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Vitafoam shareholders endorse N3.75 bn dividend, bonus shares

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L–R: Independent Non-Executive Director, Vitafoam Nigeria Plc, Abdul Bello; Commercial Director, Dahiru Gambo; Non-Executive Director, Achike Umunna; Technical Director, Bamidele Owoade; Group Managing Director/CEO, Taiwo Adeniyi; Chairman, Zakari Sada; Company Secretary/Legal Adviser, Olalekan Sanni; Supply Chain Director, Ola Ogunfeyitimi; Non-Executive Director, Dr. (Mrs.) Abiola Davies; and Non-Executive Director, Gerson Silva, during the 64th Annual General Meeting (AGM) of Vitafoam in Lagos yesterday

By Peter Egwuatu
Shareholders of Vitafoam Nigeria Plc , have approved a N125 million capital injection through a bonus share issue and endorsed a N3.75 billion dividend payout, signalling strong investor confidence in the company’s improving financial performance.

The approvals were granted at the company’s Annual General Meeting,AGM, where shareholders authorised the capitalisation of N125,084,406 from retained earnings for the issuance of bonus shares to existing investors. The bonus shares will be distributed on the basis of one new ordinary share for every five shares held by shareholders whose names appeared in the register of members at the close of business on February 6, 2026.

Investors at the Company’s 64th AGM, held in Lagos, also approved a dividend of N3.00 per ordinary share of 50 kobo, translating into a total payout of about N3.75 billion, subject to applicable withholding tax. As part of the recapitalisation programme, shareholders further endorsed an increase in the company’s issued share capital from N625.42 million to N750.51 million through the creation of 250,168,812 additional ordinary shares of 50 kobo each, which will rank pari passu with existing shares.

Consequently, amendments were approved to the company’s Memorandum and Articles of Association to reflect the new capital structure, raising the issued share capital to N750,506,438 divided into 1,501,012,876 ordinary shares of 50 kobo each, up from 1,250,844,064 shares previously.The approvals followed a strong financial performance by the company in the 2025 financial year.

The group recorded turnover of N111.3 billion, representing an increase of about 34.7 per cent from N82.6 billion in 2024. Profit before tax surged to N21.3 billion from N1.1 billion, reflecting an increase of over 1,830 per cent, while profit after tax jumped to N14.5 billion from N952 million, representing a rise of about 1,423 per cent.

Chairman of the company, described the results as a major turning point for the business. “This exceptional performance marks a major milestone in our transformation journey. It was driven by improved production efficiency, stronger distribution, and disciplined cost management,” he said.

Group Managing Director, , said the company’s results reflected the resilience of the brand and the effectiveness of its strategic adjustments. “Overall, the Group’s financial performance underscores the underlying strength of our brand, the loyalty of our customers, and the effectiveness of the strategic adjustments implemented,” he said.

The post Vitafoam shareholders endorse N3.75 bn dividend, bonus shares appeared first on Vanguard News.

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LPG: FG targets 5m homes for cooking gas transition — Ekpo

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•Says Nigeria’s development hinges on gas utilisation

By Ediri Ejoh

The Federal Government has reaffirmed its commitment to expanding gas utilisation, saying it is targeting five million households to transition from firewood, kerosene and other biomass fuels to Liquefied Petroleum Gas (LPG) as part of efforts to cut carbon emissions and improve public health.

Speaking at the 2026 Nigeria Oil and Gas (NOG) Conference and Exhibition, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria’s economic development depends largely on harnessing its vast gas resources.

According to him, “Nigeria sees gas as its transition fuel. We are not opposed to the global energy transition, but every country must transition based on its available resources. For Nigeria, that resource is natural gas.”

He added, “Gas is essential because its utilisation cuts across power generation, industrialisation, fertiliser production, household energy and transportation. Gas is the solution for Nigeria. That is why Mr. President created the office of the Minister of State for Gas and provided incentives under the Petroleum Industry Act (PIA) to deepen gas utilisation.”

Ekpo said, “In the past, gas was undervalued, but today it has become central to addressing climate change. We are intentionally deploying technologies that reduce carbon emissions through greater gas utilisation.”

He further stated, “Under the Decade of Gas Initiative, we have identified key projects that will bring gas closer to Nigerians. We are targeting about five million homes to switch from firewood, kerosene and biomass to LPG. This will improve household health while reducing carbon emissions. We are driving this because Nigeria has enormous gas reserves.”

Also speaking, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said ongoing fiscal and sector reforms have strengthened investor confidence.

He said, “Nigeria is strategically positioned for growth. Investors can be assured that their capital is safe and will generate returns. We are positioning the country for global competitiveness.”

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FG suspends enforcement of new internet platform, digital economy regulations 

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By Progress Godfrey

The Federal Government has suspended the enforcement of new regulations affecting internet platforms, online intermediaries and other cross-cutting digital economy issues pending the completion of a national policy review.

The directive was contained in a statement issued by the Minister of Communications, Innovation and Digital Economy Dr Bosun Tijani, on Tuesday, after a strategic meeting with the leadership of the Nigerian Communications Commission (NCC), National Information Technology Development Agency (NITDA), and Nigeria Data Protection Commission (NDPC).

Tijjani said the decision aimed to maintain the current regulatory position while work continues on a harmonised national policy and governance framework for the digital economy.

He explained that the rapid growth of the digital economy has created overlaps in the responsibilities of sector regulators, making closer coordination necessary to provide legal certainty and support investment, innovation and consumer confidence.

As part of the directive, agencies have been asked to defer the implementation or enforcement of any recently issued regulation, code, guideline, framework, directive or administrative requirement relating to internet platforms, online intermediaries and other cross-cutting digital economy issues that are under policy harmonisation.

Tijani said: “The existing regulatory status quo shall be maintained with respect to matters relating to internet platforms, online intermediaries and other cross-cutting digital economy issues currently undergoing inter-agency policy harmonisation under the Ministry’s coordination.

“Relevant agencies are to defer the implementation or enforcement of any recently issued regulation, code, guideline, framework, directive or administrative requirement relating to Internet platforms, online intermediaries or other cross-cutting digital economy matters, to the extent that such provisions concern areas currently undergoing policy harmonisation under the Ministry’s coordination.

“The above direction is without prejudice to the statutory responsibilities of the respective institutions. Accordingly, all other provisions of existing regulations, guidelines, codes and directives that fall squarely within the express mandates of the relevant agencies under extant laws shall remain fully operational and enforceable, provided they are consistent with the policy direction issued by the   Minister.” The minister also announced the establishment of a Joint Technical Coordination Committee comprising representatives of the NCC, NITDA and NDPC under the Office of the Minister.  

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Dangote Cement targets 20% emissions cut, expands capacity to 80mtpa

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By Yinka Kolawole

Dangote Cement Plc has unveiled plans to cut net carbon dioxide (CO‚ ) emissions intensity by 20 per cent while expanding production capacity to 80 million tonnes per annum (mtpa) by 2030, as it pursues its ambition of becoming Africa’s most sustainable and globally competitive cement producer.

Presenting the company’s 2025 Sustainability Scorecard at its 17th Annual General Meeting in Lagos, Chairman, Emmanuel Ikazoboh, said sustainability has become a core business strategy driving growth, competitiveness and long-term value creation across its African operations.

He disclosed that the company has approved a new decarbonisation roadmap, including migrating virtually its entire Nigerian truck fleet to Compressed Natural Gas (CNG) by 2027, excluding the Gboko plant, while electric trucks will be introduced from 2026.

Ikazoboh also said the company is expanding port infrastructure at Apapa, Onne and Lekki to strengthen export capacity, while pursuing investments that will increase installed production capacity to 80mtpa by 2030, including new operations in Botswana and Zimbabwe.

On environmental performance, he said Dangote Cement has reduced CO‚  emissions intensity by 6.5 per cent from its 2021 baseline, cut energy intensity by 1.7 per cent, lowered overall energy consumption by four per cent and reduced water use by eight per cent through increased deployment of alternative fuels, energy-efficient technologies and lower clinker production.

According to him, the company also co-processed over 437,000 tonnes of waste as alternative fuel, reducing dependence on fossil fuels and improving resource efficiency.

Ikazoboh added that Dangote Cement created 625 direct green jobs during the year, increased social investment spending by 56 per cent, raised graduate trainee recruitment by 74 per cent and invested N2.1 billion in employee training.

He said the company also strengthened its ESG framework with new Artificial Intelligence Risk Management, Biodiversity and Disability Inclusion policies, while integrating 297 local vendors into its ESG-focused supply chain programme, positioning it for sustainable growth and supporting Africa’s low-carbon industrial transition.

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