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Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts on the firms themselves or shareholders.  

Examples of corporate actions include the release of quarterly and full year results,  payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.  

Here is a review of corporate actions that took place last week,

Less Sugar 

Dangote Sugar released its full-year 2018 results. Topline and bottom line dipped significantly.

Management blamed this on smuggled sugar, the logjam at Apapa, and to a minor extent communal crisis.

The company has declared a final dividend of N1.10 per share, N0.65 lower than the N1.75 paid in 2017.

Fidson Healthcare Plc 

Fidson Healthcare Plc released its results for the 2018 financial year. The company also held a “Facts behind the figures” session at the Nigerian Stock Exchange (NSE). Management attributed the  N97.4 million loss to high operating and finance costs.  

Cheers at May

 May and Baker Plc also released its full-year 2018 results. The company made a profit after tax of  N342 million and declared a dividend of N0.20 per share.  Qualification date is the 19th of April, 2019.  

Multi-millionaire transporter Samuel Onyishi has also taken a stake in the firm and is now one of the largest individual shareholders.

Secure losses continue 

Secure Electronic Technology Plc released its Q1 2019 results. The company remains loss-making with a loss after tax of N21.8 million. In 2018, it recorded a full year loss after tax of N152 million. 

More losses at Morrison 

Morrison Industries Plc released its full-year 2018 results. Turnover decreased while the company recorded a loss for the fifth consecutive year.  


Delayed results   

Several firms issued notices that they would be delaying the release of their full-year audited financial statements which should have been due March 31st, 2019, as well as Q1 2019 results.  

Cornerstone Insurance, in its notice to the NSE, stated that it would file its 2018 audited results on or before 30th of June 2019. As such, the release of its results for the first quarter ended March 2019 would also be delayed.  

Daar Communications, in its notice, stated that the delay behind the filing of its full-year 2018 results was due to the request of its external auditors to review the company’s trade receivablesin line with IFRS 15.  

First Aluminum attributed the delay in filing of its full-year 2018 results to an ongoing audit process. The firm, however, expects to send the results on or before the 30th of April, 2019.  

FBN Holdings has had to delay the submission of its results since several of its subsidiaries are yet to obtain final regulatory approval. The company, however, expects to file its results on or before the 30th of April, 2019.  

FTN Cocoa Plc has attributed the delay in the submission of its full-year 2018 results to an ongoing restructuring exercise.  


Omoluabi Mortgage Bank has delayed the release of its 2018 results due to the implementation of IFRS9 on its financials. The bank will submit its results on or before the 30th of June, 2019.

AG Leventis Plc has attributed the delay of its full-year 2018 results on the need to conclude audit-related matters. The firm, however, stated it would do so on or before the 30th of April, 2019.

Agenda 2021 

In a notice to the NSEGSK Consumer Nigeria disclosed a review of its operating model effective Q3 2021. Its Agbara plant will be shut down and its operations moved to third-party manufacturers under a contract basis.    

An exit 

Oando Plc disclosed it had sold a minority 25% stake it held in Axxela Limited (formerly Oando Gas and Power) to Helios Investment Partners, for $45 million. Helios had in 2016 bought a 75% stake in the firm.


UAC of Nigeria Plc announced the resignation of Mrs Omolara Elemide from the board of the company, effective April 1, 2019.  Prior to thisElemide was Executive Director, Corporate Services and had a stint as Acting Group Managing Director of the conglomerate 



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