CWG’s Shareholders Seek For Dividend Payment

The shareholders of CWG Plc, has requested of the board and management to consider dividend payout following an impressive 2021 financial year growth in revenue that impacted on N449.64 million profit before tax from N443.15 million 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 stated 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.

Responding, the chairman, CWG, 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.”

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He noted that the management has done a great job in the turnaround of the company to where it is now. “No matter how small it is, 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 said.

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.

ed that, “there are hedging structures and other things that have been used to minimize the company’s exposure in foreign exchange losses.”

Speaking further, the group managing director, CWG, Mr. Adewale Adeyipo, said the financial performance in 2021 was borne out of the various strategic initiatives, growth, and expansion of the company’s IPs in payment and platforms.

On outlook, he said: “we will have little to look forward to, without the commitment of our people, who have understood and taken upon themselves the vision to innovate through technology. We have internalised the notion that the people, not just technology, drive innovation and growth. We aim to not only prioritize talent attraction but also to retain, develop and promote.”