Shareholders Tackle CWG Management over Dividend Payout
The shareholders of CWG plc, yesterday in Lagos requested of the board and management to consider dividend payout following an impressive 2021 financial year growth in revenue that impacted on N449.64million profit before tax from N443.15million reported in 2020.
Speaking at the company’s 17th
Annual General Meeting (AGM), the national coordinator of passionate shareholders of Nigeria, Mr. Abayomi Adebayo noted that the company reported an impressive growth in revenue that impacted on profit before tax
He hinted that, “What the impressive 2021 financial year results, I believe very soon, dividend will be paid to shareholders.”
Another shareholder at the meeting, Alhaja Ikudaisi commended the management for posting impressive 2021 results, demanding to know when the management is going to reward shareholders who invested in the company. According to her, “One important aspect is missing in the company’s 2021 financial statement and that is dividend payout to shareholders.”
“How soon are shareholders expecting a dividend payout?” she questioned.
Responding, the Chairman, CWG Plc, Phillip Obioha, said, “The trend at where the company is coming; the losses and where we are now, you will see it is telling a good story. We are almost at the end of turning the company around.
“The Group Managing Director and his team have done a great job in the turnaround of the company to where we are now. No matter how small it’s, we are determined to declare a dividend to shareholders. As long as we continue to have growth, we should be able to pay a dividend to shareholders.”
He noted that the company is having problem with foreign exchange scarcity, stressing that a lot of initial controls are put in place to minimum the losses
He added that, “There are hedging structures and other things that have been used to minimize the company’s exposure in foreign exchange losses.”
According to him, the financial performance in 2021, was borne out of the various strategic initiatives, growth and expansion of the group’s products in payment systems and platforms.