Geregu Power Plc has approved paying its shareholders a dividend of N8 per ordinary share of 50k each, totalling N20 billion.

Akinleye Olagbende, general counsel of Geregu Power, said this in the resolution of the company’s 12th annual general meeting (AGM) sent to the Nigerian Exchange Ltd (NGX) in Lagos on Tuesday.

Mr Olagbende said the beneficiaries are those shareholders whose names appear in its register of members as of February 27.

He said the company also appointed Olukunle Oyewole as an independent non-executive director.

The general counsel revealed that Anil Dua and Doron Grupper were also re-elected as Independent non-executive directors of the company.

Mr Olagbende stated that the directors were authorised to fix the remuneration of the auditors.

He said the power company also elected Anil Dua, John Robert Lee, Mr Taj Giwa-Osagie, Bisi Bakare and Bakare Shofoluwe as members of the statutory audit committee.

According to him, the firm approved the remuneration of its managers and directors for the year ended December 31, 2023, at the AGM.

Mr Olagbende said that the company’s memorandum and articles of association were also amended.

According to him, the new memorandum read that fully paid shares shall be free from any restriction on the right of transfer and free from all lien except as otherwise prescribed by the operation of law.

The general counsel stated that all regulatory announcements by the company would be published in at least two national newspapers with nationwide circulation.

(NAN)