM) which holds on Thursday and where an approval of the proposal to pay them a dividend of about N340 billion will take place.

If the proposal is approved the shareholders whose names are registered in the company’s Register of Members at the close of business on March 30, 2023 will immediately be paid the sum of about N340 billion a day after the meeting.

In the notice of AGM, signed by Edward Imoedemhe, acting company secretary, the company revealed that a list of unclaimed dividends is available on the company’s website and that shareholders with unclaimed share certificates or unclaimed dividends should address their claims to the registrars, Coronation Registrars Ltd.

It  also stated it has given notice to all shareholders to open bank accounts, stockbroking accounts and CSCS accounts for receiving dividend payments electronically and also that pursuant to the provision of Section 187 of CAMA 2020, the treasury shares are not entitled to dividend and voting rights.

It  had also disclosed that its ordinary business for the AGM will include, laying the audited financial statements for the year ended December 31, 2022 together with the reports of the directors, auditors and the audit committee there on, declare a dividend,  elect/re-elect directors, authorise the directors to fix the remuneration of the auditors for the 2023 financial year, disclose the remuneration of managers of the company and also elect shareholders’ representatives of the Statutory Audit Committee.

The AGM will also consider and if thought fit, fix the remuneration of the directors.

In the financial statements of the organisation for 2022, the gross earnings for the group increased to N1.6 trillion from the N1. 4 trillion recorded in the preceding year due to the higher revenue generated from cement and clinker sales, with a significant chunk coming from the domestic market.

It also disclosed that the company’s revenue  increased by 21 percent to N1.21 trillion as against N993 billion recorded for the preceding year.