Nigerian multimillionaire Obafoluke Otudeko and his son Obafemi will earn $1.02 million (N414 million) in dividends from their stakes in Honeywell Flour Mill Plc. Â
Otudeko founded the integrated flour milling company in 1985. At its inception, the company was called Gateway Honeywell Flour Mills Limited.
Its recent financial statement declared profits of $2.7 million (N1.1 billion) for 2020, or 76 percent more than last year.
This impressive performance made the company’s board recommend a dividend of $0.0002 (7 kobo) per share payable on Sept. 23 on all the company’s issued shares.
The founder and chairman of Honeywell Group, Otudeko is a majority shareholder of Honeywell Flour Mill.
His 5,294,363,565 shares in Honeywell are valued at $15.6 million (N6.5 billion) and represent about 70 percent of the company’s issued shares.
His son Obafemi holds 618,000,000 issued shares in the milling company, which is valued at $1.7 million (N754 million).
Obafemi and his father hold their shares indirectly through Siloam Global Services Limited.
Their joint stake in the company, which is valued at $17.5 million (N7.2 billion), qualifies them to receive a total dividend of about $1.02 million.
Obafemi is expected to earn a dividend of $104,755 (N43.3 million), while his father is on course to pocket $1 million (N370 million) from the miller.
Honeywell Flour Mill
Honeywell Flour Mill has grown into a key player in the Nigerian agro-allied industry through its diversified product offerings, including Honeywell Semolina and Honeywell Noodles, Honeywell Pasta
Honeywell has a wheat storage capacity of 72,900 metric tonnes. Its finished products warehouse can hold about 100,000 bags of 50 kilograms of flour.
