The Nigerian Exchange Group Plc. (NGX) held its 61st Annual General Meeting (AGM) in Lagos on Friday, 30 September 2022, where shareholders approved key resolutions by the company’s Board of Directors.
Resolutions approved include; re-election of Mr. Apollos Ikpobe and Dr. Okechukwu Itanyi retired by rotation as non-executive directors, however, the resignation of Professor Enase Okonedo 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 of NGX Group, Otunba Abimbola Ogunbanjo, who was due for re-election for a period of one year until the next AGM in 2023, voluntarily retired from the board and did not present himself for re-election.
Four non-executive directors of the board were re-elected, including Mrs. Fatimah Bintah Bello-Ismail, Mr. Oluwole Adeosun, Mr. Chidi Agbapu, and Mr. Patrick Ajayi.
To allow for wider consultations and further engagement with shareholders, the special business to raise funds of up to N35,000,000,000 (Thirty-Five Billion Naira) for business expansion was not presented.
Commenting at the AGM, Ogunbanjo explained some of the decisions taken and thanked shareholders for working diligently 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.
In his words, “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.
“In closing, I would like to thank the Board and Management of NGX Group for their support since I assumed office as Chairman of the Group in 2021. 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.”
The GMD/CEO NGX, Oscar Onyema, noted that the Group recorded a 22% increase in profitability, a 13% increase in gross earnings, and 14.9% growth in revenue, adding 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 Mr. Apollos Ikpobe as the Acting Chairman. In response Ikpobe said he recognises the enormous responsibility associated with his new role and pledged to work with all stakeholders to ensure the stability and growth of the company during this transition.
“On behalf of the board, I thank Mr. Ogunbanjo for his selfless service to the company over the years” Ikpobe said.