Business
Berger Paints plans 25% increase in final dividends as yearly profit rises
Berger Paints is scaling up final dividends for 2025 in mark of a hugely rewarding year, when post-tax profit touched a record and leapt by 147.7 per cent to N1.6 billion, compared to the preceding year, even though turnover only moderately improved.
The manufacturer distributed N0.40 per share to shareholders in interim dividend earlier in the year, twice as much as it did in 2024, and plans to pay N1.25 as final dividend, it said in its audited results published on Tuesday.
That could take its total payout for the year to N478.2 million.
The Nigerian real estate sector is projected to expand at a compound annual growth rate of 6.7 per cent between 2026 and 2029 on rapid urbanisation in key cities. The paint maker, which operates in the Nigerian market, saw a modest growth in 2025, judging by the revenue of listed paint-makers.
Berger Paints, CAP (the paint manufacturing unit of UAC of Nigeria), Meyer and Premier Paints together reported a 23.3 per cent jump in sales during the year, by PREMIUM TIMES’ calculation.
Net profit for each of the four expanded at a much faster pace than revenue, with Premier Paints, which plunged into loss in 2024, coming out of the woods during the year.
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Revenue for Berger Paints rose by one-fifth to N13 billion in the review period, driven by sales of paints and allied products. Finance income increased more than four times on the back of increased interest income on bank deposits.
The company recorded a 20.6 per cent rise in total assets, which climbed to N9.1 billion from N7.5 billion.
Berger Paints, incorporated at inception as British Paints (West Africa), was established in January 1959 to import paints from Newcastle, using the facilities of PZ, VYB and Brossette for distribution.
Berger, Johnson & Nicholson, a British paint manufacturer, purchased the company in 1969. The company adopted its current name 20 years later.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
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Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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