After almost nine years without paying dividends, UPDC Plc has announced plans to reward its shareholders once again. This move marks a major step in the company’s financial recovery and signals a fresh focus on profitability and better engagement with investors.
The Chief Executive Officer of UPDC Plc, Mr. Odunayo Ojo, revealed the news during a press briefing held recently in Lagos. He said the decision would be presented to shareholders for approval during the company’s upcoming Annual General Meeting (AGM).
Speaking at the briefing, Mr. Ojo said, “For the first time in about nine years, UPDC is proposing to our shareholders, when we meet at our AGM, the payment of dividends. This has to be approved at the AGM. Beyond doing well, we also want to delight our investors, people who have stayed with us through thick and thin all these years.”
He explained that the company had been cautious about resuming dividend payments, as they first needed to stabilise the business. According to him, paying dividends is a serious obligation, and UPDC wanted to avoid starting what they could not sustain. He noted that the company became profitable again in 2022 after years of financial challenges.
UPDC, known for its strong real estate projects in Nigeria, had a history of steady dividend payments before it ran into financial troubles. Mr. Ojo said the company decided to retain most of its earnings in recent years to rebuild and strengthen its operations. Now, with signs of full recovery, UPDC believes it is the right time to reward loyal shareholders.
“Our share price has also seen significant uplift over the last year,” he added. “Even now that we are paying, it is more symbolic, to show the market that we have not forgotten our shareholders. Hopefully, this is the beginning of consistent dividend growth.”
Mr. Ojo also spoke about how the company had tackled one of its biggest challenges — financing costs. He said UPDC’s financing position had improved significantly, moving from negative to positive income, which has helped the business return to profitability.
Meanwhile, UPDC is also working on a major new real estate project in Lagos. The Head of Property Development at UPDC, Mr. Tunde Jagun, shared updates on Brompton City, a large-scale urban project located along Ogombo Road, Lekki Scheme II.
Mr. Jagun described Brompton City as a 30-hectare mixed-use development that aims to set a new standard for modern urban living in Nigeria and West Africa. According to him, the project will offer a perfect mix of residential and commercial spaces, creating a vibrant and eco-friendly community.
He explained that the residential zones will have low, medium, and high-density areas, with options for serviced plots and fully built homes like condominiums, terraces, semi-detached and detached houses, and maisonettes. The master plan also includes open green parks, recreational facilities, jogging and cycling paths, and artificial water bodies that blend with the natural environment.
On the commercial side, Mr. Jagun said the city would offer office spaces, retail shops, cafes, restaurants, hotels, and more. Brompton City is expected to attract businesses of all sizes and industries, making it a hub for smart workplace experiences in Nigeria.
He concluded that UPDC, with over 26 years of experience in delivering top-quality real estate projects, is committed to raising the bar once again and strengthening the brand’s reputation for excellence.
With these developments, industry experts say UPDC is showing strong signs of revival and is positioning itself to play a bigger role in Nigeria’s real estate sector in the years ahead.
