Shareholders of Nigerian Exchange Group Plc (NGX Group) on Friday approved resolutions by the company’s Board of Directors to re-elect Mr Apollos Ikpobe and Dr Okechukwu Itanyi as non-executive directors.
They both retired by rotation before their re-election as non-executive directors. The shareholders gave their approval during the 61st Annual General Meeting (AGM ) of the NGX Group in Lagos. 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 included the appointment of Ernst & Young as NGX Group’s external auditors; the Board’s authority to fix the audit company’s remuneration. Also approved is the disclosure of NGX Group’s executive remuneration and the re-election of the Statutory Audit Committee.
The Chairman of NGX Group, Mr 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. Also, 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 billion for business expansion was not presented. Commenting at the AGM, Ogunbanjo thanked shareholders for working assiduously with the Board and Management of the Group in delivering the dividends of demutualisation.
He also commended them for enhancing shareholders’ value and for attaining many firsts during his term in office. He stated, “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.”
Mr Oscar Onyema, Group Managing Director/Chief EXecutive Officer, NGX Group, noted that the Group recorded 22 per cent increase in profitability, 13 per cent increase in gross earnings, and 14.9 per cent growth in revenue.
He noted that the Group intended 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 Acting Chairman, who said he recognised the enormous responsibility associated with the role.
Ikpobe 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,” he said. nan.
