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Tag: AGM

  • Manufacturers hold AGM in Enugu, suggest ways to revive Nigeria’s ailing economy

    Manufacturers hold AGM in Enugu, suggest ways to revive Nigeria’s ailing economy

    Stakeholders in the manufacturing sector have called for urgent investment and strategic support to revitalise Nigeria’s economy through non-oil exports.

    The appeal was made at the 36th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), Anambra/Ebonyi/Enugu Chapter, held in Enugu on Friday, themed “Revitalising Nigeria’s Economy Through Manufacturing-Driven Non-Oil Export.”

    Chairperson of the MAN chapter, Lady Ada Chukwudozie, emphasised the pressing need for Nigeria to shift from its oil-dependent economy by strengthening the manufacturing sector.

    She highlighted that the nation’s overreliance on oil has exposed it to challenges like price volatility, environmental degradation, and limited economic diversification.

    “To ensure economic sustainability, Nigeria must prioritise manufacturing-driven non-oil export strategies, as seen in countries like Singapore, where innovation and research have propelled their manufacturing sector to global competitiveness,” Chukwudozie stated.

    She further urged the government to implement supportive policies, such as tax incentives, improved access to financing, and investment in critical infrastructure.

    Keynote speaker and former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, described manufacturing as the “master key” to addressing Nigeria’s economic challenges.
    “Export-driven manufacturing can reduce our vulnerability to oil price fluctuations, generate revenue, and create jobs,” Peterside said, while advocating for infrastructure development, stable monetary policies, and power sector reforms to support manufacturers.

    Anambra State’s Deputy Governor, Dr Onyekachukwu Ibezim, called for collaboration among Southeast states to leverage their comparative advantages. He cited Anambra’s agricultural revolution in palm and coconut production as an example of non-oil sector innovation.

    The event also featured awards to distinguished individuals and highlighted the urgent need for a united approach to reposition Nigeria’s manufacturing sector as a driver of economic growth.

  • Management expert, Peterside, unveiled as keynote Speaker at MAN 36th AGM

    Management expert, Peterside, unveiled as keynote Speaker at MAN 36th AGM

    Nigeria’s foremost public sector turnaround expert and former Director-General/Chief Executive Officer of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, is billed to speak at the 36th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), South East Zone.

    Chairman of Manufacturers, representing Anambra, Enugu and Ebonyi zone, Lady Ada Chukwudozie disclosed this to newsmen on Monday.

    The event, which holds at the BON Sunshine Hotels, Enugu, Enugu State between 27th to 28th November, 2024; is under the Chairmanship of Chief Martin Agbaso, MFR, (Ochudo of Igbo Land); while the Deputy Speaker, House of Representatives, RT. Hon. Benjamin Okezie Kalu, and Honourable Minister of State, Labour and Employment, RT. Hon. Nkeiruka Onyejeocha are Special Guests.

    According to Lady Ada, “the event will feature insightful discussions and showcase the innovation and productivity of our region”.

    She stressed that, Dr. Peterside is the Keynote Speaker for the AGM, while Dr. Nnaemeka Obiareri will serve as the Guest Speaker for the epoch event.

    “We at Manufacturers Association of Nigeria, Eastern Zone, are thrilled to unveil our amazing Keynote Speaker for our upcoming AGM , Enugu 2024. At MAN, we continue to add value, propelled by knowledge.

    “Our AGM 2024 will be a revelation of the new spirit of propelling the economy through industrialization, particularly non-oil sector manufacturing . It will be an AGM like no other, bringing all key stakeholders under one roof to talk about a new Nigeria that is possible with manufacturers driving the change .

    “Today, we spotlight the amazing Dr Dakuku Peterside, Nigeria’s foremost public sector turnaround expert, author of two books, columnist , change agent and leadership Coach . We are proud to have Dr Peterside lead the engagement to see manufacturing contribute more to the GDP of the country”, she said.

    Also on his verified Instagram page, Dr. Peterside confirmed he would be attending the 36th AGM of MAN in Enugu State, as Keynote Speaker.

    He wrote: “At the upcoming Manufacturers Association of Nigeria (MAN) Eastern Zone Annual General Meeting (AGM) on November 28, I am honored to speak on the theme ‘Revitalising Nigeria’s Economy through Manufacturing-Driven Non-Oil Exports’.

    “l am grateful for this opportunity to share ideas and thoughts on why the economy of our country is in distress, what can be done to get us out of the distress, and why industrialists, industries, and manufacturing concerns must play a key role in getting us out of the distress.

    “Why the economic geography of Nigeria needs to change; why manufacturing is lagging behind; and what can be done to increase manufacturing contribution to GDP, national revenue, and employment creation.

    “What needs to be in place for manufacturing to contribute maximally to economic growth? We can navigate through these economically challenging times if we are ready to press the reset button, and we can still build a compelling and fulfilling future. Come with me on this journey, and together we can help our country industrialise”.

    A former DG/CEO of NIMASA and a syndicated columnist, Dr. Peterside is a former Rivers State Commissioner for Works and a former Member of the National Assembly, where he served as Chairman of the House Committee on Petroleum (Downstream) from 2011 to 2015.

    During his recent assignment as Director-General of NIMASA, Dr. Peterside was credited with initiating and delivering the most impactful turnaround in NIMASA’s history. While serving as the DG of this prominent maritime agency, he was elected as Chairman of the Association of African Maritime Administrations (AAMA), making him the first Nigerian to head that continental body”.

    The 2024 AGM is said to deliver actionable strategies and insights to place manufacturing in its rightful place in the national economy; as MAN Eastern Zone is set to drive positive change, and contribute to the ongoing transformation of the economy.

  • NFF holds 79th Annual General Assembly in Uyo

    NFF holds 79th Annual General Assembly in Uyo

    The 79th General Assembly of Nigeria Football Federation will take place in Uyo, Akwa Ibom State on Sunday.

     

    The annual plenary of Nigeria’s football governors at all levels will commence with an opening ceremony that is expected to be graced by His Excellency, Governor Umo Eno of Akwa Ibom State, Minister of Sports Development, Senator John Owan Enoh and the Permanent Secretary in the Ministry, Alhaji Ismaila Abubakar.

     

    President of NFF, Alhaji Ibrahim Musa Gusau will, alongside the Executive Committee that he heads, welcome the delegates composed of chairmen and secretaries of the 44 members of the NFF (including FA chairmen and secretaries of the 36 States and the FCT). Also expected are members of the Akwa Ibom State cabinet, eminent football stakeholders and NFF Management and Staff.

     

    The business session, which begins after the opening ceremony, will kick off fully with an address by the NFF President, and such regular matters such as suspension or expulsion of members (if applicable), activity report of the General Secretary, presentation of the consolidated and revised balance sheet and profit-and-loss statement, approval of the financial statements and the budget, and admission for membership (if applicable) are on the agenda.

     

    On the agenda as well are votes on proposals for amendments to the Statutes, the regulations governing the application of the Statutes and the Standing Orders of the General Assembly (if applicable), and discussion of proposals submitted by the Members and the Executive Committee.

     

    After the conclusion of the assembly, the delegates and other invited guests and stakeholders will proceed to the Godswill Akpabio Stadium for the 2023 Africa Cup of Nations final-day qualifier between the Super Eagles and the Falcons and True Parrots of Sao Tome and Principe, which begins at 5pm.

     

    Nigeria, on 12 points and already qualified for next year’s continental showpiece in Cote d’Ivoire, need only the minimum win to secure leadership of their group ahead of Guinea Bissau’s Djurtus, who are on 10 points and host the Leone Stars of Sierra Leone in Bissau.  

  • Delta State sweeps all top honours as NSF scrabble festival ends in grand style

    Delta State sweeps all top honours as NSF scrabble festival ends in grand style

    Delta State has won the maiden edition of the Nigeria Scrabble Federation National Festival which ended in grand style with the Awards and Gala Night on Sunday at the exotic and classy, Hotel de Bently in Abuja.
    Team Delta guided by two time African Scrabble Champion, Dennis Ikekeregor swept all the top honours at stake at the week long Festival which started with the Asaph Zadok National Championship.
    Delta State started it conquest with Eta Paul Oghenekaro, current West African Scrabble Champion, who won the Asaph Zadok National Championship after brushing aside other 59 top wordsmith that include former World Champion Wellington Jighere, current African Champion Enoch Tochukwu Nwali, Champion of Champions, Olatunde Oduwole and former winner of the NSF Green Jacket Dipo Akanbi.
    Lagos State’s duo of Enoch Tochukwu Nwali, African Champion and John Aiyedun came second and third in the Asaph Zadok National Championship individual event.
    Team Delta made up of Wellington Jighere, Eta Paul Oghenekaro, Emmanuel Umujose, Ofidi, Oshevire Avwenagha and Dennis Ikekeregor were just too hot and solid as they spell they name in gold to win the team title at the Asaph Zadok National Championship.
    Despite the strong outing of Prince Omosefe, Tega Okiemute, Cyril Umebiye, Ezinore George and Bright Idahosa team Edo could only finish second ahead of Lagos State that paraded the African Champion, Enoch Nwali, Champion of Champions Olatunde Oduwole, former Green Jacket Dipo Akanbi, John Aiyedun, Olatunde Adigun, Timi Olaitan and Joseph Okere.
    The bragging right of KING OF CLUB Scrabble of Nigeria in the Inter Club Championship grand finale also went to Delta State through Warri SC. Apex Scrabble Club flying the flag of FCT can second while Benin City Scrabble Club were third.
    Delta State domination did not end on the scrabble board, they also return to Asaba with the awards of the longest player to stay on the top spot of the NSF rating for 2022 season.
    That award went to the Malaysian Prince, Eta Paul Oghenekaro while another Delta State player Emmanuel Umujose took the award for the player that played the highest number of NSF rated games.
    The most improved female player for 2022 went to Lagos State’s and National Sports Festival gold medalist Priscilla Akhabue. The 19 year old Mass Communication student who plays Ikorodu SC was the only female player in the Inter Club Championship grand finale won by Warri SC.
    The most improved male player award winner was Akeem Ogundokun also from Lagos State.
    The four-in-one event NSF National Scrabble Festival started on Monday with the Asaph Zadok National Championship, the well attended NSF Annual General Meeting (AGM) which was held on Thursday was the second event, it was followed by the keenly contested NSF Inter Club Championship grand finale while the lively, exciting and entertaining Awards and Gala Night hosted multiple award winning journalist Oluwatoyin Ibitoye was the icing on the cake of the Scrabble Festival.
    Eta Paul Oghenekaro winner of the Asaph Zadok National Scrabble Championship was decorated with the NSF Green Jacket designed and produced by famous fashion house Front-page Couture on the Night with pump and pageantry.
  • United Capital holds 2021 AGM; shareholders to receive N4.2bn divided payout

    United Capital holds 2021 AGM; shareholders to receive N4.2bn divided payout

    Following the release of its remarkable audited financial results for 2020, foremost Pan-African financial services conglomerate, United Capital Plc, held its Annual General Meeting on Tuesday, March 23, 2021 at Lagoon Restaurant, Victoria Island, Lagos.

     

    At the Annual General Meeting, which was held by proxy due to the COVID-19 pandemic, the Company presented its financial performance for 2020 which shows a recorded revenue of N12.87Billion, N7.95Billion in Profit Before Tax and earnings per share of 130 Kobo. Shareholders in attendance commended the company for its transparency in the published financial statements, and its adherence to legal and ethical requirements as corroborated by the company’s auditors who were also present.

     

    The Chairman of the Board of Directors, Mr. Chika Mordi, in his statement to shareholders noted that “Despite the macroeconomic pressure, United Capital Plc reported an outstanding financial performance in 2020. Total revenue was up 50% year on year to N12.87billion in 2020, from N8.59 billion earned in 2019. Profit Before Tax grew to N7.95billion in 2020, up 61% from N4.95billion in 2019, signifying solid growth in the overall profitability of the Group. The Group’s Return on Average Equity for the 2020 financial year stood at 35%, one of the highest among listed financial services institutions, highlighting strong value creation for our shareholders”.

    A pivotal moment at the Meeting was the shareholders’ approval to pay a dividend of 70 kobo per share, totaling N4.2billion. The shareholders also approved the appointment of two new Independent Non-Executive Directors; Mr. Titus Oladipupo Fatokun and Hajiya Sutura Aisha Bello as Directors of the Company.

    Speaking to the Company’s outlook for the 2021 financial year, the Group CEO, Mr. Peter Ashade stated “Our financial performance, in what was a year of protracted disruptions, is a testament of our unwavering commitment to our clients’ needs, come what may. For us at United Capital, we are optimistic about the year 2021 as it presents greater opportunities for innovation, growth, and expansion beyond our current ecosystem”.

    In addition to its outstanding financial performance, United Capital Plc also recorded landmark achievements during the year. The company’s corporate ratings improved from BBB+ to A- with a stable short-term and long-term outlook reflective of an investment grade institution. Its flagship digital platform, InvestNow, recorded over N1billion in processed investors assets with its newly commissioned consumer finance business line disbursing 64,536 instant loans valued at N3.14billion, leveraging a 100% digital model.

    Major contributors to the company’s overall performance are its subsidiary businesses – Investment Banking, Asset Management, Securities and Trustees. This was highlighted in the company’s emergence as top 3 largest Fund Manager from 10th position in 2019 with its Mutual Fund Assets Under Management exceeding N162billion at the end of 2020 from N39billion as at year-end 2019. The Company also served as the lead issuing house and trustee on various high-profile public and private securities issuances with a total value exceeding N400 billion in 2020 among others.

  • Afreximbank cancels 27th AGM over COVID-19 pandemic

    African Export-Import Bank (Afreximbank) has cancelled its 27th Annual General Meeting due to the COVID-19 pandemic. It is now to hold it by correspondence

    Its President Prof. Benedict Oramah said, in a statement, that the decision to hold the Shareholders’ meeting by correspondence was made after the consideration of available options to ensure that the bank complies with its governance requirements.

    He announced that the seminars’ component of the AGM, which were expected to be held from June 10 to 13, in Sharm El Sheikh, Egypt, were cancelled in the light of global mobility restrictions and the need to ensure social distancing imposed by the COVID-19 pandemic.

    “Our priority is to guarantee the well-being and comfort of our shareholders and partners which requires that we comply with health and safety protocols put in place by our host country,” he said.

    Oramah explained that these decisions, while difficult, were necessary and in line with the bank’s proactive efforts to combat the pandemic.

    “As a leading Pan-African institution, Afreximbank’s response strategy has been to lead by example in taking proactive and timely measures,” he said.

    “We remain fully dedicated to supporting efforts to mitigate the adverse impact of the COVID-19 pandemic on African economies and its people. We will continue to be at the frontline with bold initiatives, forging global partnerships towards mitigating the health and economic consequences of the COVID-19 pandemic on Africa,” the Afreximbank chief said.

    Afreximbank Annual Meetings are among the Bank’s most prominent events. They are sought-after keenly by banking industry professionals, trade and trade finance practitioners and other parties involved in economic development from across Africa and beyond.

    They are also attended by business and political leaders and have been ranked among the most important gatherings of economic decision-makers in Africa.

    Afreximbank’s next Annual General Meetings will take place in 2021.

  • Coronavirus: GTBank insists on holding AGM, gives reasons

    Coronavirus: GTBank insists on holding AGM, gives reasons

    The management of Guaranty Trust Bank (GTBank) Plc has disclosed that it would go ahead with its Annual General Meeting (AGM) scheduled for Monday, March 30, 2020.

    Due to the coronavirus pandemic, the Lagos State government has banned gatherings of more than 25 persons so as to stop the spread of the disease, which has infected at least 46 persons in Nigeria and has claimed one life. Globally, nearly 500,000 persons have been infected, while almost 20,000 people have died from the disease.

    The directive restricting gatherings more than 25 persons was made by the state government after the lender had fixed its annual shareholders’ gathering, the 30th edition, slated to take place at Oriental Hotel, Victoria Island, Lagos.

    GTBank, in a notice to the Nigerian Stock Exchange (NSE) on Wednesday, said it would hold the AGM because of the legal framework and corporate actions predicated on the meeting, which include the payment of dividends, election of audit committee members, the filing of annual returns and approval of the fee of external auditors, which actions will remain in abeyance if the gathering is postponed or cancelled.

    GTBank explained that it held meetings with the regulators on the AGM and it was agreed that it could be held with attendance by proxy to minimize social contact.

    The lender said shareholders are advised to appoint proxies to represent them at the meeting as “the company would abide by the Lagos State government directive of not having more than 25 people in a gathering (or any other number as may be permitted at the date of the meeting).”

    “Thus, as a law-abiding corporate citizen, the number of people that would be allowed into the venue of the AGM will be restricted to the number the Lagos State government permits for social/public gathering as at the date of the meeting.

    “Kindly note that the measures above take into consideration the provisions on quorum for the meeting, as quorum can be achieved either by physical attendance or by proxy,” it added.

    GTBank urged shareholders to appoint proxies and send the duly completed proxy form(s) to the registrar, Datamax Registrars Limited at No 2c, Gbagada Express Road, Gbagada Phase 1, Lagos State or via email to datamax@datamaxregistrars.com, not less than 48 hours before March 30, 2020, noting that, “The Annual General Meeting would also be streamed live on the bank’s website and shareholders are encouraged to log in to observe proceedings.”

    It further said, “The shareholders who are able to attend the AGM would be properly screened at the security points and be required to undergo safety/health measures as directed by the Nigeria Centre for Disease Control (NCDC) and the Lagos State Ministry of Health.”

    “It is important to note that these measures have been put in place to ensure the health and safety of our staff and esteemed shareholders and to further ensure that the operations of the company are not disrupted as a result of the inability to carry our corporate actions,” the bank concluded.

  • Oando minority shareholders query SEC over suspension of AGM

    Minority Shareholders of Oando Plc on Wednesday decried the cancellation of the company’s 2018 Annual General Meeting (AGM) by the Securities and Exchange Commission (SEC) on the eve of the programme.

    Mr Hamza Ridhwa, who is also the Secretary-General, Association for Investors Liberation, spoke on behalf of the shareholders at a news conference in Lagos.

    The News Agency of Nigeria (NAN) recalls that the commission had on June 10 suspended till further notice, Oando’s AGM scheduled to hold on June 11.

    The suspension followed an order by a Federal High Court in Lagos due to an application made by the Group Chief Executive Officer of Oando Plc, Mr Adewale Tinubu and his deputy, who were suspended by SEC on May 31.

    Ridhwa said that the way and manner the meeting was cancelled was disappointing and disheartening.

    “We condemn in absolute terms the way and manner chosen by SEC in announcing the cancellation on the eve of the event, despite having ample time to do the same.

    “We have shareholders who have come in from all over the country; it is disappointing and disheartening to think that SEC did not think it worthy to consider us,” he said.

    Ridhwa said that SEC should explain to the shareholders, how the last minute suspension of the AGM was in their own interest.

    “SEC is a regulator that is here to protect the market, and in particular, we the minority shareholders.

    “They have a duty to care for us first. Their actions in the Oando case has neither protected us, nor shown a duty of care,” he said.

    Ridhwa said that shareholders were disappointed at SEC current management of the investigation into Oando Plc.

    “The actions, over the last two years and specifically the last 10 days, has shown that our voices as minority shareholders are not being listened to,” he said.

    Ridhwa said that the development had caused an erosion of value in the company’s shares since SEC’s May 31 Press statement from N4.20 on May 31 to N3.75 per share on June 11.

    He urged the Federal Government and the Presidency to intervene in the matter, noting that it was not acceptable for SEC to attempt to take down the company.

    According to him, the company adds so much value to the Nigerian economy, an employer of labour and also attracts significant Foreign Direct Investment into the country.

    The shareholder activist said that the commission should be called to order to act in a manner that was legal in the interests of the capital market and shareholders.

    In a statement in Lagos on June 10, SEC said that it directed the suspension to allow parties involved in the suit to maintain status quo.

    The commission said that it would update relevant stakeholders and the general public on the outcome of the litigation.

    SEC had on June 2, following the outcome of its forensic audit on Oando, constituted an interim management team to be headed by Muntiu Sunmonu for the oil company.

    It said that Sunmonu would oversee the affairs of the company and conduct an extra ordinary general meeting on or before July 1, to appoint a new board of directors. (NAN)
    JNC/CHOM

  • GTBank Holds AGM Thursday in Lagos

    GTBank Holds AGM Thursday in Lagos

    Shareholders of pan-African lender, Guaranty Trust Bank (GTBank) Plc will gather this Thursday for their Annual General Meeting (AGM).

    The event will take place at the prestigious Oriental Hotel located on Victoria Island, Lagos and will commence by 10am.

    During the meeting, shareholders will be expected to approve the N2.45k per share dividend proposed by the board of the bank for the 2018 financial year.

    This is in addition to the interim dividend of 30k per unit of ordinary share earlier paid in the year by the lender, bringing total dividend for 2018 financial year to N2.75k per unit of ordinary share.

    In its results for the year, GTBank grew its gross earnings for the year by 3.7 percent to N434.7 billion from N419.2 billion reported in the December 2017.

    Profit before tax stood at N215.6 billion, representing a growth of 9.1 percent over N197.7 billion recorded in the corresponding year ended December 2017, while the bank’s customer deposits increased by 10.3 percent to N2.274 trillion from N2.062 trillion in December 2017.

    However, loan book dipped by 12.9 percent from N1.449 trillion recorded as at December 2017 to N1.262 trillion in December 2018.

    In view of the above, the bank closed the 2018 financial year with total assets of N3.287 trillion and shareholders’ funds of N575.6 billion.

    In terms of assets quality, NPL ratio and Cost of Risk improved to 7.3 percent and 0.3 percent in December 2018 from 7.7 percent and 0.8 percent in December 2017 respectively.

    In addition, coverage ratio for NPL stood at 105.1 percent and capital adequacy ratio remained very strong, closing at 23.4 percent despite the implementation of IFRS 9.

    On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 30.9 percent and 5.6 percent respectively.

  • Zenith Bank Holds AGM in Lagos Today

    One of the top banks listed on the Nigerian Stock Exchange (NSE) is holding its Annual General Meeting (AGM) today, Monday, March 18, 2019.

    The event is taking place at the popular Civic Center on Ozumba Mbadiwe Street, Victoria Island, Lagos by 9:00am.

    At the meeting, shareholders will vote to approve the N2.50k final dividend proposed for payment by the board of directors.

    This will bring the total dividend payout for the year to N2.80k per share, having earlier paid 30 kobo per share as interim dividend.

    In the 2017 financial year, the company paid an interim dividend of 25 kobo per share and a final dividend of N2.45k per share.

    Zenith Bank Plc released its financial statements for the year ended December 31, 2018 last month.

    During the year under review, the lender recorded a decline in its gross earnings by 15.4 percent to N630.3 billion from N745.2 billion recorded in the 2017 fiscal year.

    However, the net interest income rose to N295.6 billion from N258 billion, while the net income on fees and commission dropped to N81.8 billion from N82.6 billion.

    Also, the trading gains went down to N80.2 billion from N158 billion, while the other operating income closed at N17.9 billion in contrast to N22.4 a year earlier.

    In the period under review, the personnel expenses rose to N68.6 billion from N64.5 billion, while the operating expenses dropped to N137.9 billion from N144.9 billion.

    Zenith Bank said its profit before tax rose to N231.7 billion from N199.3 billion, while the profit after tax appreciated to N193.4 billion from N173.8 billion.