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Home Companies and Markets

NGX Group Considers  Share Capital Increase, Allotment At 62nd AGM

metro by metro
July 10, 2023
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NGX Group Considers  Share Capital Increase, Allotment At 62nd AGM
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Nigerian Exchange Group Plc (NGX Group) is set to hold its 62nd Annual General Meeting (AGM) on Friday, 14 July 2023.

At the meeting, shareholders will consider, under special resolution amendment to increase share capital of the Company and allot new shares of such amount as it considers expedient.

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The AGM, which is in accordance to the provisions of Section 235 of the Companies and Allied Matters Act (CAMA) 2020, will take place at the Event Centre, 20th floor, Nigerian Exchange Group House, 2/4 Customs Street, Lagos.

Also, at the AGM, the management will present the Audited Financial Statements of Nigerian Exchange Group Plc for the year ended 31 December 2022 and the reports of the Board and the Auditors thereon.

In addition, shareholders will vote to re-elect Dr Umaru Kwairanga, Dr Ikechukwu Itanyi and Mrs Ojinika Olaghere, who are Non-Executive Directors retiring by rotation; as well as elect/re-elect members of the Statutory Audit Committee. The shareholders are also expected to authorise the Board to fix the remuneration of the external auditors.
ALSO READ:NGX RegCO, ICAN Sign MoU On Market Regulation, Investor Protection
Under the special business, shareholders will approve the appointment of the following persons as Directors of Nigerian Exchange Group Plc:

·       Mr Nonso Okpala (Non-Executive Director)

·       Mr Sehinde Adenagbe (Non-Executive Director)

·       Mr Ademola Babarinde (Non-Executive Director)

·       Mrs Mosun Belo – Olusoga (Independent Non-Executive Director)

·       Mr Mohammed Garuba (Non-Executive Director)

·       Mrs Fatima Wali- Abdurraham (Independent Non-Executive Director)

According to a release from the company, the shareholders will consider and if thought fit, pass with or without any modifications as a special resolution, the amendment of Article 24 of the Company’s Articles of Association to read that: “The Board may increase the issued share capital of the Company and allot new shares of such amount as it considers expedient, provided that a prior approval to do so has been obtained from Shareholders at a General Meeting.”

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