Geregu Power posts N20bn dividend for shareholders

Ilenre Irele

Geregu Power Plc has approved the payments to its shareholders a dividend of N8 per ordinary share of 50k each, aggregating to N20 billion.

The company’s General Counsel, Akinleye Olagbende, said this in the resolution of the company’s 12th Annual General Meeting(AGM) sent to the Nigerian Exchange Ltd.(NGX) in Lagos on Tuesday.

Mr Olagbende said the beneficiaries are those shareholders whose names appear in its register of members as of 27 February.

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He said that the company also appointed Olukunle Oyewole as an Independent Non-Executive Director.

The general counsel revealed that Anil Dua and Doron Grupper were also re-elected as Independent Non-Executive Directors of the company.

Mr Olagbende said Geregu directors were authorised to fix the remuneration of the auditors.

He said that the power company also elected Mr Dua, John Robert Lee, Taj Giwa-Osagie, Bisi Bakare and Bakare Shofoluwe as members of its statutory Audit Committee.

According to him, the firm approved the remuneration of its managers and directors for the year-ended 31 December 2023 at the AGM.

Mr Olagbende said Geregu Plc’s Memorandum and Articles of Association of the company was also amended.

According to him, the new memorandum read that fully paid shares shall be free from any restriction on the right of transfer and shall also be free from all lien, except as otherwise prescribed by the operation of law.

The general counsel stated that all regulatory announcements by the company would be published in at least two national newspapers with nationwide circulation.

He said: “It is provided that notices shall be given only to those members whose registered addresses are within Nigeria.

“Any member whose registered address is not within Nigeria, may name an address within Nigeria, which for the purposes of notice shall be considered as the registered address.

“Unless and otherwise directed by a resolution of the general meeting of the company, the number of directors of the company should not be less than, and or more than 13.

“The borrowings powers of directors (of Geregu Plc) are limited so that the aggregate amount at any time owing in respect of moneys borrowed by the company and its subsidiary companies.

“Exclusive of inter company borrowings shall not exceed a reasonable amount except with the consent of the company in general meeting.