Resolutions passed at Presco’s Annual General Meeting

At the Annual General Meeting of Presco Plc (NGX: PRESCO) was held at the Jewel Aeida Event Centre Lekki Phase 1, Lagos on Tuesday, 19 August 2025, the following resolutions were passed:

Also read; Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

“That the dividend of N26.30 per 50 kobo share amounting to the sum of ₦26,300,000,000.00 (Twenty-Six Billion, Three Hundred Million Naira) paid from the profit of the year ended 31 December 2023, subject to the deduction of withholding tax at the appropriate rate, be and is hereby ratified.”
“That a dividend of N42.00 per 50 kobo share amounting to the sum of ₦42,000,000,000.00 (Forty-Two Billion Naira) payable from the profit of the year ended 31 December 2024, subject to the deduction of withholding tax at the appropriate rate, be and is hereby declared.”
“That Mrs. Ingrid Gabrielle Vandewiele (Non-Executive Director) and Ambassador (Mrs.) Nonye Udo (Independent Non-Executive Director) be and are hereby reelected as Directors of the Company.”
“That Mr. Olakanmi Rasheed Sarumi, Mr. Abdul Akhor Bello, Mrs. Iquo Ukoh and Ms. Osayi Alile be and are hereby elected Directors of the Company”.
“That the appointment of Mr. Reji George, who was promoted to the position of Managing Director/CEO after the last AGM, be and is hereby ratified”.
“That the re-appointment of Deloitte & Touche (Chartered Accountants) as the Independent Auditors of the company till the 2025 AGM and the appointment of KPMG as Independent Auditors in place of the retiring Auditors, who have served the maximum number of years permissible be and is hereby ratified”.
“That the Directors be and are hereby authorized to fix the remuneration of the new Independent Auditors, KPMG in place of the retiring Auditors, who have served the maximum number of years”.
“That the remunerations of the Non-Executive Directors in the sum of ₦152,744,000 paid for the year ended 31 December 2024 be and is hereby ratified be and is hereby approved”.
“The following s persons were elected to represent the shareholders on the Audit Committee until the next Annual General Meeting :
a) Engr. M.O.T Olayiwola Tobun
b) Mr. Job Ihejirika Onwughara
c) Mr. Adenrele Sulaimon Babatunde
While the following Directors: were nominated to represent the Board on the Audit Committee
d) Mr. Abdul Akhor Bello
e) Ambassador Nonye Udo
“That the remunerations of the Non-Executive Directors in the sum of ₦349,020,000 for the year ending 31 December 2025 (in addition to sitting allowance in the sum of ₦56,378,000, which will be paid per attendance at meetings) be and are hereby approved”.
“That in compliance with the Rule of the Nigerian Exchange Limited governing transactions with Related Parties or Interested Persons, the Company, and its related entities be and are hereby granted a General Mandate in respect of all recurrent transactions entered with a related party or interested person provided such transactions are of a revenue or trading nature or are necessary for the Company’s day-to-day operations and are based on normal commercial terms”.
“That the Board of Directors is duly authorized to invest in and acquire directly or through its subsidiaries all or majority of the shares or assets of a company or companies in the same line of business as Presco Plc, as determined by the Board of Directors pursuant to the Business Expansion Programme”.
“That subject to obtaining the approval of the relevant regulatory authorities, the Directors of the Company be and are hereby authorized to raise capital of up to ₦250 billion (Two hundred and fifty billion naira) by way of Rights Issue, through the issuance of ordinary shares, on such other terms and conditions and at such time, as the Directors may deem fit or determine”.
“That shares not taken up by existing shareholders within the period stipulated under the Rights Issue may be offered to shareholders of the Company that have indicated interest in purchasing additional shares not taken up by the shareholders entitled to do so in the Rights Issue, on such terms and conditions as may be determined by the Directors, subject to complying with relevant regulatory requirements”.
“That the share capital of the Company be increased by the exact number of ordinary shares which would be required upon determination of the terms of the Rights Issue and the Directors are hereby authorized to pass resolutions for such increase, as well as to allot the new ordinary shares upon completion of the Rights Issue”.
“That the Directors of the Company be and are hereby authorised to apply any outstanding shareholder loan, trade payable, or any other loan facility due to any person from the Company as may be agreed by the person and the Company,
towards payment for any shares subscribed for by such person under the Rights Issue”.
“That after the increase of the Company’s share capital and allotment of the new ordinary shares in accordance with the resolutions above, the Memorandum and Articles of Association of the Company be amended as necessary to reflect the Company’s new issued share capital”.
“That all proposed amendments to the Memorandum and Articles of Association as detailed in the Notice of AGM be taken as a single resolution.”
“That the Memorandum and Articles of Association of the Company be and are hereby amended by altering same in the manner indicated in Annexure 1 to the Notice of the AGM on pages 7 and 8 of the Annual Report”.
“That the Company be and is hereby authorized to raise additional capital through Debt Finance or Equity raising or a combination of both and by the issue of debt instruments in such tranches, series, or proportions and at such periods or dates, coupon or interest rates and such other terms and conditions as may be determined by the Board of Directors subject to obtaining the approvals of the relevant regulatory authorities”.
20.“That the Directors of the Company be and are hereby authorised to do all acts and things and to approve, sign and/or execute all documents, perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions; and that all actions previously taken by the Directors in that regard be and are hereby ratified”.