Resolutions passed at Seplat Energy’s 10th Annual General Meeting

Seplat Energy Plc (NGX: SEPLAT) on Wednesday, 10 May 2023, held its 10th Annual General Meeting (AGM). The meeting which started by 11.00am was held virtually.

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Investogist reported earlier in the month that Seplat Energy’s AGM would be going ahead, contrary to several media reports stated that the company had been restrained from holding the said AGM.

The following Shareholder’s resolutions were proposed and duly passed:

Ordinary Resolutions:

1. To receive the Audited Financial Statements of the Company for the year ended 31 December 2022, together with the Reports of the Directors, Auditors and the Statutory Audit Committee thereon.
2. To declare a final dividend recommended by the Board of Directors of the Company in respect of the financial year ended 31 December 2022.
3. To re-appoint PriceWaterhouseCoopers (“PWC”) as Auditors of the Company from the conclusion of this meeting until the conclusion of the next general meeting of the Company at which the Company’s Annual Accounts are laid.
4. To authorise the Board of Directors of the Company to determine the Auditors’ remuneration
5. To elect/re-elect the following Directors:
   1. To approve the appointment of the following Directors:
      i. Mr. Samson Ezugworie as an Executive Director of the Company; and
      ii. Ms. Koosum Kalyan as an Independent Non-Executive Director of the Company;
   2. To re-elect the following Directors who are eligible for retirement by rotation:
      i. Madame Nathalie Delapalme (Non-Executive Director); and
      ii. Mr. Bello Rabiu (Independent Non-Executive Director).
6. To disclose the remuneration of managers of the Company.
7. To approve the appointment of the members of the Statutory Audit Committee comprising three (3) shareholders elected representatives and two (2) Board nominated representatives as follows:
   1. Mrs. Hauwa Umar (Shareholder representative);
   2. Mr. Nornah Awoh (Shareholder Representative);
   3. Mr. Adeyemi Abayomi (Shareholder Representative);
   4. Mrs. Bashirat Odunewu (Board Representative); and
   5. Mr. Kazeem Raimi (Board Representative).
8. To approve the Remuneration Section of the Directors’ Remuneration Report set out in the Annual Report and Accounts for the year ended 31 December 2022.

The Shareholders authorised the Board to take all necessary steps to give effect to the resolutions.

Seplat reported a Profit of N44.43bn (2021: N46.92bn) for the year ended 31 December, 20223.

A Final Dividend of US$0.025 (2.5 Cents) per Ordinary Share of N0.50k each, and a Special Dividend of US$0.05/share (5 cents) per Ordinary Share of N0.50k each, (both dividends are subject to the appropriate withholding tax and Shareholders’ approval)) will be paid to shareholders whose names appear in the Register of Members as at the close of business on 18th April 2023.

Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur