Vitafoam Approves N3.75bn Dividend, Increases Share Capital at 64th AGM

Shareholders of Vitafoam Nigeria Plc have approved a dividend payment of N3.75 billion and endorsed an increase in the company’s share capital following the passage of resolutions at its 64th Annual General Meeting (AGM) held in Lagos.

At the meeting held on March 5, 2026 at the NECA House in Alausa, Ikeja, shareholders approved a dividend of N3.00 per share for the financial year ended September 30, 2025. The payout amounts to N3.752 billion to be distributed to shareholders whose names appeared on the company’s register as of February 6, 2026.

The shareholders also approved an increase in the company’s issued share capital from N625.42 million to N750.51 million through the creation of additional ordinary shares of 50 kobo each. The new shares will rank pari passu with the existing shares of the company.

As part of the capital restructuring, shareholders further authorised the capitalisation of N125.08 million from the company’s retained earnings. This will be applied in issuing 250,168,812 new ordinary shares to existing shareholders on the basis of one new share for every five shares held as at the qualification date.

The newly issued shares, according to the resolution, will be credited as fully paid and treated as capital rather than income, although they will not qualify for the dividend recommended for the year ended September 30, 2025.

In addition, shareholders approved amendments to the company’s Memorandum and Articles of Association to reflect the revised share capital structure. Following the changes, the company’s issued share capital now stands at N750,506,438 divided into 1,501,012,876 ordinary shares of 50 kobo each.

During the meeting, Ademola O. Bolarinde and Achike Charles Umunna, who retired by rotation, were re-elected to the board as directors.

Shareholders also re-elected Rev. Ibiyinka Elusade, Mr. S.B. Adenrele and Gbadebo Olatokunbo as members of the Audit Committee, while Abdul A. Bello and Ademola Bolarinde were nominated as representatives of the board on the committee.