Nasir Imam
12 October 2008
The FCT Minister, Dr. Aliyu Modibbo Umar has commended the Board, Management and staff of the Abuja Investment Company Limited for making the first ever dividend payment to the FCT Administration.
The Minister made this commendation at the weekend in his office, while receiving a cheque of N250,200,000 from the company's Chairman, Mr. Hakeem Belo-Osagie being dividend to the Administration. Dr. Modibbo lauded the hard work and resilience of the Board of the company, noting that this is the first ever dividend being paid by the company to its owner, the FCT administration since its establishment 14 years ago. The Minister described the company as an alternative source of funding to some the projects of the FCT Administration without waiting for the lean resource of the national treasury which has competing needs. He used the opportunity to set a new target for the company to endeavor to make dividend payment of N1 billion next year to showcase the potentials that are abound in the Federal Capital Territory. The Minister however, directed the re-investment of the dividend, specifically in the multi deck car park in the Headquarters of the FCT Administration in Garki-Abuja to be constructed before the end of the year which is expected to be commercially oriented.
According to him, the new multi deck car park should encompass a staff canteen and a banking hall for the Aso Savings and Loan Limited, one of the subsidiaries of Abuja Investment Company Limited. Dr. Modibbo expressed happiness that the Board of the Company has vindicated the thinking of his administration by restructuring the company with this new focus.
The Minister thanked President Umaru Musa Yar'Adua for approving and supporting the FCT Administration's new vision for the transformation of Abuja Investment Company into a world-class, globally-competitive, professional, multi-billion dollar investment company in line with his vision 2020 goal for Nigeria. Speaking earlier, the Chairman, Abuja Investment Company Limited, Mr. Hakeem Belo-Osagie revealed that the financial year ended March 31, 2008 made a profit after tax of approximately N656 million representing 167 per cent increase over 2007.
"The Board consequently recommended and the Annual General Meeting approved the payment of dividend of 139k per share based on the long standing support and patience of the shareholders," he remarked.
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