International Breweries Plc has scheduled September 23, 2026, as the payment date for its ₦84 billion Return of Capital.
A disclosure filed with the Nigerian Exchange dated September 14, 2026, confirmed shareholders as of September 16 will receive 50 kobo per share.
The process began in July 2026 when the company announced plans to reorganise under Section 131 of CAMA 2020, as it faced ₦191.03 billion in losses from heavy capital costs and rising finance expenses.
The plan involved two stages: first, using share premium to erase losses; second, returning excess from that account as capital distribution, with the ₦84 billion payment marking the second stage’s completion.
Shareholder approval was obtained at the July 30, 2026, AGM, with SEC approval and court confirmation. The capital return follows a 57% rise in profit to ₦18.70 billion in Q2 2026 financial report.
This is structured as a return of capital, not a dividend, due to legal restrictions.
Once losses are eliminated, the company can declare dividends again.
According to the disclosure, the Qualification Date is September 16, 2026 only shareholders whose names appear in the Company’s Register of Members as at close of business that day will qualify for the payout.
The Register of Members will then be closed on September 17, 2026, to allow the Company to finalise the list of qualifying shareholders. Payment itself will be made on the Settlement Date of September 23, 2026.
The ₦84,000,000,000 will be drawn from International Breweries’ share premium account and distributed to shareholders on a pro rata cash basis.
Background: Clearing Accumulated Losses
The Return of Capital is the second stage of a broader restructuring first disclosed in July 2026, when International Breweries set out plans to eliminate ₦191.03 billion in accumulated losses recorded as at FY2025.
Under Nigerian company law, a business cannot declare dividends while carrying negative retained earnings, which had kept International Breweries from resuming dividend payments despite a return to profitability.
By first applying part of its share premium account to wipe out the accumulated losses, and now returning the balance to shareholders as excess capital, the Company is positioning itself to restore its ability to pay dividends from future profits.
Administrator and Writer
