Shareholders of Dangote Sugar Refinery Plc have approved a plan to raise up to ₦500 billion through a rights issue, alongside key board and governance resolutions, at the company’s 20th Annual General Meeting held in Lagos.
The meeting, which took place on April 15, 2026, saw members endorse the company’s audited financial statements for the year ended December 31, 2025, including the reports of directors, auditors, and the statutory audit committee.
As part of board restructuring, shareholders ratified the appointments of Mr. Thabo Solomon Mabe and Mr. Mulhim Eltaeb as directors, both effective from December 1, 2025.
In addition, directors retiring by rotation, Mrs. Yabawa Lawan Wabi, Ms. Bennedikter Molokwu, and Mr. Olakunle Alake, were re-elected.
The shareholders also authorised the board to determine the remuneration of the external auditors, PricewaterhouseCoopers, for the 2026 financial year, while management remuneration was disclosed in line with regulatory requirements.
In line with corporate governance provisions under the Companies and Allied Matters Act (CAMA) 2020, shareholders elected Mr. Olusegun Olusanya, Mallam Dahiru Ado, and Hadjia Muheebat Dankaka as representatives on the audit committee.
The board nominated Mrs. Wabi Lawan and Mr. Uzoma Nwankwo as non-executive director representatives on the same committee.
The most significant outcome of the meeting was the approval of a capital raise of up to ₦500 billion through a rights issue.
The resolution authorises the board to issue new ordinary shares to existing shareholders under terms to be determined, subject to regulatory approvals.
Under the structure, the rights issue may be underwritten, and any unsubscribed shares can be offered to shareholders willing to increase their holdings.
The company will also adjust its share capital to reflect the new issuance with directors empowered to manage allotment, fractional shares, and any unallocated shares in accordance with applicable laws.
Additionally, shareholders approved the option for outstanding shareholder loans or funding arrangements to be converted into equity by applying them toward subscription in the rights issue.
The company’s Memorandum and Articles of Association will also be amended to reflect the updated share capital following completion of the transaction.
The approval signals a major capital restructuring initiative by Dangote Sugar as it seeks to strengthen its balance sheet, support expansion plans, and enhance long-term shareholder value.