The Audio Visual Rights Society of Nigeria (AVRS) successfully held its eight Annual General Meeting (AGM) at The Zone, Gbagada Expressway, Lagos. The event addressed key matters essential to the Company’s continued growth and sustainability.
The AGM’s agenda focused on four critical issues which includes approval of Financial Statements. The society’s audited financial statements for the year ending December 31, 2023, along with the auditor’s and directors’ reports, were presented and adopted. The external auditor, Olukayode Timehim & Co, provided the audit report, reflecting strong financial oversight.
It also includes the Review of Auditor Engagement. Members discussed the auditor’s position and authorised the Board to make any necessary changes and determine their remuneration.
Also, four vacant seats on the Management Board were filled through elections conducted in line with the organization’s Articles of Association. Two incumbent directors, including the Chairman, Mr. Mahmood Ali-Balogun and Chief Peddie Okao, were re-elected after retiring, while two new directors, Lancelot Imaseun and Nafisat Abdullahi, joined the Board.
Finally, there was authorization for Royalty Distribution. Approval was granted to carry out distribution as soon as practicable in accordance with Article 16 of the society’s Memorandum and Articles of Association.
The chairman, Mr. Mahmood Ali-Balogun, presented a report on distributions between January 2023 and March 2024, revealing that over N45 million in royalties had been distributed to members with verified account information.
He also highlighted AVRS’s efforts to engage with users of audiovisual works, focusing on hotels and other similar establishments. “Our partnership with hotel associations in Lagos and Abuja, through group licensing agreements, has enabled smoother operations and fostered mutual understanding,” the chairman stated. These agreements, expiring in December, are already under renegotiation to align with market developments and industry needs. He commended the President of Hotel Owners & Managers Association of Lagos (HOMAL), Chief Samuel Alabi for the continued compliance of its members to AVRS licensing obligations.
In a significant development, the chairman confirmed progress on the Private Copying Levy, with substantial funds already collected and awaiting distribution to relevant Collective Management Organizations (CMOs) and rightsholders.
Members commended the Board and management for their dedication and sacrifice and expressed appreciation for the chairman’s exemplary leadership throughout the year.
Apart from the returning AVRS Directors, Alh.Sani Muazu, Prince Jide Kosoko, Monalisa Chinda, Barr. Norbert Ajaegbu, Chief Rotimi Aina-Kushoro, Yemi Solade, Tunji Ojetola and Mrs. Bukola Adeyemi (GM); the general meeting featured the presence of many film industry heavyweights, including Zeb Ejiro, Emeka Ossai, Zik Zulu Okafor, Mike Nliam, Abdulrazak Abdullahi, Toyin Uthman, Lekan Oyegoke, Banke Ajani, Alex Eyengho and Francis Onwochei, who anchored the AGM with AVRS Consultant, Dr. Chinedu Chukwuji
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