Presco Plc has announced key resolutions passed at its 2024 Annual General Meeting (AGM), which was held on Tuesday, 19th August 2025 at Jewel Aeida Event Centre, Lekki, Lagos.
Key Resolutions Passed
Dividend Payments
Ratification of a ₦26.30 per share dividend (₦26.3 billion) already paid from the 2023 financial year.
Approval of a ₦42.00 per share dividend (₦42 billion) for the 2024 financial year.
Board Changes
Re-election of Mrs. Ingrid Gabrielle Vandewiele (Non-Executive Director) and Ambassador Nonye Udo (Independent Non-Executive Director).
Election of new Directors: Mr. Olakanmi Rasheed Sarumi, Mr. Abdul Akhor Bello, Mrs. Iquo Ukoh, and Ms. Osayi Alile.
Ratification of the appointment of Mr. Reji George as Managing Director/CEO.
Auditors
Re-appointment of Deloitte & Touche as Independent Auditors until the 2025 AGM.
Appointment of KPMG as new Independent Auditors after Deloitte’s tenure expiry, with authorization for the Board to fix their remuneration.
Directors’ Remuneration
Ratification of ₦152.7 million remuneration for Non-Executive Directors for FY 2024.
Approval of ₦349 million remuneration plus ₦56.4 million sitting allowance for FY 2025.
Audit Committee
Shareholder representatives elected: Engr. M.O.T. Olayiwola Tobun, Mr. Job Ihejirika Onwughara, Mr. Adenrele Sulaimon Babatunde.
Board representatives elected: Mr. Abdul Akhor Bello and Ambassador Nonye Udo.
Mandates and Governance
Renewal of general mandate for recurrent related party transactions, provided they are on normal commercial terms.
Authorization for the Board to invest in or acquire shares/assets of companies in the same line of business under Presco’s expansion program.
Capital Raising & Share Capital Increase
Approval for the Company to raise up to ₦250 billion via Rights Issue of ordinary shares.
Shares not taken up may be offered to other shareholders who indicate interest.
Increase in share capital to accommodate the new issuance.
Authorization for shareholders’ loans and payables to be converted into shares under the Rights Issue.
Approval of amendments to the Memorandum and Articles of Association to reflect changes in share capital.
Authorization to raise additional funds through debt, equity, or hybrid instruments as determined by the Board.
Ratification of Board Actions
All actions previously taken by the Board in relation to these resolutions were formally ratified.
The resolutions were signed off by Frederick Ichekwai, Company Secretary, on behalf of the Board.
Investor Takeaways
Massive Dividend Payouts: Presco continues to reward shareholders generously, with a combined dividend of ₦68.3 billion over two years (₦26.30 in 2023 and ₦42.00 in 2024). This highlights strong profitability and robust cash flow.
Board Strengthening: The addition of new directors, alongside the confirmation of Mr. Reji George as MD/CEO, signals continuity in leadership while bringing fresh perspectives for expansion.
Audit Transition: The switch from Deloitte to KPMG ensures compliance with audit rotation rules while maintaining global-standard oversight.
Aggressive Growth Plan: The approval to raise up to ₦250 billion via Rights Issue, alongside authorization for debt financing, shows Presco’s commitment to expansion. This capital could fund acquisitions and scale operations in the agro-industrial space.
Shareholder Value Protection: Allowing shareholders to take up additional unsubscribed Rights Issue shares ensures existing investors are prioritized before external parties.
Governance and Transparency: From remuneration disclosures to related-party mandates and audit committee elections, Presco demonstrated compliance with corporate governance standards.
Bottom Line: Presco is balancing strong shareholder returns (dividends) with long-term expansion (₦250bn capital raise + acquisitions). Investors should expect continued profitability, but also dilution risks in the short term if the Rights Issue is executed.
