Summary of Shareholders’ Resolutions: Flour Mills of Nigeria Plc (FMN)
Date of Notification: November 15, 2024
Date of AGM: November 14, 2024
Venue: Flour Mills of Nigeria Plc (Virtual and/or physical meeting)
Ordinary Business by Ordinary Resolutions
1. Approval of Audited Financial Statements:
• Shareholders received the audited financial statements for the year ended March 31, 2024, along with the Directors’, Auditors’, and Audit Committee’s reports.
2. Dividend Declaration:
• A final dividend of ₦1.80 per 50 kobo ordinary share was approved for shareholders whose names were registered in the Company’s Register of Members as of August 9, 2024.
3. Directors’ Elections and Re-elections:
• Directors re-elected:
• Mr. John G. Coumantaros
• Prof. Jerry Gana
• Mr. Alfonso Garate
• Alhaji Rabiu M. Gwarzo
• Ms. Yewande Sadiku
• Special Re-election:
• Prof. Jerry Gana and Alhaji Rabiu M. Gwarzo were re-elected, as they are over 70 years old but eligible under Section 282 of CAMA, 2020.
4. Remuneration Disclosures and Approvals:
• Managers’ remuneration details were disclosed on page 154 of the Annual Report.
• The Directors were authorized to fix the Auditors’ remuneration.
5. Election of Audit Committee Members:
• Shareholders elected the following representatives to the Audit Committee:
• Mr. Adesina Olalekan Oladepo
• Mr. Shekoni Nurudeen Adebayo
• Mr. Adeshina Tajudeen Imran
• Board representatives on the committee:
• Mr. Foluso Phillips
• Alhaji Yunus Olalekan Saliu
Special Business by Ordinary Resolutions
1. Approval of Related Party Transactions:
• A general mandate was granted for FMN to continue engaging in transactions with related parties for day-to-day operations under normal commercial terms aligned with its Transfer Pricing Policy.
• Transactions conducted earlier in 2024 were ratified.
2. Remuneration of Non-Executive Directors:
• Approved as presented during the meeting.
Special Business by Special Resolutions
1. Authorization to Raise Additional Capital:
• Directors were authorized to raise additional capital of up to ₦200 billion for the Company.
Voting Method:
All resolutions, including the election of shareholders’ representatives to the Statutory Audit Committee, were decided by a show of hands.
Signed:
• Omoboyede Olusanya (Director)
• Joseph Umolu (Company Secretary)
Contact Information:
• Address: 1 Golden Penny Place, Wharf Road, Apapa, Lagos State, Nigeria
Date of Notification: November 15, 2024
Date of AGM: November 14, 2024
Venue: Flour Mills of Nigeria Plc (Virtual and/or physical meeting)
Ordinary Business by Ordinary Resolutions
1. Approval of Audited Financial Statements:
• Shareholders received the audited financial statements for the year ended March 31, 2024, along with the Directors’, Auditors’, and Audit Committee’s reports.
2. Dividend Declaration:
• A final dividend of ₦1.80 per 50 kobo ordinary share was approved for shareholders whose names were registered in the Company’s Register of Members as of August 9, 2024.
3. Directors’ Elections and Re-elections:
• Directors re-elected:
• Mr. John G. Coumantaros
• Prof. Jerry Gana
• Mr. Alfonso Garate
• Alhaji Rabiu M. Gwarzo
• Ms. Yewande Sadiku
• Special Re-election:
• Prof. Jerry Gana and Alhaji Rabiu M. Gwarzo were re-elected, as they are over 70 years old but eligible under Section 282 of CAMA, 2020.
4. Remuneration Disclosures and Approvals:
• Managers’ remuneration details were disclosed on page 154 of the Annual Report.
• The Directors were authorized to fix the Auditors’ remuneration.
5. Election of Audit Committee Members:
• Shareholders elected the following representatives to the Audit Committee:
• Mr. Adesina Olalekan Oladepo
• Mr. Shekoni Nurudeen Adebayo
• Mr. Adeshina Tajudeen Imran
• Board representatives on the committee:
• Mr. Foluso Phillips
• Alhaji Yunus Olalekan Saliu
Special Business by Ordinary Resolutions
1. Approval of Related Party Transactions:
• A general mandate was granted for FMN to continue engaging in transactions with related parties for day-to-day operations under normal commercial terms aligned with its Transfer Pricing Policy.
• Transactions conducted earlier in 2024 were ratified.
2. Remuneration of Non-Executive Directors:
• Approved as presented during the meeting.
Special Business by Special Resolutions
1. Authorization to Raise Additional Capital:
• Directors were authorized to raise additional capital of up to ₦200 billion for the Company.
Voting Method:
All resolutions, including the election of shareholders’ representatives to the Statutory Audit Committee, were decided by a show of hands.
Signed:
• Omoboyede Olusanya (Director)
• Joseph Umolu (Company Secretary)
Contact Information:
• Address: 1 Golden Penny Place, Wharf Road, Apapa, Lagos State, Nigeria