Notification of outcome of agm

At the 27th Annual General Meeting (AGM) of UPDC Plc (UPDC or the Company) held on Wednesday, May 14, 2025, at the Arthur Mbanefo Hall, Festival Hotel, Festac, Lagos, Nigeria; the shareholders of the Company duly approved the following resolutions:

1. The report of the Directors, the Consolidated Statement of Financial Position with the Consolidated Statement of Profit or Loss and other Comprehensive Income for the year ended 31 December 2024 and the Report of the Auditors and Statutory Audit Committee.

2. That dividend payment of one kobo per ordinary share of fifty kobo each be paid to shareholders on the Register of Members at the close of business on Wednesday. 30th April 2025 be and is hereby approved.

3. That pursuant to Section 285 of the Companies and Allied Matters Act (CAMA) 2020 and Article 78(1) of the Articles of Association of the Company, Ms Bidemi Fadayomi and Mr Oyekunle Osilaja be and are hereby re-elected as Non-Executive Directors of the Company.

4. That pursuant to Section 408 of the CAMA 2020, the Directors of the Company be and are hereby authorised to fix the remuneration of the external auditors for the year ending December 31, 2025.

5. That the under listed shareholder representatives be and are hereby elected into the Audit Committee:

   • Sur. Joe O Anosikeh

   • Engr. Taiwo Ganiyu Fawole

   • Mr. Uchenna Nnamdi Nnadozie

     While the under listed Directors will serve on the Statutory Audit Committee for the year ending December 31, 2025:

     
     
     

   • Mr. Oyekunle Osilaja; and

   • Mr Adeniyi Falade

6. The disclosure of the remuneration of the Managers of the Company in the Consolidated Statement of Financial Position with the Consolidated Statement of Profit or Loss and other

   UPDC PLC RC.321582

   UAC House, 1-5 Odunlami Street, Lagos. info@updcplc.com | https://www.updcplc.com

   Directors: Mr. O. Oshin (Chairman), Mr O Ojo (CEO), Mr. F. Aiyesimoju, Mr. O. Osilaja, Mr. A. Falade, Ms. B. Fadayomi

   
   
   

   Comprehensive Income for the year ended 31 December 2024, pursuant to Section 257 of the CAMA 2020.

   SPECIAL BUSINESS

7. That pursuant to Section 293(1) of the CAMA 2020 and Article 66 of the Articles of Association of the Company, the fees payable to the Non-Executive Directors is hereby set at the sum of N10,200,000.00 (Ten Million, Two Hundred Thousand Naira) per annum.

UPDC Plc has a dedicated Investor's Portal on its corporate website which can be accessed via this link: https://www.updcplc.com. The Company's Investors' Relations Officer can also be reached through electronic mail at investorrelations@updcplc.com or telephone on +234 8084403078 for any investment related enquiry.