Please can we settle down? While settling down, we observe a moment of a safety briefing, please. Safety briefing. Thank you. Distinguished ladies and gentlemen, may we have your attention as we take you through a quick health and safety briefing. As we may know, your health and safety while you are here is very important. Now, let's begin with our exit route. There are three exit routes in the hall. One to the right and one to the left and the main exit behind you. In the unlikely event of an emergency, please follow the exit instructions and evacuate the building as guided by the security and safety personnel to a mustering point. There are service facilities within the premises. Please inform any of the ushers should you need access. Ensure to wash your hands and sanitize properly after using the convenience. Now, here are some precautionary measures to take as approved by the Nigerian Center for Disease Control and CDC. Number one, practice good hygiene, including regular hand washing. And number two, avoiding close contact with anyone showing symptoms of an infectious disease or feeling unwell. Cover your mouth and nose with a tissue or your elbow when coughing or sneezing. Let's work together to ensure a safe and enjoyable AGM ceremony for everyone.
Thank you very much. Please may we rise for the national anthem.
Nigeria we hail thee, our own dear native land. Those ring on me for the brother would we stand. For a proud to set a suffering for the land.
Mr. Chairman, sir, the meeting is on for you.
Good morning all. Welcome back. Please give us our opening prayer. Thank you.
A prayer in a foreign language.
Thank you esteemed shareholders, ladies and gentlemen. Good morning once again.
The time is now 11:00 a.m. and I'm pleased to welcome you all to the 10th annual general meeting of your company. Your company. I have been advised by the CS that the quorum required under the articles of association of the company is present, which means that I think we have formed the quorum. Accordingly, I hereby declare that the meeting is duly constituted and formally open.
We have already had an opening prayer by Ali Musichi. Thank you Ali Musa once again for the opening prayer. So I'm going to continue with the business of the day.
It is my distinct honor to introduce members of our board that are here today. I will start with engineer Yu Alurji on my immediate right who is the managing director of our company. And seated next to him is distinguished Senator Kared Abdul Razbe, an independent non-executive director. And next to her is Alaji Sha Abu Bakr, also an independent non-executive director. And next to him I have our CFO, Mr. Chz Aro and Edy and again a CFO of the company. Sony are welcome. Thank you for making time to attend this meeting. Thank you. To my left next to the company secretary is Alaji Kabir Rabio, non-executive director. And next to him is Mr. Finn Anoxen, non-executive director. And Mr. Chima Maduk also a non-executive director. And of course next to Mr. Maduk is Gerard Adutu, an independent non-executive director. We are also joined by the company secretary. We acknowledge the presence of representatives of our regulators and partners including the Nigerian Exchange Group Limited represented by Goldstein Wai Wani YC. Is it to the right or to the left? To the right. Okay. The Securities and Exchange Commission represented by Amina Tonko. Am I you made time this time around, right? Thank you for coming. The Corporate Affairs Commission represented by Lel Ibrahim Mayi. I bri welcome Lel. Also present at this meeting are the company's external auditors PWC represented by Yanka Yu. Yanka. Thank you. And then of course the company's registrar Africa Credential PLC represented by our old and only Katherine. Katherine you're welcome. Thank you for making the time to come. Members of the Statutory Audit Committee who serve during the year include Ajuba Aay, Chairman. Kabiru Kambari. Who are you? Kabiru. And then of course Adur Tao. Thank you Adren.
And ladies and gentlemen, I'm Abdul Sama Drau, the chairman of the company.
Finally, I extend a warm welcome to all our distinguished shareholders and their duly appointed proxies. We deeply appreciate your continued support and thank you for honoring us with your presence today. Please note that this AGM is being streamed live and is accessible globally. Our goal today is to encourage active and meaningful participation from our esteemed shareholders. I will be moving all the motions on the agenda and seconders for each motion will be invited from the floor. Let me please emphasize that only shareholders and duly represented proxies may address this meeting. Ensure that all contributions are relevant to the subject matter under consideration and are as brief as possible. To minimize disruptions, I kindly request that all mobile phones and electronic devices be switched to silent mode for the duration of this meeting. In compliance with the companies and allied matters act CAMA 2020, the register of director shareholdings is available for inspection during the meeting. An analysis of the share register is provided on page 63 of the annual report and accounts. Also in compliance with section 282842 of the companies and allied matters act 2020, the record of directors' attendance at board meetings is available for inspection and can be found on page 46 of the annual report. Company secretary, can you please display? Thank you. Let me now invite the company secretary to read the notice convening the 10th annual general meeting of our company.
Okay. Thank you Mr. Chairman. Good morning distinguished shareholders. Okay. Thank and ladies and gentlemen. The notice convening this meeting is on page 68 of the annual report. Notice is hereby given that the 10th annual general meeting of BUA Cement PLC company will be held on Thursday 21st May 2026 at the Congress Hall Transcorp Hilton Hotel Abuja at 11:00 a.m. to transact the following business. Ordinary business. One to present the audited financial statements for the year ended 31st December 2025 together with the reports of the directors, auditors and audit committee thereon to declare a dividend. Three to elect the following directors retiring by rotation: Rabio, Chim and Ghatua. Four, to authorize the directors to fix the remuneration of the auditors for the 2026 financial year. Five, to elect members of the statutory audit committee. Six to disclose the remuneration of the managers of the company. Then special business to fix the remuneration of the non-executive directors. Eight to consider and pass this resolution as an ordinary resolution pursuant to rule 20.8A 8A of the Nigerian exchange issuers rules: the general mandate granted to the company to procure goods and services and enter into such incidental transactions necessary for its day-to-day operations from its related parties or interested persons on normal commercial terms be and is hereby renewed. So distinguished shareholders may I secure permission to skip the notice so that we proceed. All right, thank you very much. dated this 27th day of March 2026 by order of the board.
Thank you. Yes.
Distinguished shareholders, uh, copies of the chairman's statement has been well, I'm not there yet. as is calculated to shareholders and are also available and is also available on well copies and are also available on pages 14 and to 16 of the annual report. So in the interest of time and also to give us the opportunity to engage fully engage and to answer questions questions and answers may I with their permission take the statement as read.
If shareholders approve the weather, please raise your hands so that at least it's democratic. Thank you very much.
So we are taking it as read. Thank you.
Let me invite uh the representative of PWC, Mr. Yanka to please present a summary of the external auditor's report. Yena Yu, is it to the right or to the left? Okay, Yuka, there you are. Thank you.
Thank you very much, Mr. Chairman, board of directors, distinguished shareholders. My name is Inka. I'm the engagement leader on the audit of your company, Bua Cement PLC. I'm here to present our independent auditors report for the 2025 financial year. This audit report can be found on page 90 to 93 of the annual report. Page 90 to 92 of the annual report. Sorry. With your permission, Mr. Chairman, and the permission of the shareholders, it's my preference to read just the first and the last paragraph of the opinion. Okay. All right. Thank you. Thank you very much. Page 90 of the annual report. I read independent auditors report to the members of Bua Cement PLC. Report on the audit of the financial statements. Our opinion. In our opinion, Bua Cement plc the company's financial statements give a true and fair view of the financial position of the company as at 31 December 2025 and of its financial performance and its cash flows for the year then ended in accordance with international financial reporting standards as issued by the international accounting standards boards accounting standards and the requirements of the companies and allied matters act and the financial reporting Council of Nigeria amendment act 2023. What we have audited Bua Cement plc's financial statements comprise one the statement of profit or loss and other comprehensive income for the year then for the year ended 31 December 2025. The statement of financial position as at 31 December 2025. The statement of changes in equity for the year then ended. The statement of cash flows for the year then ended and the notes to the financial statements which include a summary of material accounting policies. So now I'll go to the last paragraph which is on page 92. Report on other legal and regulatory requirements. The company and allied matters act requires that in carrying out our audit we consider and report to you on the following matters. We confirmed that one we have obtained all the information and explanations which to the best of our knowledge and believe were necessary for the purposes of our audit. Two the company has kept proper books of account so far as appears from our examination of those books and returns adequate for our audit have been received from locations not visited by us. Three, the company's statement of financial position and statement of profit or loss and other comprehensive income are in agreement with the books of account and returns. In accordance with the requirements of the financial reporting council, we performed a limited assurance engagement and reported on management assessment of Bua Cement PLC's internal control over financial reporting as at 31 December 2025. The work performed was done in accordance with FRC guidance on assurance engagement report on internal control over financial reporting issued by the financial reporting council of Nigeria and we have issued an unqualified report in our report dated 27th February 2026 signed 27th February 2026 by myself Inka Yu. Thank you very much.
Thank you. Thank you. Now, report of the audit committee. Please permit me to invite Mr. Aay the chairman of the statutory audit committee to present the audit committee's report in summary. Are you ready?
Thank you. uh our esteemed chairman, distinguished shareholders, my name is Ajibajay and I'm very pleased to present the report of the statutory committee on behalf of the following members that will be required to stand up for recognition once again. Alaji Kabiru Tambari, please can you stand up. Mr. Order Taiu. Alaji Kabiru Rabio. Mrs. Ghana shinah. With the permission of the chairman and distinguished shareholders please I'll be reading paragraph one on page 80 of the annual report and the last paragraph on page 81 of this same annual report with your permission please. Please go ahead. Thank you sir. The audit committee is pleased to present this report for the financial year ended 31st December 2025 in compliance with section 404 subsection 7 of the companies and allied matters act 2020. The committee has the oversight responsibility for the company's financial statements. The audit committee is an independent statutory committee appointed by the shareholders. The committee performs its functions on behalf of Bua cement plc. Now going to the certification statement on page 81. In compliance with section 404 subsection 7 of the companies and allied matters act 2020 we report as follows. We have ascertained and hereby confirm that the accounting and financial reporting policies of the company are in accordance with legal requirements and agreed with ethical practices. The scope and planning of audit requirements for the year ended 31st December 2025 are adequate. We are satisfied with the external auditor's management report for the year ended 31st December 2025 as well as the response of the management there too. I signed this report on behalf of the audit committee humbly on the 24th February 2026. Thank you so much.
Thank you. Thank you. Thank you. So we are now going to take the first item on the agenda. Presentation of the annual report and audited financial statements for the year ended 31st December 2025 together with the reports of the directors, the external auditors and the audit committee. I hereby lay the annual report and accounts for the financial year ended 31st December 2025 before this meeting. So I'll now give the opportunity to our esteemed shareholders to offer comments and ask questions on the director's director's report and the financial statements.
So I can see uh Bonnie they already raising your hand. Now the ample opportunity for shareholders to ask questions. Let's start with Gon Farukq.
Mr. Chairman, directors of BUA PLC regulators and shareholders. My Mr. Chairman, my name is Dr. Ganifuk Omar, President Association for the Advancement of the Rights of Nigerian shareholders, a director with Nigerian Exchange Limited and Greenwich Merchant Bank Hulco. Uh Mr. Chairman, this AGM is special to all of us because you have done something that nobody has done it in the industry. Mr. Chairman, we saw when you appreciated your staff, Mr. Chairman, everybody in this country was very happy. And not only did you appreciate them with small amount, my very good friend Chima got 1 billion naira. Unbelievable. Mr. Chairman, I was looking for his number uh to see whether I could get something out of it, but uh I couldn't get it. Mr. Chairman, you have done something that other companies are going to emulate you because the staff are the backbone of the company and what you have done that day, everybody in this country has appreciated it and uh Mr. chairman. Uh I would ask Sony everybody should stand up for us to clap for the chairman. Sing for him for this single thing he has done to our staff. Mr. Chairman, for is a jolly good fellow. For he's a jolly good fellow. For he's a jolly good fellow. And so say all of us. So say all of us who And so say all of us hurry. For he's a jolly good fellow. For he's a jolly good fellow. for he is a jolly good fellow and so say all of us hooray hip hip hip hooray hip hip hip hooray thank you thank you Mr. Chairman uh Mr. Chairman in addition to this we as shareholders again we commend the board for the performance Mr. chairman uh our share price was about 97 naira sometimes last year and today Mr. Chairman as I'm talking to you this moment bument share is 426 naira Mr. Chairman, you have made many of us millionaires. You can see from about 100 naira 4,000% up and uh this is also as a result of your performance the full year account Mr. Chairman and we have seen the first quarter the first quarter also shareholders if you have seen it is very encouraging. It has gone substantially higher than what it was last time and again Mr. Chairman you have shown that you are very efficient because compared to other cement companies our profit at the brokers have said has been very good and we hope and pray that with the 10 naira you are paying us which is again five times what you paid last year we pray this year again the dividend will go up. Mr. Chairman, I was also not really surprised but shareholders, this chairman you are seeing came to an occasion in Kaduna. I was there. He donated 2.5 billion naira. But what will surprise you is many people will promise and it will not happen. Believe me, Abd within 24 hours credited the account. Chairman, we are proud of you and we are proud of your late father who has mentored you and you have kept his legacies and we are really grateful. Mr. Chairman, on our final note, I would like you to thank Alaji Kabiru for us. He has a friend who is related to me. Mr. chairman. Money was needed for his treatment. Kabiru donated $20,000. Unbelievable. And Mr. Chairman Kabiru said if the money was not complete, we should come back to him. Thank you, Kabiru. And I'm sure you have seen the work you have done. It has now reached its fruitness. Finally, Mr. Chairman, I have only one question. uh WCO is increasing their main production by 4.5 million metric tons. How are we competing? Thank you very much.
Chief, I'm coming. Uh I'll come back but Chief Sony give you the opportunity.
Okay. Before they get the microphone, can we have Miss Bakari, do you have a microphone there with you?
Yes, if you can please share the microphone with. Thank you, sir.
Thank you, Mr. Chairman, for the opportunity given to me. Good morning, Mr. Chairman, board of directors, regulatory authorities, present, distinguished shareholders. Good morning. My name is Mrs. at ABC shareholder. Uh Mr. Chairman, I would like to start my comments on page 87 of the annual report and accounts that is statement of profits on loss and other comprehensive income. Mr. Chairman sincerely looking at this page where cement company has delivered an exceptional financial performance this year. Our revenue grew by 36.9% to 1.2 trillion for the first time in the history of Bua cement. We cross 1 trillion naira in revenue. Our profit after tax also rose significantly by 381.73% to 356 billion compared to 73.9 billion in 2024. Furthermore, our operating profit grew strongly by 249.6% to 504.55 billion. Why our earnings per share increased by 32 382.12% to uh 10 naira 51 cob compared to 2024 uh year and this year this is the first time we are seeing this type of performance. We really uh commend the entire board management and staff of Gua Cement for a robust financial performance. Uh we are also grateful to the board for proposing a dividend of 10 naira out of 10 naira 51 cobble. We want to say big thank you to the board for that also. Additionally, on page 91, note 19, our cash and cash equivalents increased significantly by 230.84% to 280.38 billion compared to 84.7 billion in 2024. This is very good. And please I we uh uh I will ask my colleagues to please give them a very round of applause for that performance. Page eight, value creation process. Looking at the page eight of the annual report and accounts. This is very good. Mr. chairman. The company currently operates six modern integrated plants, created over 10,000 jobs opportunity and invested over 6 billion in CSR initiative. This efforts of course it will significantly reduce unemployment and poverty in our society. Page nine. We have a diagram on there that is a diagram on the cement production process. This is very good Mr. Chairman but sir however shareholder will appreciate it sir even more if shareholders leader will be given the opportunity to visit one of these plants going forward. Mr. Chairman we appeal to you so that we can see it by ourself what we are doing at those plants. Page 109 that is on our credit risk. I would also like to commend management on the age analysis of our trade analysis of trade receivables. I observe that uh from 91 days to over 365 days the expected credit loss remained at zero. This is the first time I'm seeing expected credit loss above 91 days to 365 days zero. I've never seen this in the history of any company. This is very Please let us appreciate the management for that. I have only one question and the question goes uh given the increasing competition within the cement industry sir and the company's expanded production capacity what plans does management have to further deepen export export penetration and expand market share both within Nigeria and across Africa. Thank you very much Mr. Chairman for the great opportunity given to you. Thank you.
Chief Sunny, please go ahead.
Thank you. M you have called for this mic twice. telling lies because I made up my mind that I must attend your AGM. Thank you very much. Yeah, Mr. Chairman, let me start by referring you to page 14 of the annual report. Page 14 shows your face clearly in suit for the first time. I have never seen you in suit before but for the first time I'm seeing you in suit and actually it's indicating the face of community. Thank you. Yeah, that is it Mr. Chairman. I want to thank you specially. You see I have weakness of the leg but not in my brain. You are the only person that has helped the shareholders to correct issues and you are not tribalistic. So that we appreciate you for Mr. Chairman. Cement is a problem in Nigeria today. Many people are having quarter of a plot which they want to build a quarter of a house but they cannot afford cement because even the the price of block now is about almost a,000 naira. So the block is a product of cement. I appreciated what you did last time by offering a discount to the distributors and you discover very clearly that it is the distributors that were demarketing your kind gesture. So I don't know from that you should be able to find another strategic way to support those who want to build houses with the price of cement. Mr. Chairman, I agree with those that spoke earlier, but then Kabiru must be following your footstep. He's your brother. He must be following your footstep to ensure that what gives his brother peace of mind. And before God, you have peace of mind. He should do it. So I have tried to reach you during my tribulation period. I couldn't because the number you gave to me, God, they stole my phone. Yeah. I couldn't but I believe and I don't want to go through third party because I know how to get a true third party but Mr. Chairman I am very grateful to God that after all the tribulation I am able to see you face to face and to attend your meeting thank you Mr. Chairman also what I want to say that burns my heart is this cement issue because majority of your shareholders here some people are having quarter of a plot and they want to get out of the the problem of land loss to even build two rooms on that quarter of a plot but cement is a problem and I want to also thank you for pursuing every other aspect we have seen that there are some people in this market. As soon as they bring up a company and the price of the company goes up, they delist. But you have not done that in any of your subsidiaries. Musa sitting on my left is my friend because I know how he was able to convince most of us to buy cement and boa food and today we are seeing the prospect of those things. Mr. Ch, thank you for being mind and to be our captain. We shall continue to support you whatever we have and you have a good company secretary who is also women. So thank you very much Mr. Chairman. Let me tell Kabiru I'm not outside Nigeria. Okay. It is my leg but not my brain. You understand the adage. Okay. I want to thank you and thank all the board members because without the effort and support of the board members you may not be able to strive the way you want but continue with your humility. God will surely pay you. Thank you very much.
Thank you chief.
Let's the lady behind. Yes. Don't worry. There's we have we have time.
Good morning, Mr. Chairman. Can I continue? Yes, please. August baby. Okay. Good morning, Mr. Chairman. The Can you mention your name so we know? I'm still coming to that. Okay. My daddy. Good morning, Mr. Chairman. The members of the board, the regulator authority present, and my fellow shareholder. The name still remain, Mr. The CEO Obidi, your little girl. Good morning, sir. My daughter. Yes, I always like August baby. God has given you especially August 4:18. God has given you that wisdom and that wisdom will not shallow in Jesus name. God will bless you, bless the family and bless our great company in the mighty name of Jesus. This annual report is a good annual report so far. You like it? Yes, we can take it internationally. We can we can Yes, I will send it. I have people there that will buy your shares, sir. We appreciate it. You show us so many things. Even page 14, your picture. Maybe next GM we want you in suit because you are looking younger. Yeah. Yeah. It's your daddy's picture. Yes. Yes. You are looking younger. And page page page 142. You respect shareholders so much. You take us along. You've shown our pictures and you show the B pictures. That is why I recommend this annual report. There's no how we can talk about any subsidiary of BUA that people will not understand what we have said. I really appreciate you. I discussed about staff welfare last year and you make it possible staff. God will bless you. Please don't let people use money to deceive you. Don't leave our company. You are working for us and the chairman is satisfying the staff. So don't leave us so that we can receive dividend. You know this is the fruit of our labor this dividend and the chairman is satisfying everybody. So chairman I mean staff please key into chairman's discussion. Thank you sir. Mrs. Bare discuss about the factory. It is true this uh product is not much in deep tide I mean Lagos west I don't know southwest generally I don't know ma maybe north I mean it's good in north but not west and south southwest sir how can we key into this sales department what can they do to ensure for that product because a good product and you have another one for pop and that your own for P so great so good you always advance in your product in anything you do. So we want it at this side so that it when we are marketing gua generally we should be able to convince people that this what we are marketing is available. Please sir God will give you that strength and the management to do it. Sir we were talking of people we still have one of us Mrs. Esther Augustine. Mrs. Esester go please sir I don't know what you can do she still need serious serious help I always What is the issue with Esther she I will tell you not openly I'll tell you I'll tell your serious she's not well she's not feeling fine she's So you can do it. Is she our shareholder? Yeah, she Kabiru know her very well. H your CS know her very well. Okay. It's because of that problem that she understand. Yes. Thank you. You know her if you see her picture. I know. Remember that? Yes. You know her. So I don't know what you can do to assist. Let me finish. You let me finish. I'm talking to my daddy, sir. Thank you. Thank you, my daughter. Progress. Progress. Go first.
Dory my able chairman distinguished directors of this great company fellow distinguished shareholder my name is ok bony face I am the national chairman progressive shareholder association of Nigeria Mr. Chairman, you are not new to me. Even at your home when your father was alive, Farukq took me to his house. It was also those days. That was the day Farukq was coronated as Goni of Cananu. I was there alive and your father lavishly entertained us in the city room upstairs. So Mr. Chairman, I think you have been following that good legacy. So that humility we saw it in your father which have also replicated in you and that's a good legacy Mr. Chairman this company engineered in Soko trusted everywhere. I know those days when we have coming to SKU to do the AGM to do the factory visit but today all that have changed to bigger company. A round of applause to this man who had vision. Mr. Chairman Sass was thought about cement pricing today. Are we in the advantage or disadvantage on the high price of cement? Does it in any way favor us even though we need dividend to be paid? Because the turnover we having to the 1.0 30 trillion earning should even more double even though without increment of no cement prices but there's nothing a company can do without government intervention this price can be reduced today I was told in Abuja is selling 15,000 per 50 kg of cement in the east is selling about 13,000 NRA this is the price we used to buy 1 000 5,000 >> Mr. Chairman our government of these days is about interested in tax taxation taxation you pay billion to government why can't you being on holiday tax relief so that the company can able to bring the down or cement and that's only government to reduce this price not only the company because you provide the power to run the factory we thank God today and page that without a plant private plant in Obua plant we have 140 megawatt power that's you installed it in soto plant 120 megawatt so if government have intervene in all of these things this money wouldn't have been spending on providing power I mean the price spent will reduce to crush THE STONES IS MONEY IS POWER TO BUY OTHER CHEMICALS TO bring the cement to solid. So these are problem the company is facing today in Nigeria. But Mr. Chairman you are close to the government you can speak to them to have a start relief for 5 years tax relief for government for companies operating cement. Mr. chairman on page 12 I'm commending you for almost four award we receive return on average asset have increased to Mr. Chairman on 61% 30% on this year 17% in 2004 Mr. Chairman we can see the financial trajectory is also have gone up where you pay every earning you earn and only apply back to 51 cobbo chairman somebody cannot come here and tell us what's the dividend policy dividend policy have been established by this company that as far as we make good profit we pay all we earn that's a policy have already in place I want to commend the MD for the good work He went around this morning before going to high the high table greeting every shareholder that sign of humility and that humility have extended to chairman way to the wave and waving us. I want to commend you Mr. Chairman because you are a listening chairman a listening board the company secretary have been doing very well even when we call her to can we get this cement and sometime he call somebody somebody in the office he get me to asabah and that's the distributor Mr. Chairman I'm saying today let's more have distributor in southeast that asaba couldn't fit us very well she tried it very well so Mr. Chairman I want to commend you and all the board management what they are doing Mr. Chairman you have done very well and continue to do well God bless you and God bless our company thank you Mr. Chairman
Yes. our board and management of B cement regulators present our distinguished audit committee uh distinguished fellow shareholders good morning my name is Alaji Omba Mtar Mtar chairman of the trusted shareholders association of Nigeria Mr. Mr. Chairman, it's a pity that I'm not well. So I will just short him my comment today. But you see, Mr. Chairman, we that have been related with Sooto Cement from the past 30 or 35 years. We knew the tremendous work we have done. So many investors when when Senator
Go was there, he talked to me about killing off some part of the shares of that company. And I approached some investors. Some investors were abroad but they walked away because they can't shoulder the headache of resuscitating that company.
Some of them walked away but you came when they brought you, Mr. Chairman. You came and you took up the challenge and today this is what we are celebrating. So BUA Cement now is a company to reckon with not only in Nigeria but in Africa. You are not clapping, this chairman. This is what most people don't understand. I know some billionaires that took to the company but they walked away but you took up the challenge and today this is what we are celebrating, Mr. Chairman.
The other time I was at the NGX, you see the consumer confidence there, I was on bed. But when I saw the consumer confidence index, I nearly jumped from my bed. I forgot that I was sick. So, Mr. Chairman, this is because of your commitment, hard work and because you made the best decision in the cement industry in Nigeria. You brought Engineer Halur Benji to manage the plant. There is no doubt about that, that he's one of the best qualified cement engineers in Nigeria. And Halu, you and your team, please, we commend you so much.
Mr. Chairman, there is one thing that most people have not mentioned. That very recently, you were selected as CEO of the Year. You won the award CEO of the Year at the Africa CEO Forum Award in 2026. I have seen Emmanuel Macron was there. A lot of global business leaders were there including African leaders. They were all there and they were all hugging Mr. Chairman. They were just very happy that the chairman was selected. I think this is something to be proud of, Mr. Chairman. CEO of the Year award at the Africa CEO Forum Award 2026.
I think, Mr. Chairman, you have really distinguished yourself. It is a well-deserved achievement that highlights the openness and impact of vision, structure and long-term execution in African business leadership. Mr. Chairman, this award reflects years of strategic leadership that you have given to the business sector, operational discipline and the strong commitment to building sustainable business through BUA Group. Mr. Chairman, we commend you for all these big, big achievements that you have been able to make.
Chairman, lastly. You see, Governor Kano started and he brought out all the beautiful things that nobody will top them and it's true. Mr. Chairman, you can see you have been giving Nigerians and Africans essential commodities. But what I noticed is that then, Mr. Chairman, you are now an African essential commodity. You give us essential commodities and now you have become an essential commodity. Everywhere they are looking for you, Mr. Chairman, to go and invest. This is because of commitment and hard work and because of the team you have assembled. You know, Mr. Chairman, then of course your team. Mr. Chairman, as Dr. Faruk has said, Kabir Rabiu is really trying, is really setting his foot on what you are doing.
Thank you. Thank you very much.
Last one, please. Sorry, in the interest of time. Last one.
My respected chairman of the board of BUA Cement. My name is Ambassador Dr. Lundana. I want to commend the board. The annual report is historical and everything they've said about you, my chairman, permit me. I support all of them. I sign all of them. I concur with them. And I want to say something. As far as this country is concerned, you are the most kind chairman I've ever met in my life. And it's not just corporate only. The corporate social responsibility and your personal assistance to fellow Nigerians is the best in the industry. May God continue to bless you. Having said that, my chairman, the Bible tells me one thing. Once you give, you will always receive. Your blessing is not by accident. People don't know the secret. The more you give, the more you receive. What I want God to do for you again is to give you good health, long life and to be able to assist more people, more shareholders and for the company to continue to grow from strength to strength.
And I want to say something about your company's secretary. She's a very wonderful person. She knows how to reach us as short as possible and that's the best thing for this company. And your registrar is one of the best. People will be saying progress and part of the progress is to encourage us to always appreciate this man. He's one of the kind person I've ever seen, very accessible. That's your glow line. I don't know whether it's no longer functioning. You know that glow line, I remember you always respond. I will answer it. So my respected chairman, God has already blessed you. Your blessing is more than that of King Solomon.
And put together. But what I want God to do for you, I want to repeat, to give you long life.
And for everybody that passes through to be blessed. We need your blessing and the blessing of God. Thank you for giving me an opportunity. Please be rest assured of my strong royal support always. God bless you.
With their permission, I think we've had quite a few questions that I would like to address. So I will start with Goni, Gi, and Chima. You know that with the one billion, because I'm sure now the National Revenue Service will be coming after him to go and get his tax payment. Thank you so much, doctor.
We've always, I have, you know, always maintained that as long as you have people that are working and supporting you, you also must support them back. So what we did last year during the LSA, Long Service Awards, was just to appreciate some of our colleagues that have been working with us for decades. You mentioned Chima. Chima started working, you know, for BUA, I think almost 30 years ago. And we have quite a lot of, you know, staff that actually started with us in 1988, so almost 37, 38 years. So I just felt then that it was important for us to recognize them, to appreciate them, and to say thank you, and that's what we did.
You also wanted to know what BUA Cement is doing to address the issue of competition. I mean, we all know that we are trying really hard to make sure that one, we are efficient and we penetrate the market. And I'm very proud to have a very solid, competent and committed team that are really doing everything possible to ensure that we are equal to the task as far as competition is concerned. And don't forget that one of our plants, the Sokoto plant, is located in an area where competition is not really very prominent. And we also have the new LNG facility that we are commissioning, you know, God willing, before the end of the year, that will give us added advantage in terms of not only being efficient but also cost much more effective in terms of cost, because the energy will be cheaper than using the AGO, LPFO and others.
So I believe that we will be able to continue to compete. I must also add that with the large-scale infrastructure projects going on in Nigeria, there is much more demand for cement. So the market is actually increasing because, as you know, Nigeria is still low in terms of cement consumption. You know, population of 230, 240 million people and we're only producing maybe 50, 45, 50 million tons. That is still low, you know, in terms of per capita. We need to actually get to maybe 100 million tons. And now because there's increased activity in terms of infrastructure development, large-scale construction projects going on in the country, we are seeing an uptick in terms of demand. So even though yes there is a bit more competition, but there's a lot more demand. Hence why we are actually increasing and expanding our lines because we believe in Nigeria and we believe that the market, the demand is going to increase.
So that is on that. Gon Bissi, thank you for your commendation and we've taken note. You know, whenever you are ready to visit any of the plants, the management will make the necessary arrangements for you to go and visit so that as shareholders we can even see the plants yourselves. So I think it is a good idea and we're happy to facilitate that through the management.
Thank you so much. Again, you've touched on the issue of competition which I've addressed because Gi also asked a similar question. And of course, again, Sokoto Cement, the plant is located, as you know, close to the Nigerian border. So that gives us quite an added advantage for export. The only thing is that the demand in Nigeria is actually higher than what we actually thought. So it is difficult for us to even be exporting, but it is an advantage that we have and at the appropriate time we will take advantage of that. Niger is a landlocked country. They do not have, I think they have a cement plant but it's not big and the power, in terms of cost, power is quite expensive in Niger. We are still very competitive to export cement to Niger and also export clinker to Burkina Faso because we are doing quite a bit of clinker export to Burkina from Sokoto. But we want to first and foremost ensure that Nigeria is sufficient in terms of the demand before we export to these countries. That is what we are doing.
My brother, I'm happy to see you. Son, actually I did not know that you had issues. It's only, you know, today. So I'm really happy to see you. You are a good friend, you are a brother, and I'm happy to say that you are getting better because I heard that you were not really feeling very well. And thank you so much for coming. You know, I'm sure it means so much as you said you wanted to come because you wanted to see me. And I thank you for coming. And I can see you are actually using, even walking. So what I want to do is to see what we can do to support you through. I cannot take shareholders' money from cement because, you know, for me to do that I may have to maybe have a board meeting, table it there and get approval. Maybe we get the approval, maybe not, we don't know, because the board must approve. So what I'm going to do, I'm going to use my own initiative, which is ASR, and we will support you with 25 million Naira. He has been with us for a long time. I want to really thank you because, Sony, you've been with us for over 10 years and, Mother, I know as a shareholder when we listed as BUA Cement. So I want to thank you for your support and thank you for your friendship and thank you for your loyalty and I wish you all the best. Thank you so much.
My daughter, where are you? My daughter, you have gone.
No worry. When she comes back, go on first.
You are talking about the price of cement. Yes, I appreciate that. Some people may think that the price of cement in Nigeria is high but it's not 15 or 16,000 you mentioned. Cement is, as far as I know, what we are selling even delivered anywhere in the country is about 12,000 or just below 12,000 Naira per bag. But that is not the issue. The issue is a lot of things have happened in the last few years. Not only in Nigeria but across all. I'll come to you. Let me finish. I'll come to you. So as I said, there are quite a lot of issues going on. If you look at what is happening today, the US, Iran, Israeli war, if you look at the cost of energy today, the cost of energy, be it AGO, PMS, LPFO, gas, everything has gone up. And it's not that Nigeria is increasing the price. Just something that has happened or happening that has created that issue. We are seeing the cost of energy almost doubled in the last 3 months because of this unfortunate war and our opex, energy is probably 35 to 40%. So you can imagine, yet even with that we have really managed to maintain the price of cement without really increasing as much as the energy cost because we appreciate that, look, some of these things we just need to manage them. So the price of cement, if you look at it in dollars, for example, 12,000 is about $100, $110 per bag. That is still relatively reasonable compared to what you get elsewhere. Hence why we are able to export cement and sell to some of these African countries because cement prices are higher in some of these countries than in Nigeria.
I do appreciate though that still, you know, prices being higher than what they should be, people feel the pinch. But some things are beyond our control. You know, the Naira devaluation also that took place, which was important or necessary, it needed to be done, and that is why we are now able to plan better because the exchange rate is stable. Before, when it was artificial, the rate at 600 or 500 Naira at the central bank, but you come out same day you can sell at 700, 800, 900 Naira. That was not good for anybody. Today you can plan for 6 months, 9 months ahead because you know that the rate is stable. The rate has been stable for almost 6 months today. And the availability is also there. So that was necessary. We needed to do that so that we can have the stability. That is what everybody needs. What you do not want is a situation where I will get dollars at 500 Naira because either I have access to the CBN governor or access to somebody high up there in government. And you will not be able to access at that rate, probably would need to pay 30, 40, 50% more than what maybe I'll be getting at. So that created or was creating a lot of issues and disruptions. Today, whatever rate I get is the same rate anybody gets, you know, at 135, 138. So it was important that government needed to do that and it was done and it helped. So that is one of the reasons why maybe some of these things. But the beauty or the good thing, the good news, is that things are getting better because of the stability. You can see some prices of certain commodities are actually coming down, especially food prices.
So government cannot subsidize because I hear you. I understand when you said that government should maybe give us some sort of a leverage as far as taxes are concerned. You know, there's no subsidy and we're happy paying the taxes because government must be able to make money somehow, somewhere from the taxes to be able to develop the country. So why are we paying taxes? Because we know that the money we are paying is being channeled to infrastructure, healthcare, education and all of that. But for now, you know, this cement price I don't think is as high as what you said. You know, 16, I haven't seen it at 15 or 16,000 Naira. But if you need to buy cement, I'll sell it to you anytime, 12,000 Naira or below. I will deliver it anywhere you want.
Thank you so much. My daughter. My daughter.
Maybe my daughter. Maybe I should make you a dealer in the south or southeast so you can be selling out because you are saying that there's no...
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you, my daughter. Thank you. Thank you. Thank you. Thank you.
Let me also add that you mentioned our sister, our shareholder, Mrs. Esther that is sick. Please extend our best wishes to her. We also do the same thing. We will support her with 25 million because I remember Esther very well. She's always been coming to our AGMs. She's a good person. So we support her as well. Thank you so much.
Okay. Thank you so much. Thank you, madam. Thank you. Thank you. Thank you. Thank you so much. Thank you. Thank you, doctor. So, thank you so much all. And I wanted to once again thank you and I appreciate you and I think we should make progress. We'll discuss later.
All right. Thank you. So progress, which one is the next? Voting? We explain the voting process.
Yes. Okay. So we will now proceed to order. All of us please, order, order, order. We'll now proceed to voting on the various resolutions of the meeting. Please note that proxy forms duly submitted to the registrars prior to this meeting have been validated and will be included in the voting results. I will now invite the registrars to guide us through the voting process and to present the results of each resolution as it is taken. Katherine, please.
Thank you, Mr. Chairman. Good afternoon, distinguished shareholders. My name is Katherine Wu, the MD of Africa Credential PLC. I will now proceed to explain to us the procedure for casting your votes. Prior to this meeting, we received and captured the voting details for 153 shareholders holding 33 billion 246 million 377,789 units of shares representing 98.18% of the issued share capital of the company. At this meeting, we will be collecting the votes cast by shareholders present in addition to the proxies received to get the final voting results. Distinguished shareholders, during the accreditation, you were given a voting device configured to represent your holding in the company's issued share capital. You will be required to activate the devices now by pressing any key. Please go ahead. Those that put their devices in the bags, please bring them out, activate them, and get ready for voting. Once the voting process commences, you can proceed to select one to vote in favor of the resolution or press two to vote against the resolution. The selection of any other key will be recorded as an abstain vote. Also note that you can change your vote during the voting session, but once the voting period has ended, the last selected choice will be recorded as your final vote. The voting shall last for 30 seconds. Thank you, Mr. Chairman.
Thank you. Thank you, Katherine.
Declaration of dividend. The board recommends a dividend in respect of the 2025 financial year of 10 Naira per ordinary share of 50 kobo each amounting to a total dividend payout of 338 billion 643 million 540,600 Naira only. I hope I'm correct with that. Okay, thank you. So 338,643,540,600. If approved, this dividend will be paid today, 21st May 2026, to all shareholders whose names appear in the company's register of members as at the close of business on May 8th, 2026, subject to the deduction of applicable withholding tax. I hereby move that a gross dividend of 10 Naira per ordinary share of 50 kobo each be paid to shareholders whose names appear in the company's register of members as at the close of business on the 8th May 2026. May I have a seconder?
