Chief Kolawole Babalola Jamodu, Heineken Brouwerijen B.V and Uaboi G. Agbebaku Elect to Receive N1.9 Billion Final Dividend in Nigerian Breweries Shares

Chief Kolawole Babalola Jamodu, the non-executive Chairman of Nigerian Breweries Plc, Heineken Brouwerijen B.V, a substantial shareholder in Nigerian Breweries and Mr. Uaboi G. Agbebaku, Company Secretary/Legal Director, Nigerian Breweries Plc, have elected to receive their final dividends of a combined value of N1.937 billion in Nigerian Breweries shares.

The company stated in its disclosure statements filed with the Nigerian Exchange Limited.

Breaking down the statements, Chief Kolawole Babalola Jamodu elected to receive 10,361 shares of Nigerian Breweries worth N494.737.75 as his final dividend.

The non-executive chairman then bought an additional 17,000 shares of the company at an average price of N58.99 a unit on June 7th, 2021.

Mr. Uaboi G. Agbebaku received 527 shares of the company, while Heineken Brouwerijen B.V elected to receive 40,555,281 shares as its final dividend.

The option, referred to as ‘Scrip Dividend Election Scheme’, was announced in April to give qualified shareholders the opportunity to choose how to receive their final dividends in a form of new ordinary shares of Nigerian Breweries instead of cash.

The Scrip Dividend Election Scheme allows qualified shareholders to increase their stake in the company by acquiring new ordinary shares without paying transaction fees.

Shares under the Scrip Dividend Election Scheme are acquired at N47.75 a unit, “being the 10-day average closing share price of the Company’s traded shares starting on the 11th of March, 2021”

Therefore, the three qualified shareholders elected to receive 40,566,169 shares of Nigerian Breweries worth N1.94 billion as final dividends.

Chief Kolawole Babalola Jamodu is a businessperson who has been at the helm of 9 different companies and presently occupies the position of Chairman for Nutricima Ltd. and Chairman at Nigerian Breweries Plc.