NEM Notifies of Resolutions Passed At Its 50th AGM

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Thursday, June 25, 2020 / 3:30 PM / NSE / Header Image Credit: NEM Insurance


The 50th Annual General Meeting of NEM Insurance Plc (the "Company") was held by proxy due to the COVID-19 pandemic on the 18th of June 2020 at NEM House, 199, Ikorodu Road, Obanikoro, Lagos in respect of the 2019 Financial Year, the Chairman of the Board of Directors laid the Audited Financial Statements together with the Report of the Directors, Auditors and the Audit Committee for the year ended December 31, 2019 before the Shareholders.

The Annual Report is available at www.nem-insurance.com

At this AGM, the following resolutions were considered and duly passed:

1.          That the Reports of the Directors and the Audited Financial Statements for the Year Ended December 31, 2019 together with the Auditors' Report thereon and the Audit Committee Report be and are hereby adopted.

2.        That the dividend payment of 15k for every ordinary share of 50k each be and are hereby payable to all shareholders whose names appear on the Company's Register of Members at the close of business on the 30th of April 2020.

3.           That the following directors be and are hereby re-elected:

            a. Alhaji Ahmed I Yakasai

            b. Chief Ede Dafinone

            c. Mrs Joy Teluwo

4.              The appointment of the following directors be and are hereby approved:

            a. Mr. Papa Ndiaye

            b. Mr. Kelechi Okoro

5.             That the Directors be and are hereby authorized to fix the remuneration of the Auditors for the year ending 31st December 2020.

 

6.             That the following Shareholders' representatives and Directors were elected and appointed as members of the Company's Audit Committee until the conclusion of the next Annual General Meeting:

            a. Mr. Kelechi Okoro

            b. Mrs. Joy Teluwo

            c. Mrs. Olayinka Aletor

            d. Mr. Samuel Mpamaugo

            e. Mr. Taiwo Oderinde

            f. Mr. Christopher Ogba

7.              That the Directors be and are hereby authorized to increase the Company's share capital from N4,200,000, 000 (Four Billion, Two Hundred Million Naira) to N10, 000,000,000 (Ten Billion Naira) by the creation and addition thereto of N5, 800,000,000 (Five Billion, Eight Hundred Million Naira) by the creation and addition thereto of 11,600,000,000 (Eleven Billion, Six Hundred Million) ordinary shares of 50 kobo (Fifty Kobo) each, such new shares to rank pari passu in all respects with the existing ordinary shares in the share capital of the Company and that the directors are hereby authorised to issue such quantities as they may consider sufficient to raise the company's issued share capital.

8.           That clause 6 of the Memorandum of Association be and is hereby amended to reflect the new share capital of N10,000,000,000 (ten billion naira) divided into 20,000,000,000 (twenty billion) ordinary shares of 50 kobo (fifty kobo) each.


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Table:  Q1 2020 Unaudited Results

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