International Breweries Plc shareholders have approved a plan to return up to N84 billion to investors as part of a comprehensive share premium reduction and capital reorganisation initiative. The decision was made during the company’s 49th Annual General Meeting, held in Lagos on July 30, 2026, where stakeholders reviewed the audited financial statements for the year ended December 31, 2025. This significant move is aimed at strengthening the company’s financial structure following previous capital-raising efforts and strategic restructuring measures.
Under the approved framework, International Breweries will first reduce its share premium account to eliminate negative retained earnings. The exact amount of this adjustment will be determined based on either the financial statements for the year ended December 31, 2025, or the most recent quarterly reports before the Federal High Court confirms the capital reorganisation, whichever comes later. Once the negative retained earnings are neutralised, the remaining balance in the share premium account will be used to distribute up to N84 billion to qualifying shareholders on a pro-rata basis.
The board retains discretion over the final distribution amount, taking into account the company’s working capital needs and available cash resources. Despite shareholder approval, the transaction remains subject to regulatory clearances and formal confirmation by the Federal High Court before implementation. Management has been empowered to engage transaction advisers, prepare necessary legal documentation, and secure all required approvals to execute the plan.
In addition to the capital return, shareholders approved an aggregate remuneration package of N93 million for non-executive directors for the financial year ending December 31, 2026. Sitting allowances will be paid separately from this fixed compensation. The meeting also saw the election of Toyin Adeniji and Nicholas Kade as new directors, while Nnaemeka Achebe, Andrew Whiting, David Tomlinson, and Temitope Oguntokun were re-elected to continue their roles on the board.
Shareholders further authorised the appointment of representatives to the Statutory Audit Committee and gave directors the power to determine external auditors’ fees. They also granted a general mandate allowing the company to enter into transactions with related parties and interested persons for operational purposes, provided such deals comply with normal commercial terms and the company’s transfer pricing policy. This mandate will remain valid until the next annual general meeting.
The proposed N84 billion capital return is expected to be the central focus for shareholders as the company advances through the regulatory and judicial processes needed to implement the reorganisation. This development underscores International Breweries’ commitment to enhancing shareholder value while maintaining financial discipline and operational efficiency.
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