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Geregu Power Approves N20bn Dividends For Shareholders


Geregu Power Plc has approved the payment of N8 per ordinary share of 50k each dividends worth N20 billion to its customers. 

This was contained in the company's resolution during the 12th Annual General Meeting (AGM) on Tuesday in Lagos, a copy of which was sent to the Nigerian Exchange Limited (NGX).

The General Counsel of Geregu Power, Mr Akinleye Olagbende revealed that the beneficiaries are the shareholders whose names appeared in its register of members as at February 27, 2024. 

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

Olagbende informed that Mr Anil Dua and Mr Doron Grupper were re-elected as Independent Non-Executive Directors of the company, adding that the directors were authorised to fix the remuneration of the auditors.

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

Olagbende said that the company approved the remuneration of its managers and directors for the year-ended December 31, 2023 at the AGM.

He pointed out that the Memorandum and Articles of Association of the company was also amended.

The new memorandum revealed 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.

Olagbende said that all regulatory announcements by the company would be published in at least two national newspapers with nationwide circulation.

“Any member whose registered address is not within Nigeria, may name an address within Nigeria, which 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 or more than 13.

“Exclusive of inter company, borrowings shall not exceed a reasonable amount except with the consent of the company during general meeting, " he added. 

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