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Companies

UPDC Plc appoints new acting Managing Director

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UACN Property Development Company UPDC Plc has announced that its Managing Director, Hakeem Ogunniran will proceed on a retirement leave on May 1, 2018, after serving the UAC Group for 23 years.

Ogunniran was appointed managing director UPDC Plc in January 2010.

The board of the company has also appointed Mrs. Adeniun Taiwo to act in the position of Managing Director until a new appointment is made.

Mrs. Taiwo was the finance director of UPDC until 31 December 2017 and she is currently the chief finance officer UAC of Nigeria Plc UACN.

Profile of the new Acting Managing Director.

  • Born on 31st of August 1974.
  • Taiwo is a Fellow of the Institute of Chartered Accountants of Nigeria.
  • She has a professional certificate in IFRS from ACCA and holds a Higher National Diploma in Accountancy from The Federal Polytechnic Ilaro.
  • She is an alumnus of Ashridge Business School.
  • Prior to joining UAC in 2012, she had worked in KPMG Nigeria for 13 years where she rose to become a Senior Manager, in Accounting Advisory Function and Internal Audit Risk and Compliance.
  • She has broad professional experience in and has led a number of engagements in internal and statutory audit services, corporate governance, risk management and accounting assistance services.
  • Her experience cuts across oil and gas, financial services, consumer markets, telecommunications and the public sector.
  • She brings to her new role cross-sector experience spanning consulting and industry.

 

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Companies

Africa Prudential proposes dividend of N1 billion for shareholders

Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.

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on

African Prudential could be worth more than N4.55

The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.

This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.

The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.

The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.

What you should know

  • Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
  • Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.

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Companies

Dangote Sugar proposes N18.2 billion as final dividend for 2020

Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders.

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on

Dangote Sugar proposes N18.2 billion as final dividend for 2020

The Board of Directors of Nigeria, Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders for the period ended 31st December 2020.

This announcement was contained in the audited financial statement of the leading integrated sugar company.

In line with the statement of the Board of DSR, the approval of this proposed dividend at the forthcoming Annual General Meeting will see Dangote Sugar pay out a final dividend of N1.50 for each of the outstanding 12,146,878,241 ordinary shares of the company, held by its shareholders.

The proposed dividend is 36.36% higher than the final dividend of N1.1 per share (N13.36 billion) the sugar company paid its shareholders in 2019.

What you should know

  • Dangote Sugar Refinery declared in its audited statement for the period ended 31st December 2020 that its profit for the year climbed to N29.8 billion, from N22.4 billion in 2019.
  • According to these figures, DSR’s earnings per share for 2020 are pegged at N2.45. Hence, with a dividend of N1.50 per share, Dangote Sugar is set to payout 61.2% of its profits for 2020.
  • At the close of trading activities on the floor of the Nigerian Stock Exchange today, shares in Dangote Sugar Refinery declined by 0.83% to close lower at N17.85.
  • At this price, the dividend yield of Dangote Sugar shares is 8.40%.

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