Shareholders of BUA Cement Plc have approved the payment of a ₦2.05 dividend per 50 kobo ordinary share for the financial year ended December 31, 2024.
The resolution was passed at the company’s 9th Annual General Meeting (AGM) held on Monday at the Transcorp Hilton Hotel, Abuja.
During the AGM, shareholders received and adopted the Audited Financial Statements for the 2024 financial year, including the reports of the Directors, External Auditors, and the Audit Committee.
In line with corporate governance provisions, Khairat Abdulrazaq-Gwadabe, Shehu Abubakar, and Finn Arnoldsen—directors retiring by rotation—were duly re-elected to the Board.
The meeting also authorized the Board of Directors to determine the remuneration of the External Auditors for the 2025 financial year.
Furthermore, shareholders ratified the composition of the Statutory Audit Committee for the 2025 financial year, comprising the following representatives:
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Shareholders: Mr. Ajibola Ajayi, Mr. Kabiru Tambari, and Mr. Oderinde Taiwo
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Board Representatives: Mr. Kabiru Rabiu and Ms. Ganiat Adetutu Siyonbola
The remuneration of the company’s management was disclosed in accordance with Section 257 of the Companies and Allied Matters Act (CAMA) 2020.
The AGM also approved the following remuneration structure for Non-Executive Directors for the year ending December 31, 2025:
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₦12,740,000 for Non–Executive Directors
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₦14,560,000 for Independent Non–Executive Directors
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₦18,200,000 for the Chairman of the Board
In compliance with Rule 20.8(a) of the Nigerian Exchange Limited Rules governing transactions with related parties or interested persons, the shareholders renewed the general mandate authorizing the company to procure goods and services and conduct incidental transactions with related parties on normal commercial terms.
All resolutions presented at the AGM were duly passed without objection.