Shareholders of Nestle seek bonus shares on N5.8billion unclaimed dividend

Shareholders of Nestle Nigeria Plc have urged the Board and Management to consider issuing bonus shares at the end of 2019, even as they commended the company for N38.50 per share dividend payment declared for the year ended December 31, 2018.
Nestle logoThey also called on the company to aid the Securities and Exchange Commission, SEC, in its drive to bring down the level of unclaimed dividend by putting measures in place to drive down their own figure.

Nona Awoh, an independent shareholder, speaking at the 50th Annual General Meeting, AGM, in Lagos, said: “unclaimed dividend at N5.8 billion is quite high.

The figure must crash; the Board must do something to bring down this figure even if it means going to look for the shareholders. “Also, special bonus should be given to us, the shareholders, to mark the 50th anniversary of your operation in Nigeria.”

While commending the company for bringing down the finance cost and improving in other performance indicators, he charged them to draft policies that would ensure that it extracts export value equal to the import value.

Also speaking, Boniface Okezie, National Chairman, Progressive Shareholders Association of Nigeria, PSAN, told the company to decentralize its operation to further bring down the cost of sales and distribution expenses. Addressing shareholders at the meeting, the chairman, Mr. David Ifezulike, said: “2018 was a year of significant results in the face of unpredictable changes in the business environment.

The influx of competing products presented both a challenge and an opportunity for innovation to continue to delight our customers.
“With competition intensifying and the digital revolution disrupting how consumers engage and interact with companies, we continued to focus on meeting consumer needs while increasing speed and efficiency to adapt to the changes in our environment.”