Pan African businessman Tony Elumelu has lots to smile about this year as he could earn over a billion Naira as dividends from quoted companies for the 2017 financial year. Here is a breakdown of his estimated earnings from each firm through direct and indirect holdings.
His indirect earnings could hit ₦2 billion going by his holdings in UBA Plc, United Capital, and Afriland Properties Plc. Direct holdings in some of these firms are undisclosed since he is not a board member nor holds significant shareholdings, but could exceed over ₦200 million going by his holdings in UBA Plc alone.
Transcorp Plc in which Elumelu is a major shareholder with a direct and indirect holding of 17.9 billion shares is yet to release its 2017 financial statements.
UBA Plc last week declared a final dividend of ₦0.65 per share. The bank paid an interim dividend of ₦0.20 per share bringing total dividend payment for 2017 to ₦0.85.
Elumelu has direct holdings of 189,851,854 shares bringing his total direct earnings to ₦161 million.
He, however, has indirect holdings of 2,083,024,416 shares comprising 140,843,816 shares held through HH Capital, 1,742,180,600 shares through Heirs Holdings and 200,000,000 shares through Heirs Alliance. His earnings from his indirect holdings could amount to ₦1.7 billion. While he may not be the only shareholder in these indirect investment vehicles, he ultimately controls the affairs of the company.
Shareholders are expected to approve the dividend at the bank’s Annual General Meeting (AGM) billed to hold on the 23rd of April 2018. Qualification date for the dividend is 9th of April 2018.
African Prudential Plc
Elumelu has an indirect holding of 256,238,449 shares in African Prudential Plc through Heirs Holdings Limited. African Prudential Plc declared a final dividend of ₦0.40 per share for the 2017 financial year. Total dividends thus amount to ₦102. 4 million.
In addition to this, he also owns a stake in the firm in his name as well as through the Tony Elumelu Foundation.
United Capital Plc
Tony Elumelu holds an indirect stake in the firm through the Tony Elumelu Foundation. His personal stake in the firm is undisclosed since he is neither on the board nor holds a significant stake.
Afriland Properties Limited
Afriland Properties Limited is a real estate firm listed on the NASD OTC Exchange. The company has proposed a final dividend of ₦0.10 per share for the 2017 financial year. Elumelu has an indirect holding of 78,185,694 shares through HH Capital Limited. Total dividends from this firm could amount to ₦7.8 million.
In addition to this, he also has holdings in his name and through the Tony Elumelu Foundation.
Aside these, the billionaire also holds stakes in several firms listed on the Nigerian Stock Exchange.