Nigerian Breweries approves N233.7m directors’ pay, re-elects board members at 80th AGM

NIGERIAN Breweries Plc has approved a total of N233.7 million as remuneration for its directors for the 2026 financial year, alongside key board and governance resolutions, at its 80th Annual General Meeting (AGM) held in Lagos.

The meeting, which took place at Victoria Island, was chaired by Ms Juliet C. Anammah. Shareholders ratified the appointment of three new directors – Thibaut F.B. Boidin, Guillaume B.M. Duverdier, and Maria A. Karaseva – in line with the provisions of the Companies and Allied Matters Act (CAMA) 2020. The approvals were passed through a single resolution.

In addition, two retiring directors, Ms Adeyinka O. Aroyewun and Mr Roland Pirmez, were re-elected following shareholder endorsement, consistent with the company’s Articles of Association.

The AGM also empowered the board to determine the remuneration of the independent auditor for the financial year ending December 31, 2026.

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Shareholders further approved the composition of the Statutory Audit Committee. Those elected include Chief Timothy A. Adesiyan, Mazi Samuel C. Mpamaugo, and Mr David O. Oguntoye as shareholders’ representatives, alongside Ms Olufunmilayo A. Akande and Mr.Jaap A.A. Overmars representing the board.

In another key resolution, the company renewed its general mandate to engage in recurrent related-party transactions necessary for its day-to-day operations. These include the procurement of goods and services under normal commercial terms.

Other agenda items considered at the meeting included the presentation of the company’s 2025 financial statements, as well as reports from the directors, auditors, and audit committee. Shareholders also noted disclosures relating to the remuneration of managers.

Nigerian Breweries remains Nigeria’s leading brewing companies, with over 40 percent market share.