Nestle S.A., the majority shareholder of Nestle Nigeria Plc, has purchased an additional 40,894 shares of the consumer goods manufacturer, according to an insider trading notice filed on the Nigerian Exchange Limited on Friday.

In other news, the shareholders of Nestle Nigeria Plc have approved the proposed final dividend of N36.50 for the 2022 financial year during the company's 54th Annual General Meeting held in Lagos recently. The board of directors had recommended the payment of a final dividend of N36.50 per share, following an earlier declaration of an interim dividend of N25 for 2022. The total dividend paid for the year amounts to N61.50.

Nestle recorded impressive revenue growth of 27% in 2022, with its revenue reaching N446.81 billion compared to N351.82 billion in 2021.

Furthermore, David Ifezulike, the Chairman of the board, announced his retirement from the company and revealed Gbenga Oyebode as his successor.