CONOIL Notifies of Resolutions Passed At its Annual General Meeting

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Monday, November 09, 2020 / 3:55 PM / NSE /  Header Image Credit: Leadership Newspaper


The Annual General Meeting of Conoil Plc for the year ended 31st December 2019 was held on Friday, 23rd October 2020 and the following resolutions were passed:

 

1. To receive the Report of the Directors and the Statement of Financial position as at 31 December, 2019.

The Annual General Meeting unanimously adopted the Report of the Directors and the Statement of Financial position as at 31 December, 2019 together with the Statement of Profit or Loss and Other Comprehensive Income for the year ended on that day and the Reports of the Auditors and the Audit Committee.

 

2. To declare a Dividend.

The Annual General Meeting adopted unanimously the proposed resolution that a dividend of 200 Kobo per share amounting to N1,387,904,234.00 (One Billion, Three Hundred and Eighty-Seven Million, Nine Hundred and Four Thousand, Two Hundred and Thirty-four Naira) in respect of and out of the profit for the year ended 31st December 2019 be declared payable to the shareholders registered in the company's books as at the close of business on Monday, 13th of July 2020 subject to the deduction of the statutory Withholding Tax of 10%.

 

3. To re-elect retiring Directors.

Pursuant to the Articles of the Company, the following Directors: Dr. Mike Adenuga Jr. (GCON), Mr. Mike Jituboh and Mr. Ike Oraekwuotu who are non-executive directors became due to retire by rotation and being eligible, offered themselves for re-election.

i. Dr. Mike Adenuga Jnr. (GCON)


The Annual General Meeting passed the resolution that Dr. Mike Adenuga Jnr. (GCON) be re-elected as a Director of the Company.

ii. Mr. Mike Jituboh


The Annual General Meeting passed the resolution that Mr. Mike Jituboh be re-elected as a Director of the Company.

iii. Mr. Ike Oraekwuotu


The Annual General Meeting passed the resolution that Mr. Ike Oraekwuotu be re-elected as a Director of the Company.

 

4. To authorize the Directors to fix the remuneration of the External Auditors for the ensuing year.

The Annual General Meeting adopted unanimously the proposed resolution to authorize the Directors to fix the remuneration of the External Auditors - Messrs. Nexia Agbo Abel & Co. who indicated their willingness to continue as External Auditors of the Company.

 

5. To elect/re-elect the members of the Statutory Audit Committee.

The following representatives of the Shareholders were re-elected as members of the Statutory Audit Committee for the 2020 financial year:

i  Mr. Adesina, Olalekan Oladepo

ii.  Mr. Aderenle, Sulaimon Babatunde; and

iiiChief. Oginni, Joshua Oluwole.


Other members of the Statutory Audit Committee representing the Company are the following non-executive Directors:

iv. Mr. Mike Jituboh

v. Mr. Ike Oraekwuotu; and

vi. Mr. Joshua Ariyo.


6. To fix the remuneration of the Directors.

The Annual General Meeting adopted unanimously the proposed resolution to fix the remuneration of the Directors.


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