The 8th Annual General Meeting of BUA Cement, which took place on August 29, 2024, saw the announcement of a dividend payment of N2 per ordinary share to its registered members.
Additionally, the organization approved the nomination and reappointment of individuals to important roles.
BUA Cement announced in its most recent second-quarter 2024 statistics that its revenue for the quarter ended June 30, 2024, increased by a noteworthy 77% year over year. However, foreign exchange costs caused the company’s pre-tax earnings to drop by 54% on an annual basis.
In spite of this, a dividend of N2 per ordinary share of 50 kobo has been agreed by the business for the period ending December 31, 2023.
Further Resolutions:
- Along with reports from the audit committee, directors, and auditors for the year ended December 31, 2023, the firm approved the audited financial statements.
- For the period ending December 31, 2023, a dividend of ₦2.00 per common share of 50 kobo was granted.
- The company’s auditors may be paid by the board for the year that ends on December 31, 2024.
- In accordance with Section 257 of the Companies and Allied Matters Act (CAMA) 2020, the compensation of the company’s management was made public.
- Non-executive directors received ₦9.1 million in compensation, independent non-executive directors received ₦10.4 million, and the chairman received ₦13 million for the year ending in December 2024.
Furthermore, a resolution pertaining to transactions involving linked parties or interested parties was approved in compliance with Nigerian Exchange Rules Rule 20.8(a).
A general mandate encompassing all recurrent transactions with a related party or interested person was granted to the corporation and its affiliated entities, provided that the transactions are of a revenue or trading nature or required for the company’s daily activities.
Electoral and Reinvented
- Chikezie Ajaero was appointed executive director, and Ms. Ganiat Adetutu Siyonbola served as an independent non-executive director.
- The company’s directors, Mr. Abdul Samad Rabiu, CFR, Mr. Kabiru Rabiu, and Mr. Chimaobi Madukwe, who are retiring by rotation, are re-elected.
Members to be appointed to the statutory audit committee for the 2024 fiscal year:
- Oderinde Taiwo, Mr. Kabiru Tambari, and Mr. Ajibola Ajayi are the representatives of the shareholders.
- Kabiru Rabiu and Ms. Ganiat Adetutu Siyonbola are the board representatives.
- In a statement, the company’s chairman, Abdul Samad Rabiu, underlined its dedication to providing value to shareholders.
BUA Cement is dedicated to sustaining effective operations in spite of obstacles associated with foreign exchange costs and the general economic environment.
