WorldStage– Shareholders of International Breweries Plc approved a series of important resolutions including proposed return of capital of up to ₦84 billion, at the company’s 49th Annual General Meeting (AGM) held on Thursday, 30 July 2026, at the Grand Ballroom of the Federal Palace Hotel, Victoria Island, Lagos
The meeting was chaired by the Board Chairman, who laid the Audited Financial Statements for the year ended 31 December 2025 before shareholders.
Shareholders approved a significant capital reorganisation subject to regulatory and Court approvals:
- The amount standing to the credit of the Company’s share premium account shall be reduced by a sum sufficient to write off the Company’s negative retained earnings (with reference to the 2025 annual financial statements or the latest quarterly results preceding the Court Order).
- Following the reduction, up to ₦84 billion (or such portion as the Board may determine based on working capital and cash requirements) from the remaining share premium shall be returned to shareholders on a pro-rata basis as a return of capital.
- The Board, Company Secretary and Management were authorised to take all necessary steps, including obtaining regulatory and Court approvals, to implement the reorganisation.
Other Resolutions
Directors were authorised to fix the remuneration of the External Auditors; A general mandate was granted for the Company to procure goods, services and financing, and enter into incidental transactions with related parties on normal commercial terms for day-to-day operations (valid until the next AGM). All such transactions entered into in the 2025/2026 financial year prior to the meeting were ratified; The Board and Management were authorised to take all actions necessary to give effect to the resolutions.
Other Key Resolutions Passed include Board Appointments and Re-elections
Shareholders elected two new Directors: Mrs. Toyin Adeniji and Mr. Nicholas Kade
They also re-elected the following Directors: His Royal Majesty, Igwe Nnaemeka Achebe (CFR), Mr. Andrew Whiting, Mr. David Tomlinson, and Mrs. Temitope Oguntokun
Shareholders elected the following as their representatives Statutory Audit Committee: Mr. Adetunji Ajani Babajide, Mr. Chisom Nwamara William,, Mr. Olalekan Iyiola Layi
Directors’ representatives nominated to the Committee are Mrs. Nkechinyere Chinyere Ugochukwu and Mrs. Awuneba Ajumogobia.Directors’ Remuneration
Shareholders approved the remuneration of Non-Executive Directors for the financial year ending 31 December 2026 at an aggregate amount of ₦93 million, with sitting allowances to be paid separately.
The proposed return of capital of up to ₦84 billion, once implemented after Court confirmation, is expected to provide a significant cash distribution to shareholders.
The resolutions were certified as a true record by Company Secretary Temitope Oluwatosin.
