Danjuma-led Union Dicon Salt seeks contact with majority shareholder amid communication gap

UNION Dicon Salt Plc has publicly announced difficulties in reaching one of its major shareholders, Aims Limited, in a notice addressed to the Nigerian Exchange Limited (NGX), shareholders, and the general public on Wednesday.

In line with the provisions of Rule 17.5 of the NGX Rule Book 2015 (Issuers Rules), the company stated that Aims Limited holds 64 million shares in Union Dicon Salt, representing 40 percent of the company’s issued shares.

The Theophilus Danjuma-led Union Dicon disclosed that despite repeated efforts to establish communication, the company has been unable to reach Aims Limited for an extended period. The notice urges Aims Limited to contact the company immediately through its physical office at Apapa, Lagos, or via the Company Secretary.

The announcement, signed by Company Secretary of Union Dicon Salt Plc, Alfred E. James, emphasises the urgency of establishing contact, given Aims Limited’s significant shareholding in the company.

READ ALSO: Union Dicon Salt drowns in debt as assets fall short

Union Dicon Salt Plc is a leading player in Nigeria’s salt production industry, and the communication gap with a major shareholder has prompted the firm to resort to public notification to ensure regulatory compliance and transparency.

Union Dicon’s financial health

iN 2025, Union Dicon Salt Plc slipped into debt as its liabilities outweighed assets, implying that the firm had a weak balance sheet position or financial stress.

According to the 2025 financial statement seen by Economy Post, total net liabilities stood at N1.402 billion. A liability is something that a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services, Investopedia, an investment dictionary, says.

Net liabilities are obtained by subtracting total assets from total liabilities. Positive net liabilities represents how much debt a company owes to outsiders such as banks, contractors, suppliers, among others.

The firm’s current liabilities stood at N14.001 billion, while current assets were estimated at N12.272 billion. When a firm’s current liabilities exceed current assets, the company has negative working capital and may face difficulties in growth, paying back creditors, or even avoiding bankruptcy, Investopedia says.

Though Union Dicon Salt did not earn sufficient revenue and recorded high administration expenditure. Its revenue stood at N10.204 million in 2025 but administrative expenses were put at N90.245 million, resulting in a loss of N36.729 million for the year under review. The 2025 loss was, however, lower than that incurred in 2024, which was N103.762 million.

Union Dicon is chaired by Gen Theophilus Danjuma, and managed by Ms Florence S, Iroye.