Shared Capital

From its Humbling Inception to Date, we showcase our changing corporate structure reflecting our unwavering commitment to adaptation which has led us to our current position in the Nigerian market. Through this our remarkable path, our foundation has become stronger and this has reflected in our processes. Join us on this captivating journey of transformation, as we showcase our transformative journey that has shaped our organizational identity and direction over time.

Initial Share Capital (1963)

The authorized Share Capital of the Company at incorporation in 1963 was N2,000,000.00 divided into 1,000,000 Ordinary shares of N2.00 each.

Early Capital Increases (1977-1978)

There was an increase in share capital from N2,000,000 to N4,000,000 by an addition of 1,000,000 ordinary shares of N2.00 each with effect from 14th April, 1977. There was an increase in share capital from N4,000,000 to N6,000,000 by creation of 1,000,000 ordinary shares of N2.00 each which lasted till May 31st, May, 1978.

Significant Expansion (1988-1995)

An increase in share capital from N9,600,000 to N60,000,000 by creation of 50,400,000 ordinary shares of N1.00 each ranking pari passu with effect from 1st August, 1988. Then followed an increase in share capital from N60,000,000 to N450,000,000 by creation of 390,000,000 ordinary shares of N1.00 each dated 18th July, 1991. Increase in share capital from N450,000,000 to N1,000,000,000 by creation of 50,000,000 ordinary shares of N1.00 each with effect from 2nd August, 1995.

Further Growth (2002)

In the year 2002, September 25th, there was another increase in authorized share capital from N1,000,000,000 ordinary shares of N1.00 each.

Share Re-classification (2002)

The ordinary shares were re-classified from ordinary shares of N1 each to ordinary shares of 50k each bringing the Authorized and issued Share Capital of N8,500,000,000 divided into 8,500,000,000 ordinary shares of N1.00 each, into 17,000,000,000 ordinary shares of 50kobo each with effect from 22nd November, 2002.

Major Capital Increases (2008-2010)

The authorized Share Capital of N8,500,000,000 was increased to N17,100,000,000 by the addition of N8,600,000,000 though the creation of 17,200,000,000 ordinary shares of 50kobo each ranking pari passu in all respects with the existing ordinary shares of the Company with effect from 23rd October, 2008, thus bringing the ordinary shares of 34,100,000,000 ordinary shares of 50k each.

The existing authorized Share Capital of the Company of N17,100,000,00.00 was increased to N30,000,000,000.00 by the creation of 25,800,000,000.00 ordinary shares of 50kobo each with effect from 8th December, 2010, bringing the total ordinary shares to 60 billion shares of 50,000 each.