Transcorp declares N2 dividend, secures shareholder approval for expansion powers

TRANSNATIONAL Corporation Plc held its 20th Annual General Meeting (AGM) on Friday in Abuja, where shareholders approved key resolutions including dividend payout, board re-elections, and expanded corporate powers for the conglomerate.

The meeting, which took place at 10:00 a.m., reviewed the company’s audited financial statements for the year ended December 31, 2025, alongside reports from the directors, external auditors, and the statutory audit committee.

Transcorp Group, operated by Transnational Corporation Plc⁠, said shareholders approved a final dividend of N1.60 per ordinary share for the 2025 financial year. When combined with an interim dividend of 40 kobo per share paid in August 2025, total dividend for the year stands at N2.00 per share.

READ ALSO: Transcorp adjusts dividend, AGM dates as shareholders set for N2 total payout

Shareholders also re-elected three independent non-executive directors, such as Victor Famuyibo, Ahmadu Sambo, and Foluke Abdulrazaq, OON to the board.

The statutory audit committee was reconstituted with shareholder representatives John Isesele, Mathew Esonanjor (SAN), and Judith Rapu, alongside board representatives Dr. Stanley Lawson and Victor Famuyibo.

The board, chaired by Tony Elumelu, includes Vice Chairman Foluke Abdulrazaq, and President/GCEO Owen Omogiafo, among other directors.

At the meeting, shareholders approved a cumulative remuneration of N790 million for non-executive directors for the year ending December 31, 2026, effective from January 1, 2026.

They also granted the board broad authority to invest in, acquire, or divest from businesses, as well as undertake restructuring or reorganisation activities subject to regulatory approvals where necessary.

Additionally, shareholders approved a general mandate allowing the company to engage in recurring related-party transactions necessary for its day-to-day operations. The mandate will remain valid until the next annual general meeting.

The resolutions were formally adopted at the close of the meeting, with the board authorised to take all necessary actions to implement the decisions.