By Dipo Olowookere
The board of Flour Mills of Nigeria Plc has clarified that it would pay final dividend for the year ended March 31, 2018 to its shareholders from the accumulated pioneer profit.
In a statement issued yesterday, the flour miller made this clarification after it had earlier said the dividend payment, which is expected to be approved by shareholders at the Annual General Meeting slated for next month, “shall be subject to withholding tax, upon approval.”
In this statement released on Monday, the market leader in food and agro-allied products in Nigeria said it had to make the correction to the statement it issued July 9, 2018 so as to set the record straight.
The board of Flour Mills recommended the payment of N1 per ordinary share of 50 kobo each to the company’s shareholders. This is expected to be approved by the shareholders at the AGM slated for August 30, 2018.
“The company now wishes to advise the public that upon approval, the dividend payment is to be declared out of accumulated pioneer profit, hence not subject to withholding tax.
“We wish to assure the public of our commitment to continually create value for our customers, consumers and all key stakeholders, in furtherance of our core strategic focus of ‘Feeding the Nation, every day,’” the statement said.
Adedapo Adesanya 
Modupe Gbadeyanka