WorldStage– FTN Cocoa Processors PLC has successfully concluded its 17th Annual General Meeting (AGM), held virtually, where shareholders overwhelmingly endorsed a series of strategic resolutions concerning corporate governance, auditor appointments, and director remuneration for the incoming financial year.
The high-stakes session saw unanimous approval across all ordinary and special business items outlined by the board, signaling unified investor backing as the company navigates its strategic operational roadmap.
Key Highlights & Resolutions Passed
1. Financial Statements and Reports Laid Before Stakeholders
Management formally presented the Report of the Directors, the comprehensive Financial Statements for the year ended December 31, 2025, alongside the corresponding Reports of the Auditors and the Audit Committee. Shareholders formally received and noted the documents.
2. Board Re-election
In line with corporate governance requirements under Section 273(1) of the Companies and Allied Matters Act (CAMA) 2020, Mrs. Titilayo Aderonmu successfully secured her re-election as a Non-Executive Director of the company, ensuring continuity at the board level.
3. Appointment of New External Auditors
Breaking ground on its external audit structure, the assembly approved the appointment of Messrs. Bakertilly Nigeria (Chartered Accountants) as the company’s new External Auditors under Section 401 of CAMA 2020. Concurrently, the Board of Directors was authorized to fix the auditors’ remuneration in compliance with Section 408(1)(b) of the Act.
4. Constitution of the Statutory Audit Committee
To reinforce transparency and financial oversight for the 2026/2027 financial year, the company elected its new Statutory Audit Committee.
Shareholder Representatives: Mr. Emmanuel Olaniyi Oladosu, Mr. Chinwendu Achara, and Mr. Fawole Taiwo Ganiyu.
Board Representatives: Otunba Wale Jubril and Mr. Nathaniel Durant.
5. Special Business: Director Remuneration Approved
Under special business provisions, shareholders approved a total sum of N2 million as Directors’ fees for the financial year ending December 31, 2026. Additionally, pursuant to Section 257 of CAMA 2020, full disclosures regarding managers’ remuneration were laid before the floor.
Market Implications
For market watchers and equity investors, the seamless endorsement of these corporate actions highlights stable governance dynamics within FTN Cocoa Processors PLC. With fresh audit mandates in place and a solidified leadership team guiding its processing and export framework, the company remains positioned to build investor confidence through structured accountability.
