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Shareholders demand for closure of Dunlop

Category: Corporate Earnings


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Shareholders demand for closure of Dunlop

-Threatens to sack Board

 

PETER OBIORA

Proshare NI

December 02, 2008 at 17:02 GMT

 

 

Shareholders of Dunlop Nigeria Plc (Dunlop) has demanded for the closure of the company following its abysmal performance over the years.

 

Alhaji Batula, a shareholder of Dunlop made this demand in an interactive session at the 46th Annual General Meeting (AGM) of the company in Lagos Nigeria.

 

Batula affirmed that since the company has not paid dividends to its investors over the past six years, the company could as well close shops.

 

“We are not happy with the way things are going on in Dunlop; where we have our money in form of investment, if the Board of the company cannot take charge of affairs; then they should close the company down” he said.

 

On his part, Dr. Umaru Farouk, President of the Advancement of the Rights of Nigerian Shareholders advised the Board of Dunlop not to rely on Government policy which could change at anytime.

 

“You should be proactive, and do not rely on government’s policy which changes from time to time, imagine the Central Bank of Nigeria and the Uniform Year End of Banks, the Margin Account issue and so on, the government are not reliable and so do not wait for them” Farouk said.

 

He further advised the Board of Dunlop to start the planned Real Estate business as a separate company; which they would invest into via Private Placement (PP).

 

“Try and come back to profitability, if next year, the Board does not deliver this, we will remove all of you” Farouk said.

 

In the same vein, Adebayo Adeleke, Secretary General (SG) of the Independent Shareholders Association of Nigeria (ISAN), confirmed that for six years, Dunlop has not paid investors dividend.

 

“For six years running, no dividend paid to shareholders of Dunlop, we want returns on our investments” he said.

 

Adeleke urged Dayo Lawuyi, Chairman of the company to publish the additional statement presented at the AGM in at least three major newspapers. “The additional statement is belated and restricted, therefore must be made public; to ensure wide circulation” he affirmed.

 

While other shareholders were of the opinion that the company should not close, but diversify into other areas that would generate profitability and pay investors dividend.

 

In his response, Lawuyi affirmed that it is not in the interest of the company to close down operations; but to seek ways of bouncing back to profitability.

 

He further affirmed that the company is not relying on Government’s policy to run its operations, but rather seek other ways of enhancing its business; while promising investors a better future in the company.
 

 

Meanwhile, do read our latest post on the market titled Bullish Market Traders BEWARE! on www.proshareng.com



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