BUA Cement announces N2 per share dividend despite FX challenges 

The company also re-appointed some members to key roles.

In their second-quarter results for 2024, BUA Cement showed a 77% increase in revenue but faced a 54% drop in pre-tax profit due to foreign exchange costs.

Yet, they approved a dividend of N2 per ordinary share of 50 kobo for the period ending December 31, 2023.

Other Decisions:

• They approved the financial statements for the year ending December 31, 2023, and reports from directors, auditors, and the audit committee.

• A dividend of N2.00 per ordinary share of 50 kobo for the period ending December 31, 2023, was approved.

• The directors will pay the company’s auditors for the year ending December 31, 2024.

• The managers’ pay was disclosed to meet the Companies and Allied Matters Act (CAMA) 2020 rules.

• The pay for 2024 is set at N9.1 million for non-executive directors, N10.4 million for independent non-executive directors, and N13 million for the chairman.

They also passed a rule about transactions with related parties or interested persons.

Now, the company and its related entities can do recurring transactions with related parties as long as these transactions are necessary for day-to-day operations.

Appointments and Re-appointments

• Ms. Ganiat Adetutu Siyonbola was appointed as an independent non-executive director, and Mr. Chikezie Ajaero as an executive director.

• Mr. Chimaobi Madukwe, Mr. Kabiru Rabiu, and Mr. Abdul Samad Rabiu, CFR, were re-elected as directors.

• They chose members for the statutory audit committee for 2024:

• Shareholder Representatives: Mr. Ajibola Ajayi, Mr. Kabiru Tambari, and Mr. Oderinde Taiwo.

• Board Representatives: Mr. Kabiru Rabiu and Ms. Ganiat Adetutu Siyonbola.

Chairman Abdul Samad Rabiu said the company is committed to giving value to shareholders.

BUA Cement will continue to work efficiently, despite challenges with foreign exchange costs and the business climate.