NEM Insurance Plc set to pay N902.97m dividend to shareholders.

The Board of NEM Insurance Plc has approved a total dividend of N902.97 million representing 9 kobo per share for the 2020 financial year at the 51st Annual General Meeting of the company, held at NEM House in Obanikoro, Lagos on 24th of June, 2021.

This is according to a notification signed by the company’s secretary, Olajumoke Philip-Akede and seen by Nairametrics

An abstract of the resolution read: ‘ That the dividend payment of 9k for every ordinary share of 50k each be and are hereby payable to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 4th of June, 2021.’’

In light of this, the approved dividend will be paid on all the issued 10,032,955,535 ordinary shares of the company.

In addition, the board also agreed to consolidate the company’s shares in the ratio one (1) new ordinary shares for every two (2) ordinary shares previously held by its shareholders. This will consequently raise the nominal value of the ordinary shares from 50 kobo each to N1 per share.

Other key decisions reached at the AGM include;

  • Two Directors were re-elected into the Board, namely: Dr. Fidelis Ayebae and Mrs. Olayinka Aletor.
  • Directors and Auditors remuneration for the 2021 financial year were fixed.
  • Five persons were elected as members of the statutory audit committee for the 2021 financial year.
  • The board also approved the amendment of the company’s Memorandum and Articles of Association to reflect the changes brought about by the share consolidation exercise.
  • The board finally approved that the transfer of N272,551,000 representing the value of 4.7 billion ordinary shares, from the Company’s Share Premium account and Retained Earnings account to the Share Capital account.

What you should know:

  • NEM Insurance Plc had earlier reported a profit after tax of N5.08 billion in FY 2020, indicating a surge of about 112.3% when compared to the sum declared in the corresponding period of 2019.