Red Star Express PLC (NGX: REDSTAREX), a leading Nigerian logistics and courier services company, has announced key shareholder resolutions from its 32nd Annual General Meeting (AGM), held virtually on September 18, 2025. The meeting, addressed financial approvals, governance matters, and a strategic restructuring of the business.
Shareholders approved the company’s Audited Financial Statements for the year ended March 31, 2025, alongside the Directors’ and Audit Committee Reports.
A dividend of 35 kobo per share was declared, rewarding investors for the financial year.
In governance decisions, shareholders re-elected Non-Executive Directors Mr. Suleiman Barau and Mrs. Chioma Sideso. The Board was also empowered to determine the remuneration of the External Auditors.
For the Statutory Audit Committee, shareholder representatives Mr. Folorunso Olajide, Mr. Kolawole Ganiyu Amoo, and Mrs. Adetunji Bukola Rebecca were elected, joining Board representatives Mr. Sulaiman Koguna and Mr. Chukwuemeka Ndu.
The remuneration of Non-Executive Directors for the financial year ending March 31, 2026, was fixed at ₦8 million. Additionally, shareholders granted a General Mandate for recurrent related party transactions, including procurement of goods and services, on commercial terms until the next AGM.
The company approved an internal restructuring plan to integrate its wholly owned subsidiary, Red Star Logistics Limited, into the parent company.
The subsidiary will cease to operate as a separate legal entity but will continue as a division within Red Star Express PLC. The Board was authorized to appoint advisers and take all necessary steps to execute the restructuring.
Administrator and Writer
