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Coronavirus: Eleven listed firms postpone board, annual general meetings

Following the directives from the Nigerian authorities managing the novel coronavirus
(COVID-19), eleven listed firms on the Nigerian Stock Exchange (NSE) have postponed either
their board meetings or annual general meetings (AGMs) last week.

It will be recalled that the Nigeria Centre for Disease Control (NCDC), Federal Government,
the Nigerian Stock Exchange (NSE), as well as the state governments in Lagos, Ogun, Oyo,
Kaduna, Kogi, Rivers and Osun have implemented some forms of restrictions that will
prevent gatherings of people as usually seen during the AGMs of companies.

Therefore, in response to these directives, firms that are yet to hold either of the programs
have informed their stakeholders that new dates would be announced.
Companies that postponed their board meetings are MRS Oil Nigeria, the Nigerian Aviation
Handling Company (NAHCO) and Total Nigeria. MRS Oil initially scheduled its board meeting
for March 20, 2020. This has been postponed till further notice.

NAHCO’s board meeting was scheduled for March 27, 2020 but will now hold on April 8,
“This is to inform the Nigerian Stock Exchange and our esteemed shareholders that the
meeting of the board of directors of Nigerian Aviation Handling Company Plc (NAHCO

AVIANCE) scheduled to hold on 27 th March 2020, in Lagos to consider and approve the
company’s 2019 audited financial statements and recommend dividend, has been
postponed to 8th April, 2020. This postponement is because the 2019 audited financial
statement has not been completed due to disruptions of the auditing process by the impact
of COVID 19.

“However, the closed period declared by the company from 12 th March, 2020 will continue
hours after the 2019 audited financial statements is released to the market”, a notice signed
by Bello Abdullahi, company’s secretary from Dikko & Mahmoud Solicitors, stated.
Total Nigeria has postponed its board meeting as well.
Affected annual general meetings include those of Morison Industries, United Bank for
Africa (UBA), Transcorp Hotels, Africa Prudential and United Capita. Others are
Transnational Corporation of Nigeria(Transcorp), Notore Chemical Industries, and Greif

All AGMs postponed till further notice except that of Greif Nigeria which will now hold on
June 23, 2020.
“Greif is concerned with the safety and health of its employees, their families and the
general public at large. As a result of this, the company’s Annual General Meeting (AGM)
which is scheduled to hold on Tuesday 31st March 2020 has now been postponed by the
Board of the Company and rescheduled the meeting to hold on Tuesday, 23rd June 2020
at Neni Hall, Rockview Hotel, Parklane Apapa Lagos by 11.00am”, according a notice sent to
the Nigerian Stock Exchange (NSE).

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