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NGX Group shelves decision on N35b working capital

The Nigerian Exchange (NGX) Group Plc. at its 61st Annual General Meeting (AGM), could not present the special business to raise funds of about N35 billion, it needs for business expansion

The company’s Board of Directors at the AGM, which was held on Friday, in Lagos, explained that the decision was “To allow for wider consultations and further engagement with shareholders.”

The shareholders, however, approved other Board resolutions, including the re-election of two members as non-executive directors – Apollos Ikpobe and Dr. Okechukwu Itanyi, who retired by rotation.

Also, Prof. Enase Okonedo’s resignation was earlier approved by the Board and as such, she was not presented for re-election.

Other resolutions adopted at the AGM include the appointment of Ernst & Young as NGX Group’s external auditors; the Board’s authority to fix the Audit Company’s remuneration; the disclosure of NGX Group’s executive remuneration; and the re-election of the Statutory Audit Committee.

The Group Chairman, NGX Group, Abimbola Ogunbanjo, who was due for re-election for another one year until the next AGM in 2023, voluntarily retired from the Board and did not present himself for re-election.

Furthermore, four non-executive directors of the Board were re-elected, including Mrs. Fatimah Bintah Bello-Ismail, Oluwole Adeosun, Chidi Agbapu, and Patrick Ajayi.

We also created a revised corporate governance framework, already approved by shareholders and consistent with securities regulations to realign the interests of all stakeholders.

Commenting at the AGM, Ogunbanjo thanked shareholders for working assiduously with the Board and Management of the Group in delivering the dividends of demutualisation and enhancing shareholder value and for attaining many firsts during his term in office.

He said: “We released our dividend policy in line with our mandate to shareholders after the completion of our recent extraordinary General Meeting. We also created a revised corporate governance framework, already approved by shareholders and consistent with securities regulations to realign the interests of all stakeholders.

“ …As I retire from the Board, I trust that my successor will continue the legacy of service and bring greater accomplishments as the sustainable exchange group championing Africa’s socio-economic growth.”

NGX Group Managing Director/Chief Executive Officer, Oscar Onyema, disclosed that the Group recorded a 22% increase in profitability, 13% surge in gross earnings, and 14.9% growth in revenue.

He noted that the Group intends to enhance its performance going forward and called for support from all stakeholders.

After the AGM, the Board of Directors appointed Apollos Ikpobe, as Acting Chairman, who said he recognised the enormous responsibility associated with the role.

Thanking Ogunbanjo for his selfless service to the Group, he pledged to work with all stakeholders to ensure the stability and growth of the company during this transition.

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