May & Baker approves N862.6m dividend payout for 2025 financial year

SHAREHOLDERS of May & Baker Nigeria Plc have approved a total dividend payout of N862.6 million for the financial year ended December 31, 2025, following the company’s 75th Annual General Meeting (AGM) held in Lagos.

The approved dividend amounts to 50 kobo per share before deduction of withholding tax, according to resolutions passed unanimously at the meeting held on June 4, 2026, at the Muson Centre, Onikan.

The resolutions were communicated to the Nigerian Exchange Limited (NGX) and the investing public by Marina Nominees Limited, secretaries to the company.

May & Baker’s AGM also approved the re-election of Mr Kolawole Olalekan Durojaiye and Mr Michael Chineme Odumodu as directors of the company.

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Shareholders further authorised the directors to fix the remuneration of the company’s auditors.

In addition, members approved the composition of the Statutory Audit Committee, with Mr Kolawole Olalekan Durojaiye and Mr Michael Chineme Odumodu representing the board, while Ms Christie O. Vincent-Uwalaka, Mr Oladimeji Bolaji Adeleke and Mr Kolawole Kalejaiye were elected to represent shareholders on the committee.

As part of the special business considered at the meeting, shareholders unanimously approved the remuneration for non-executive directors for the 2026 financial year.

Under the resolution, each non-executive director will receive N1.5 million, while the chairman’s remuneration was fixed at N1.8 million.

The company also presented its Annual Report and Accounts for the year ended December 31, 2025, including disclosure of managers’ remuneration contained in the report.