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PZ Cussons Nigeria to pay shareholders N9.9 billion dividend after four-year pause

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PZ Cussons Nigeria is ending a three-year lull in dividend payment to distribute N9.9 billion to shareholders as its retained earnings swung back to positive for the first time since taking a hit in 2023.

In a corporate disclosure on Monday, the local subsidiary of Manchester-based consumer goods producer PZ Cussons detailed a proposal to pay a N2.50 dividend per share for the year ended 31 May 2026, fixing the qualification date for 9 October and payment for the 30th of the same month.

The compensation package also offers an alternative of receiving shares instead of dividends to those who prefer increasing their existing holdings in the company to taking immediate cash rewards.

Either way, both options require shareholders’ assent at the next annual general meeting in October for the board to further the plan.

“The reference share price for the purpose of determining the number of shares due to qualifying shareholders who elect for the share option will be a ten-day trading average of the company’s share price on the floor of” the NGX starting on 12 October, PZ Cussons said in the document.

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The company last paid a dividend in 2022, having been largely incapacitated by a sweeping foreign exchange loss that tipped its accounts into a N90.3 billion net loss in 2024.

READ ALSO: PZ Cussons’ annual profit quickens by 298% as asset disposal boosts earnings

That year, PZ Cussons, like many manufacturers in Nigeria that rely on raw material imports for most of their operations, reported an FX loss of N157.9 billion after major devaluations of the naira, beginning from 2023, wore away over 70 per cent of its value, compared to the dollar.

Retained earnings, from which companies pay dividends, have been in the red since 2024, only turning positive in the year under review, thanks to a 349 per cent surge in profit to N45.2 billion.

Proceeds from asset disposal totalling N38.7 billion drove the profit rise.

Turnover in the review period scaled up by 22.5 per cent to N260.5 billion on account of improved sales from its home and personal care products division.


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olice Warn Politicians Against Destruction of Campaign Posters, Threaten Arrests

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The Nigeria Police Force has warned political thugs, hoodlums and other individuals involved in the destruction, defacement and removal of campaign posters, banners and billboards belonging to political candidates and parties ahead of the 2027 general elections to desist or face arrest and prosecution.

The police described the growing incidents of destruction of campaign materials across the country as acts of political intolerance, warning that those responsible would be held accountable under the law.

In a statement issued on November 4, 2026, the Force said the unlawful destruction or removal of another candidate’s campaign materials could constitute malicious damage, a criminal offence under Section 451 of the Criminal Code Act and Section 326 of the Penal Code Law, which provides for the offence of mischief.

The police stressed that political differences or loyalty to a particular party did not give individuals the right to destroy another candidate’s property or prevent them from exercising their right to campaign freely.

The Force also warned that political sponsors and individuals who recruit, encourage or facilitate the destruction of campaign materials would be held accountable where evidence establishes their involvement.

According to the statement, the Inspector-General of Police, IGP Olatunji Rilwan Disu, has directed Commissioners of Police across the 36 states and the Federal Capital Territory to take proactive measures to prevent such incidents, investigate reported cases and ensure the arrest and prosecution of suspects found culpable.

The police further maintained that all political parties and candidates, regardless of their affiliations or status, were entitled to equal protection under the law.

The Force urged political parties, candidates and their supporters to conduct their campaigns peacefully and respect the rights of others, warning that political intolerance, intimidation and criminal activities would not be tolerated.

It reiterated its determination not to allow political thugs and troublemakers to turn the country’s political environment into a theatre of lawlessness.

The statement was signed by the Force Public Relations Officer, CSP Ani Iniedu, at the Force Headquarters, Abuja.

The post olice Warn Politicians Against Destruction of Campaign Posters, Threaten Arrests appeared first on Business Today NG.

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MTN Nigeria appoints ex-Etisalat boss, four other new directors

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MTN Nigeria Communications Plc has appointed five new directors to its board as part of efforts to strengthen its operations and support the company’s growth and strategic direction.

The appointees include former Etisalat Nigeria executives, Ibrahim Dikko and Boye Olusanya, who were appointed as independent non-executive directors to the board of the telecommunication company.

The telco giant also appointed corporate governance expert Fabian Ajogwu, Imoni Akpofure and Lwazi Bam as non-executive directors.

The appointments, which take effect from 1 December were disclosed in a regulatory filing signed by the company’s secretary, Uto Ukpanah, on Tuesday.

MTN Nigeria said the new directors were expected to bring their experience and expertise to strengthen the telco giant’s operations.

“The new Directors are expected to bring their wealth of experience and expertise to enhance Board operations and contribute to the Company’s growth and future direction,” MTN Nigeria said.

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Mr Dikko brings more than three decades of experience spanning banking, telecommunications, information and communications technology, and regulatory advisory.

He served as chairman of First Securities Discount House Limited from 2002 to 2012 and was vice president of regulatory and corporate affairs at EMTS Limited, which operated as Etisalat Nigeria, from 2007 to 2017.

He holds a Bachelor of Laws degree from the University of Buckingham and a Master of Laws degree from Queen Mary and Westfield College, and University of London.

Mr Dikko is a Fellow of the Society of Corporate Governance Nigeria and a Member of the Institute of Directors, Nigeria.

Boye Olusanya

Mr Olusanya, who currently leads FMN Holdings Limited, has more than 25 years of executive leadership experience across the fast-moving consumer goods, agriculture, telecommunications, technology, energy, infrastructure and financial services sectors.

He has led the strategic transformation of FMN Holdings into a vertically integrated, consumer-focused food and agro-industrial business.

MTN Nigeria said Mr Olusanya’s experience includes enterprise transformation, business restructuring, strategic acquisitions, operational turnaround and regional expansion.

Fabian Ajogwu

Mr Ajogwu is a Senior Advocate of Nigeria and professor of corporate governance at Lagos Business School. He is also the senior partner at KENNA LP and has practised law for 35 years.

He assisted the Securities and Exchange Commission in drafting Nigeria’s first Code of Corporate Governance and served on the Financial Reporting Council of Nigeria committee that worked on the National Code of Corporate Governance 2018.

Mr Ajogwu is also the founder of the Society for Corporate Governance Nigeria and has authored several books on corporate governance.

He holds a PhD in Law from the University of Aberdeen, an MBA from IESE Business School in Barcelona and law degrees from the University of Nigeria and the University of Lagos.

Imoni Akpofure

Ms Akpofure brings nearly three decades of experience in finance, infrastructure and sustainability, particularly across Sub-Saharan Africa.

Her career includes senior roles at the International Finance Corporation, CDC Group, now known as British International Investment, and KINA Advisory.

She currently serves on the boards of Africa50 and the Development Bank of Nigeria, where she brings experience in infrastructure investment, sustainable growth and corporate governance.

Lwazi Bam

Mr Bam joined MTN Group as group chief risk officer in June. Before joining the telecommunications group, he served as chief executive officer of Deloitte Africa and Deloitte Southern Africa from 2012 to 2022.

READ ALSO: Access Holdings’ nine-month profit jumps 6% to N474.2 billion

During his nearly three decades at Deloitte, he also served on the firm’s Global Executive Committee and advised organisations on mergers and acquisitions, strategy, governance and risk oversight.

Between 2022 and 2026, he served as a non-executive director on the boards of Standard Bank Group and Valterra Platinum. He currently serves on the boards of Woolworths Holdings Limited and ZEDA Limited.

Mr Bam is a chartered accountant in South Africa and completed the Advanced Management Programme at Harvard Business School.

MTN Nigeria, one of Africa’s largest providers of communications services, connects over 94 million people in communities across the country.

Launched in 2001, the telco operates in 19 markets in Africa and the Middle East, serving over 300 million people.


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