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Thursday, September 28, 2023

Dangote, Samad, Otedola, Elumelu, Others Pocket N504.10bn Dividend

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The top directors and owners of the most liquid and capitalised companies were rewarded for their hard work in the form of dividend for ensuring entities they are overseeing are thriving even amid a challenging Nigerian macro-environment.

For instance, Aliko Dangote, Abdulsamad Rabiu, Femi Otedola, Tony Elumelu, and others were paid a combined N504.10 billion from distributable profit in 2022, according to data gathered by MoneyCentral.

It is worthy of highlighting that Africa’s richest man Aliko Dangote got N292.42 billion in dividend from Dangote Cement Plc, through his Dangote Industries Limited, where he owns 14.65 million total shares.

Abdulsamad Rabiu, the owner of conglomerates BUA Group, who has direct holdings of 19.04 billion shares and indirect holdings of 14.19 billion through his Damnaz Cement Company Limited and BUA Industries, received a N93.10 billion from BUA Cement Plc.

Rabiu took N75.03 billion as dividend in BUA Foods where he owns 16.67 billion ordinary shares. That brings the total dividend received from his companies to N168.14 billion.

Tony Elumelu, Chairman of United Bank for Africa (UBA), who owns 2.81 billion ordinary through his Heirs Holdings Limited, pocketed a dividend of N2.14 billion.

Jim Ovia, Chairman and non-executive director of Zenith Bank, who owns 3.54 billion shares indirect holding through (Institutional investors Ltd, Lurot Burca Ltd, Jovis Nigeria Ltd, Veritas Registrars Ltd, Quantum Zenith Securities Ltd) and direct holdings of 1.52 billion shares, pocketed N14.70 billion from the bank.

Billionaire businessman Femi Otedola pocketed N19.13 billion from his Geregu Power Plc and N999.61 million from FirstBank Holdings, making his total payout, N20.11 billion.

The Chief Executive Officer (CEO) of Access Bank Plc, Hubert Wigwe, was paid N2.28 billion in dividend from distributable profit.

Segun Agbaje who manages Guaranty Trust Holding Company (GTCO) Plc pocketed N116.55 million in dividend in 2022.

Of course, the N504.10 billion dividend of these billionaires is 25.20 percent of the N2 trillion entire payout of Nigerian firms.

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