At the Annual General Meeting of Wema Bank Pic held on 20 May 2022 at the Bank’s Head Office, 54, Marina Lagos at 10.00 a.m. the following resolutions were presented to the members and were passed:
Resolution for declaration of dividend
It was unanimously resolved “that the directors be and are hereby authorized to pay dividend of 24 kobo per ordinary share of 50 kobo each on May 20, 2022 from the profit of the Financial Year Ended December 31, 2021 to members on the register of the Company at the close of business on April 27, 2022 subject to the deduction of appropriate Withholding Tax”.
ii. Resolution for appointment of new Directors
It was unanimously resolved “that Mr. Olusegun Adesegun and Mr. Adeyemi Adefarakan be appointed as Non-Executive Directors on the Board of the Bank AND Mrs. Bolarin Okunowo and Dr. (Mrs.) Yemisi Olorunshola be appointed as Independent Non-Executive Directors on the Board of the Bank”.
iii, Resolution for the re-election of Director retiring by rotation
It was unanimously resolved “that Mrs Abolanle Matel-Okoh be re-elected as a Non-Executive Director AND Mrs. Ibiye Asime Ekong be re-elected as an Independent Non-Executive Director on the Board of the Bank”.
iv. Resolution for the authorization of directors to fix the renumeration of the director
It was unanimously resolved “that the remuneration of the Bank’s Auditors be fixed at a fee to be agreed by the Board of Directors of the Bank”.
v. Resolution for the election of members of the audit committee
It was unanimously resolved “that the three (3) valid nominations received by the Company Secretary in the names of Prince Adekunle Olodun, Mr. Ogbonna Joe Anosikeh and Mrs. Osijo Omobola Esther be elected as the shareholders representatives in the Bank’s Audit Committee”.
vi. Resolution for the approval of directors’ fees
It was unanimously resolved “that the Directors annual fee for the financial year ending 313 December, 2021 be fixed at N54,500,000.00 at the rate of N9,500,000.00 for the Chairman andN7,500,000.00 for each of the Non-Executive Directors and sitting allowance of N300,000.00
for the Chairman and N250,000.00 for the other Non-Executive Directors”.
SPECIAL BUSINESS BY ORDINARY RESOLUTION
i Resolution for the issuance/cancellation of uninsured share capital
It was unanimously resolved “that the Directors shall issue or cancel any of the Bank’s unissued Share Capital after the completion of the right issue exercise approved at the ExtraOrdinary General Meeting on December 31%”, 2021 and amend Clause 5 of the Memorandum and Article 7 of the Articles of Association of the Bank to reflect the new issued Share Capital of the Bank after the cancellation or re-issuance of the unissued Share Capital”.