SHAREHOLDERS of Vitafoam Nigeria Plc have approved a dividend payment of N3.00 per share and a bonus share issue following resolutions passed at the company’s 64th Annual General Meeting (AGM).

The meeting, held on March 5, 2026 in Lagos, considered and adopted the company’s audited financial statements for the year ended September 30, 2025, alongside the reports of the directors, auditors and audit committee.

Shareholders approved a dividend of N3.00 per share, amounting to N3.75 billion, payable to members whose names appeared in the register of members as at the close of business on February 6, 2026.

At the meeting, Mr. Ademola O. Bolarinde and Mr. Achike Charles Umunna, who retired by rotation, were re-elected as directors of the company.

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The company also reconstituted its audit committee, with Rev. Ibiyinka Elusade, Mr. S. B. Adenrele and Mr. Gbadebo Olatokunbo re-elected as shareholder representatives, while Mr. Abdul A. Bello and Mr. Ademola Bolarinde were nominated to represent the board on the committee.

Shareholders further authorised the directors to fix the remuneration of the external auditors and approved the proposed directors’ fees for the 2025/2026 financial year.

In addition, approval was granted for the company to renew recurrent transactions of a trading nature with related companies in line with the rules of the Nigerian Exchange Limited (NGX) governing related-party dealings.

As part of the capital restructuring approved at the meeting, shareholders endorsed an increase in the company’s share capital from N625.42 million to N750.51 million, divided into 1.5 billion ordinary shares of 50 kobo each. The newly created shares will rank pari passu with the existing ordinary shares.

The company will also capitalise N125.08 million from its retained earnings to issue 250.17 million bonus shares to existing shareholders. The shares will be allotted on the basis of one new ordinary share for every five existing shares held by members as at February 6, 2026, subject to regulatory approvals.

The bonus shares will be treated as capital and will rank equally with existing shares, except that they will not qualify for the dividend recommended for the financial year ended September 30, 2025.

Shareholders also approved a review of the severance compensation payable to retiring directors and the renewal of the company’s policy guiding such payments.