Frank Okon

Shareholders of Dangote Sugar Refinery Plc have approved a plan to raise up to ₦500 billion through a rights issue, alongside key governance and financial resolutions, at the company’s 20th Annual General Meeting (AGM) held in Lagos.

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The meeting, which took place on April 15, 2026, at Jewel Aeida in Lekki, marked a significant step in the company’s efforts to strengthen its capital base and reposition for future growth.

At the AGM, shareholders first received and adopted the audited financial statements for the year ended December 31, 2025, as well as the reports of the directors, auditors, and the statutory audit committee.

In line with board changes, members ratified the appointments of Thabo Solomon Mabe and Mulhim Eltaeb as directors, both effective from December 1, 2025. They also approved the re-election of three directors retiring by rotation, Yabawa Lawan Wabi, Bennedikter Molokwu, and Olakunle Alake, ensuring continuity in the company’s leadership.

As part of statutory business, shareholders authorized the board to fix the remuneration of the company’s external auditors, PricewaterhouseCoopers, for the 2026 financial year. The meeting also noted the disclosure of managers’ remuneration in compliance with the Companies and Allied Matters Act (CAMA) 2020.

Shareholders further approved the composition of the audit committee. Olusegun Olusanya, Dahiru Ado, and Muheebat Dankaka were elected as shareholder representatives, while Yabawa Lawan Wabi and Uzoma Nwankwo were nominated by the board to serve on the committee as non-executive directors.

In addition, the remuneration of non-executive directors for the financial year ending December 31, 2026, was approved.

The highlight of the meeting, however, was the approval of a capital raise of up to ₦500 billion through a rights issue. The resolution authorises the board, subject to regulatory approvals, to issue new ordinary shares to existing shareholders on terms and at a time it considers appropriate.

Under the arrangement, the rights issue may be underwritten, and any shares not taken up within the subscription period can be offered to shareholders willing to acquire additional shares, in line with regulatory requirements.

To facilitate the exercise, shareholders approved an increase in the company’s share capital by the number of shares required for the offer. The board was also empowered to allot the new shares, manage fractional entitlements, and cancel any shares that remain unallotted after the process.

In a further provision, the company may allow shareholders to apply outstanding loans or other funding arrangements owed to them toward payment for shares subscribed under the rights issue, subject to agreed terms.

Following completion of the exercise, the company will amend its Memorandum and Articles of Association to reflect the new share capital structure.

The resolutions collectively position Dangote Sugar to reinforce its financial structure while maintaining governance continuity, as it navigates the next phase of its operations in Nigeria’s sugar industry.