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Tag: Annual General Meeting (AGM)

  • Quest Merchant Bank Reports Strong FY2025 Performance at 11th AGM

    Quest Merchant Bank Reports Strong FY2025 Performance at 11th AGM

    Quest Merchant Bank Limited successfully held its 11th Annual General Meeting (AGM), during which shareholders approved the Bank’s Audited Financial Statements for the year ended December 31, 2025, and commended the institution on its strong financial performance, successful recapitalisation, and long-term strategic direction.

    The recent AGM follows the successful acquisition of the Bank by Everquest Acquisition LLP a special purpose vehicle led by Custodian Investments Plc, as well as the attainment of the Central Bank of Nigeria’s ₦50 billion minimum capital requirement ahead of the regulatory deadline.

    Quest Merchant Bank delivered a strong financial performance for the 2025 financial year, with gross earnings increasing by 29% year-on-year to ₦81.5 billion, driven by growth in net interest income and stronger asset yields. Profit before tax expanded by 23%, while operating efficiency improved significantly, with the Bank’s cost-to-income ratio improving by 2.3 percentage points.

    The Bank also maintained strong liquidity and asset quality indicators while further strengthening its governance, risk management, and compliance frameworks in response to evolving regulatory expectations and market dynamics.

    The Ag. Managing Director/CEO, Afolabi Olorode, stated that the Bank’s performance reflects a deliberate strategy anchored on operational excellence, client-centricity, innovation, and disciplined execution.

    “Our strategic focus remains clear: to build a leading merchant bank anchored on strong capital, innovation, execution excellence, and deep client relationships. With our enhanced capital base and the launch of our 2026–2030 strategic plan, Quest Merchant Bank is exceptionally well-positioned to support critical sectors of the economy while delivering superior value to shareholders and stakeholders alike,” he said.

    He added that the Bank would continue to deepen its capabilities across corporate and investment banking, wealth management, and global markets, while accelerating investments in technology, talent development, and operational resilience.

    Shareholders at the AGM also approved key resolutions, including the payment of dividend, election of directors, and amendments to the Bank’s Memorandum and Articles of Association.

    In line with its commitment to inclusive development and sustainable impact, the Bank expanded its corporate social responsibility initiatives during the year through financial literacy programmes, youth empowerment initiatives, healthcare interventions, and inclusive education partnerships.

    Looking ahead, Quest Merchant Bank reaffirmed its commitment to strategic expansion, innovation, and sustainable finance while continuing to support Nigeria’s economic transformation agenda through strategic financial intermediation and advisory services.

  • Lafarge Africa Plc Proposes N96.64 Billion Dividend Payment to Shareholders

    Lafarge Africa Plc Proposes N96.64 Billion Dividend Payment to Shareholders

    The Board of Directors of Lafarge Africa Plc, a leading provider of innovative and sustainable building solutions and manufacturer of a wide range of cement, ready-mix, mortar, and Plaster of Paris brands, has recommended a total dividend of ₦96.64 billion for its shareholders for the 2025 financial year. This represents a 100% payout, with each shareholder set to receive a final dividend of ₦6.00 per share, following an interim dividend of ₦4.00 per share paid earlier in the year, bringing the total dividend payout to ₦10.00 per share.

    The announcement was made at the company’s Annual General Meeting (AGM) held on Thursday, April 30, 2026, at the Civic Centre, Victoria Island, Lagos.

    Addressing shareholders, the Chairman of Lafarge Africa Plc, Gbenga Oyebode, MFR, described the 2025 financial year results as a defining milestone in the company’s history, marked by exceptional growth and the achievement of several significant financial and operational milestones.

    “For the 2025 financial year, net sales rose 53%, driven by volume growth, improved plant stability, and enhanced distribution efficiency. Operating profit for the year grew by 103% from N193.01 billion recorded in the 2024 financial year to N392.10 billion, reflecting strong top-line momentum and continued execution of cost and efficiency initiatives. This strong performance was supported by improving macroeconomic stability, increased infrastructure activity across the country, and our continued focus on operational excellence and engaged customer experience,” Oyebode said.

    He added that the payment of dividends by the company reflects the board’s commitment to delivering sustainable shareholder returns while maintaining a prudent balance between reinvestment and preserving a strong financial position to support future growth.

    In his remarks, the Group Managing Director/Chief Executive Officer, Lafarge Africa Plc, Lolu Alade-Akinyemi, expressed gratitude to shareholders and stakeholders for their continued trust and support, attributing the company’s robust performance to the disciplined execution of its strategic priorities.  

    Alade-Akinyemi reaffirmed the company’s commitment to maintaining a prudent and agile approach to capital allocation and cost management, while positioning the business to capitalise on emerging market opportunities.

    A shareholder who is a member of the Pragramatic Shareholders Association of Nigeria (PSAN), Oluyemisi Bakare, commended the board and management of Lafarge Africa Plc for the exceptional performance recorded during the 2025 financial year, which has led to the payment of dividends.

    Bakare urged the board and management to sustain the performance trajectory to enable shareholders to benefit more from dividend payments.

  • NGX Group Shareholders commend Leadership, call for Sustained Performance at 65th AGM

    NGX Group Shareholders commend Leadership, call for Sustained Performance at 65th AGM

    Shareholders of Nigerian Exchange Group Plc (NGX Group) have commended the Board and Management for the Group’s performance and strategic direction, urging continued focus on growth and long-term value creation.

    At the Group’s 65th Annual General Meeting (AGM), shareholders approved the audited financial statements for the year ended 31 December 2025, alongside key resolutions including a final dividend of ₦2.00 per share, a one-for-three bonus share issue, and the corresponding increase in share capital. The re-election of Dr Umaru Kwairanga, Group Chairman, Board of Directors, Dr Okechukwu Itanyi, Independent Non-Executive Director and Mrs Ojinika Olaghere, Independent Non-Executive Director, reinforced continuity in governance and oversight.

    Shareholders acknowledged the Group’s disciplined execution and its role in strengthening the Nigerian capital market, noting that recent developments reflect a more structured and better-regulated market environment.

    Speaking during the meeting, the President, New Dimension Shareholders Association, Patrick Ajudua, commended the leadership of the Group for delivering a strong financial outcome, noting that the results reflect both improved market conditions and deliberate strategic execution. “The numbers speak to a business that is gaining strength and direction,” he said.

    Similarly, the Chairman of the Progressive Shareholders Association of Nigeria, Boniface Okezie, lauded the Group’s commitment to innovation and infrastructure development. “The market is becoming more forward-looking, supported by strong leadership at the Group level. Initiatives around market infrastructure and participation are yielding results, and this is positive for investors,” he noted.

    Commenting during the AGM, Chairman of NGX Group, Umaru Kwairanga, appreciated shareholders for their continued support and reaffirmed the Board’s commitment to sustainable value delivery. He said, “The progress recorded reflects the strength of the Group’s strategy and the performance of its operating businesses. As a Board, our responsibility is to ensure disciplined oversight, uphold strong governance standards, and position NGX Group to deliver sustainable, long-term value to shareholders.”

    Temi Popoola, group managing director/chief executive officer, focused on execution priorities, noting that the Group is positioning for scale. He said, “This next phase is about deepening momentum. Our priority is to scale infrastructure, broaden participation, and unlock new pathways for capital formation.”

    The meeting reflected strong shareholder confidence in NGX Group’s leadership, with the Group reaffirming its commitment to playing a central role in the evolution of Nigeria’s capital market while delivering sustained returns to investors.

  • Dangote Urges Swift Legislation of “Nigeria First” Policy to drive growth of Manufacturing Sector

    Dangote Urges Swift Legislation of “Nigeria First” Policy to drive growth of Manufacturing Sector

    Africa’s leading industrialist, Aliko Dangote has made a passionate plea to the Federal Government to urgently legislate and implement the proposed “Nigeria First” Policy, describing it as a critical lever for revitalizing the nation’s manufacturing sector.

    The legislation, according to him, holds the keys to accelerating the nation’s economic growth and creating sustainable employment opportunities.

    Addressing manufacturers in Lagos at the 53rd Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Dangote lauded the theme of this year’s gathering “Nigeria First: Prioritizing Made-in-Nigeria”  saying it is timely and a strategic call to action.

    “The ‘Nigeria First’ Policy is not just a slogan but a call to action for sustained development and transformation led by our manufacturers,” Dangote stated. “If implemented effectively, it can boost GDP, reduce import dependence, and generate jobs across the country”, Dangote charges

    He emphasised that the policy represents a transformative framework capable of propelling Nigeria toward industrial self-sufficiency and global competitiveness. Drawing parallels with global economic powerhouses such as China, India, and the United States, Dangote underscored the importance of adopting a locally tailored industrial policy to protect and promote domestic industries.

    Despite Nigeria’s vast potential, Dangote expressed concern that manufacturing contributes less than 10 percent to the country’s Gross Domestic Product (GDP), a figure that has stagnated for over a decade. He attributed this to persistent structural challenges, including inadequate infrastructure, policy inconsistency, high energy costs, foreign exchange volatility, and limited access to finance.

    To address these challenges, Dangote outlined some strategic priorities that manufacturers expect from the Nigeria First framework among which is: to legislate the Nigeria First Policy by enacting it into law with enforceable compliance mechanisms; Ensure Policy Stability and Long-Term Commitment – Avoiding policy reversals to foster investor confidence; Develop a National Supplier Registry–Creating a verified database of local manufacturers for government procurement; Drive Consumer Engagement and National Pride–Launch a robust “Buy Made in Nigeria” campaign and Incentivise Backward Integration-to support companies investing in local raw materials and Research and Development.

    As part of the strategy, Dangote also urged the government to address Infrastructure and Energy Deficits by improving access to affordable power and efficient logistics, enhance access to Finance by lowering interest rates and expanding funding for manufacturing enterprises, and Leverage AfCFTA Opportunities by strengthening export capacity to boost regional competitiveness.

    The Industrialist also cited the collapse of Nigeria’s once-thriving textile industry, which employed over 500,000 people across 180 mills at its peak, as a cautionary tale of the dangers of unchecked importation and weak policy support.

    He stressed that the Nigeria First Policy must transcend political cycles and rhetoric to become a binding national strategy. “Every nation is in a race to improve the living conditions of its citizens. The government has taken some steps that give us a fighting chance. The Nigeria First policy, if embraced, will place us in a very competitive position. Let’s act,” he urged.

    The 53rd MAN AGM brought together industry leaders, policymakers, and development partners to chart a path for revitalizing Nigeria’s manufacturing sector and positioning it for long-term, inclusive growth.

  • AGM: Dangote Cement promises higher returns, value to shareholders, stakeholders

    AGM: Dangote Cement promises higher returns, value to shareholders, stakeholders

    Chairman of Dangote Cement Plc, Aliko Dangote has guaranteed shareholders and other stakeholders of the company’s management’s resolve to keep the company profitable by leveraging on strategic innovations to continuously grow their investments.

    Speaking at the 14th Annual General Meeting (AGM), of the company in Lagos, Dangote said the prospects for the cement company remain bright as the management will continue to innovate on quality products delivery to millions of its customers across Africa while touching the lives of its host communities.

    He stated: “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our other stakeholders… Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality. We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient. In addition, we aim to deliver higher returns and value to our shareholders.”

    The Chairman pointed out that despite the challenging macroeconomic environment in 2022, the company still made great strides, performed admirably, and remains Africa’s largest and leading cement producer.

    Dangote explained that in the face of unexpected challenges in 2022, the company implemented robust cost reduction strategies to manage the inflationary environment, and thus enhanced its competitiveness while maintaining high levels of product quality and customer service delivery.

    According to him: “In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas. We also increased our trucks’ use of Compressed Natural Gas (CNG) due to the rising diesel cost environment.

    These efforts have helped us reduce our cost base and enhanced our flexibility, enabling the Company to respond more effectively to changes in the market. As a result, we recorded revenue and EBITDA growth of 17.0 per cent and 3.5 per cent from the prior year respectively, albeit under unprecedented inflationary pressure. We also achieved a profit after tax of ₦382.3 billion, up 4.9 per cent compared to 2021.”

    Analysing the 2022 year-end result, Dangote explained that the company achieved its highest revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) in history at ₦1,618.3 billion and ₦708.2 billion, respectively. The exceptional EBITDA, according to him, was supported by its numerous cost containment measures, substituting higher-cost fuel for cheaper alternative fuel products.

    The Company Chairman explained that: “Over the last twelve years, volumes have grown by a double-digit compound annual growth rate of 11.2 per cent. Similarly, EBITDA has grown at a compound annual growth rate of 16.3 per cent, over the same period, implying a five-fold increase and revealing a true growth story.

    “Accordingly, we closed the year with a profit after tax of ₦382.3 billion and an Earning per Share (EPS) of ₦22.27. Despite these accomplishments, we are not resting on our laurels. We recognise that the business environment remains volatile, so we will continue to evolve with the changing times while embracing technological advancement,” he added.

    Speaking on the Company’s Annual Reports, Mrs. Bisi Bakare, Chairman of the Pragmatic Shareholders Association, commended the management of Dangote Cement for its doggedness during the year under review for still being able to exceed the shareholders’ expectation in view of the inclement economic weather under which companies operated in the country.

    She explained that the shareholders were happy for the returns, pointing out that it only means that the company was living up to its billing as the largest in Sub-Saharan Africa, adding that if not for the resilience of the management, the company would not be able to post such an impressive performance in 2022. 

    Mrs. Bakare alluded to the successful listing of the N300 billion series bond by the Company, saying the company succeeded largely due to the confidence reposed in the company and its management by the investing public. “It is not all companies that could record such a feat given the huge amount involved and the biting economic situation”, she stated.