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52ND AGM: Julius Berger Plc approves N2:50k Dividend



… Highest Share paid in last Five years

…..Says Forex Challenge, High Diesel Cost, Fuel Scarcity hampering Business in Nigeria

….We stand strong”, however, says confident MD Lars Richter

Chairman of the Board of foremost engineering construction company, Julius Berger Nigeria PLC, Mr. Mutiu Sunmonu, CON has said that though the company had challenges in the 2021 financial year, it excelled and overcame the challenges by dint of hard work and unflinching commitment to success on the part of the management and staff of the company.

He spoke just as the Managing Director, Engr Dr. Lars Richter disclosed that the company stood strong in the year under review even as the company’s shareholders approved a N2.50k per share dividends.

Speaking at the 52nd Annual General Meeting of the company Saturday in Abuja, the Chairman presented the Consolidated Financial Statements of the year under review saying that within the period, Julius Berger Nigeria Plc performed positively despite the numerous macro-economic hiccups which affected businesses during the year. He added that the company achieved exceptional financial performance, meeting targets for both revenue and cash flow. “One for those challenges, of course is COVID-19, which remains ever present in our personal and professional lives – with prolonged consequences. Unfortunately, we are unable to put this virus behind us just yet,” the Chairman said.

However, the Chairman did not mince words in declaring that, “while 2021 was certainly a challenging year, more positively, it was also a dynamic and industrious year,” adding that, “within our core construction business, we made meaningful progress across our portfolio of private and public projects”. He listed the projects to include the International Worship Centre, Uyo, the Office of the National Security Adviser in Abuja, the Bodo-Bonny Road as well as infrastructure projects in Lagos state and in Rivers state, where Julius Berger have supported the State Governments to achieve a remarkable infrastructure transformation within the year.” Specifically, Dr Richter also listed some successfully commissioned major projects to include the Bill & Melinda Gates Foundation office, several flyovers and civil infrastructural works in Port Harcourt; and the Rehabilitated Control Towers at Tincan Island and the Lagos Port Complex.

Underscoring the shining example of the trust the federal government placed on Julius Berger, the Chairman harped on the priority projects of the government being financed via the Presidential Infrastructure Development Fund at an excellent pace, Mr. Sunmonu said that the company forged ahead with all of them including the Second River Niger Bridge and the Abuja-Kano Road “ with our values, standards and capacities remaining core to our competitive edge.”

Stating that Julius Berger Nigeria Plc closed for the year under review “with a Lost Time Injury Frequency Rate of 0.19, equivalent to our 2020 results”, the Chairman added that the various subsidiaries of the Group also made reasonable progress in 2021.

Mr. Sunmonu said, “the year 2021 has been largely positive, with many great accomplishments to reflect on”, forecasting with good confidence that “…this year 2022, we will continue to work hard, remain resilient and champion progress in regard to the potentials ahead of us. Furthermore, Sunmonu also said, “We do not underestimate the effort or the endeavour it will take to achieve our vision, but we also do not underestimate our collective diligence and determination.”

In his own remarks to shareholders at the AGM, the Managing Director, Engr. Dr Lars Richter built on the Chairman’s earlier remarks saying that the three pillars of Julius Berger’s business strategy, “the core business, group subsidiaries and diversification” have remained central to all operations even as he shared an update on the company’s sustainability and inclusivity efforts, as well as on the company’s outlook for 2022 and beyond.

The Managing Director firmly declared that “Julius Berger continues to stand strong, our values are firmly in place and our reputation for reliable and quality delivery remains unmatched…. And within our core business we continue to realize meaningful progress across our portfolio of projects as a foundation for our continued success and growth.”

On the business trajectory of the company, Richter said Julius Berger continues to acquire new projects for major clients such as the Nigerian National Petroleum Corporation, Lagos and Port Harcourt State, the Federal Ministry of Works & Housing and the Central Bank of Nigeria.

Richter also celebrated Julius Berger’s achievement with regard to the company’s recertification of its Quality Management in accordance with ISO 9001:2015, “…proving that our commitment to quality and process continues to stand strong.” Richter further stated that Julius Berger continues to “…bolster the foundations of its competitive edge, manpower and machine power, with the modernization of our Human Resources structure and strategy and the update and expansion of our equipment fleet; both major investments that will payback in many folds, both today and in future.” To emphasize the worthy development, Richter, cited the company’s recent operational “rollout of more equipment to support the success of the Abuja-Kaduna-Zaria-Kano Road.”

On the performance of the company in 2021, the Managing Director said that, as a group Julius Berger has achieved an overall exceptional financial performance in 2021 ”meeting targets for both revenue and cash flow; enabling the company to extend a dividend payment to you, our loyal shareholders.”

Enumerating the specific challenges faced by the company in 2021, Dr Lars Richter listed those stemming from the indirect impacts and aftermath of the COVID-19 pandemic, as well as “global procurement where prices for logistics remain elevated, shortages and delays remain a reality and as a result, prices for raw materials and goods continue to increase.”

The Ukrainian war, Engr. Richter added, compounded supply chain disruptions, with prices soaring for other essential building materials like steel, sand and wood just as it has led to increases in the price of crude oil. “For us in Nigeria, the higher cost of diesel combined with fuel scarcity, has led to another layer of price increase… an extraordinary surge in transport costs,” he added. Dr Richter also informed shareholders that the greatest and most hard-hitting challenge the company continues to face is the sustained shortage of FOREX. He described the forex scarcity as “…a critical crisis which has persisted with far reaching negative impact on the economy generally and on Julius Berger specifically, as it creates major and substantial financial losses.” He, however, disclosed that management was able to put in place robust, resilient and business continuity planning; providing preparation and strategies to navigate the key risk.

Three directors including Chairman Mutiu Sunmomu, CON, Mrs Belinda Ajoke Disu, CAL, and Mrs Gadys O. Talabi were also re-elected by Shareholders to the Board of the company at the 52nd Annual General Meeting in Abuja.

The highlight of the event was when Shareholders voted overwhelmingly for a N2.50 per share dividend owned compared to the 50kobo per share paid out last financial year. This year’s dividend payout is the highest shareholders are receiving in the last five years. Happy Shareholders overwhelmingly commended the company’s management for excellent performance.


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ANTI PARTY ACTIVITIES: Esan Central APC, Suspends Nine Leaders, Appoints Bello



Nine Leaders of the All Progressives Congress (APC) in Esan Central LGA have been suspended at an extraordinary meeting held this evening at Irrua, the LGA capital.

The suspended leaders include APC State Vice Chairman, Chief Francis Inegbeniki, Esan Central foremost Party Leader, Prince Willy Shaka Momodu, Ward Leader, Hon Abudu Ugbesia, among six others.

The suspended nine APC leaders are alleged to have held a clandestine meeting at a hotel in Eidenu, Irrua on the eve of the House of Assembly election and resolved to work against their party candidate for the House of Assembly election, Hon Victor Edoror. It is alleged that they were induced by the ruling party and their grand conspiracy to disallow Hon Edoror to get into the House and become the Speaker which might scuttle their agenda for Esan governor candidate from Esan Central LGA.

The meeting which was attended enmass by angry members and party executives of the party across the LGA appointed former LGA Councillior, and House of Assembly election aspirant, Hon. Bello Oyaziwolo, as the acting Leader, to oversee the affairs of the party pending the determination of the investigation into the degree of involvement of each of the suspended leader.

Interestingly, the Deputy Leader of the Party in Esan Central LGA and former Vice Chairman of the LGA, Hon Francis Ubene, was exempted from suspension because preliminary investigation revealed that he was in the meeting allegedly called by Chief Inegbeniki, but he refused to agree with their alleged plan to sabotage the election for Hon Edoror because according to him “I have forgiven him and if I have forgiven him, I cannot work against him or the party”.

Speaking with Hon Bello, after the appointment, the new LGA Leader said he was not interested in Leading the party for selfish reasons but would commit himself to helping the party rid itself of betrayals and inept leaders in the LGA and hopefully allow a free process to produce the next LGA Leader.

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Delta: Oborevwori’s Victory, A Turning Point, Says Ebireri



Media Consultant, Henry Ebireri, has urged Delta State governor-elect, Rt. Hon Sheriff Oborevwori to embark only on programmes that are genuine, attainable, purposeful, durable and people-oriented.

He also urged him to make a significant impact at improving the lot of the masses.

In a statement in Sapele, the media consultant described the March 18 governorship election in Delta State as ‘’’a turning point, a landmark in the history of the oil rich state’’.

He appealed to Oborevwori to steer Delta State in the needed direction.

‘’There is a very high expectation from the governor-elect by the people. He must direct his energy towards inculcating the spirit of self-reliance among the citizenry through economic and empowerment programmes’’

The media professional listed security, youth and women empowerment, agriculture, health, education, infrastructural development, industrial revolution, cultural and tourism rebirth,  communication and sports development as key areas to be addressed by the governor-elect.

The statement underscored the future of Delta youths infrastructure and security challenges.

He urged Oborevwori to be fair to all.

He also urged him to recruit only qualified, competent and meritorious hands to help him develop the oil-rich state.

 ‘’They should be people of integrity, honesty and trust. The team should comprise only tested, dedicated, loyal, courageous, selfless, focused and visionary men and women’’

Ebireri further commended Governor Ifeanyi Okowa for his immense contribution to the political development of Delta State.

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Press Release



Senator Ovie Omo-Agege Rejects INEC’s Declaration of Oborevwori As Winner of Delta Poll

A while ago, the Resident Electoral Commissioner (REC) in Delta State announced Rt. Hon. Sheriff Oborevwori, gubernatorial flagbearer of the Peoples Democratic Party (PDP) as the governor-elect following the March 18 governorship election.

The declaration was made despite the myriad of infractions and acts of impunity on the part of the PDP in the course of the election. These were brought to the attention of INEC with incontrovertible proof.

The March 18 election was characterized by massive fraud, unprecedented vote buying and voter suppression perpetrated by the PDP in the course of the election.

The fraudulent nature of PDP’s so-called victory are just too damning and daring for it to be acceptable in any decent society. Most of those infractions are on the public domain and known to INEC officials and the security agencies involved in superintending the election.

In the February 25 Presidential and National Assembly elections, the results pointed to an unequivocal rejection of the PDP. Of the three senatorial zones in the state, APC won two while PDP controversially edged out the Labour Party in the Delta North Senate race.

It was an unadulterated verdict of Deltans on how they have fared under 24 years of governance of their state by PDP.

On the basis of the factors listed and more that will come later, Senator Ovie Omo-Agege, governorship candidate of the APC in Delta State as well as the leadership of the party, unequivocally reject the declaration by INEC of Rt. Hon. Sheriff Oborevwori of the PDP as winner of the March 18 governorship election.

We will challenge this fraudulent result using all legal means.

As a democrat and Deputy President of the Senate, Omo-Agege will explore all lawful avenues to reclaim the mandate freely given to him by the good people of Delta State.

To the numerous supporters of APC and the entire public that share in Omo-Agege’s vision of building a new Delta State, we urge you all to remain calm, peaceful and law abiding.

I can assure all our teeming supporters and all Deltans that the PDP pyrrhic celebration of a stolen mandate will be short-lived.

By the grace of God and the clearly expressed wish of the people, this electoral heist will be reversed and Senator Omo-Agege will be sworn in on May 29, 2023 as the lawfully elected Governor of Delta State.

Sunny Areh
Chief Press Secretary to the Deputy President of the Senate and Governorship Candidate of APC, Delta State, Senator Ovie Omo-Agege

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