July 1, 2022

COVID-19: UBA, GTBank, Others Postpone AGM

COVID-19: UBA, GTBank, Others Postpone AGM

United Bank for Africa (UBA), Guaranty Trust Bank (GTB) and seven other companies have postponed their annual general meeting (AGM) as the pandemic Coronavirus (Covid-19) continue to rise in Nigeria and dislocate the global and domestic capital markets.

As confirmed cases of Covid-19 infection quadrupled the nation activities, governments announced closure of schools and restrictions of large socio-religious gatherings, quoted companies have postponed their scheduled AGMs of shareholders.

As at March 24, 2020, 24 companies have released their audited results for the financial year ended December 31, 2019 and out of these 14 companies have notified the investing public of their general meetings, while five companies have been able to hold their AGM, we gathered from Leadership

UBA, United Capital, Transcorp Hotel, Transnational Corporation of Nigeria (Transcorp), Morison Industries, Guaranty Trust Bank, Custodian Investment and Nigerian Breweries have announced their cancellation of the notice of their AGMs till further notice.

Despite the postponement of the AGM, there is likelihood it will not affect the payment of dividend being proposed by the companies such as Africa Prudential. The company, which was supposed to hold its AGM on March 23, 2020 has paid the dividend of 70 kobo per share to its shareholders.

According to Africa Prudential in a release signed by its company secretary, Joseph Jibunoh, following the Covid-19 global pandemic, which necessitated the postponement of the seventh AGM of the company and cancellation of the notice of some, the board of directors of Africa Prudential in exercise of the powers conferred on it by Section 379(2) of CAMA, has approved that an interim dividend of 70 kobo per share be paid to shareholders whose names appear in the Register of Members of the Company as at the close of business on March 23, 2020.

Concerns had risen over the safety of large gathering of shareholders and other stakeholders at AGM. With shareholders’ base of most companies in thousands and the large number of other stakeholders usually at AGM, the Nigerian Stock Exchange (NSE) issued a circular advising all quoted companies that plan to hold meeting to put in place adequate precautionary measures to ensure the safety of all stakeholders

Leave a Reply

%d bloggers like this: