NIC Holdings approves re-election of Tukacungurwa and Obayomi as Company directors

NIC Holdings Limited has approved the resolution of re-electing Messrs. Charles Tukacungurwa and Obayomi Lawal as directors of the Company.  

This was revealed by Elias Edu – Company Secretary in a statement announcing the company’s resolutions during the 21st Hybrid Annual General Meeting (AGM) held on Thursday, 14th July, 2022.

Mr. Tukacungurwa holds a Bachelors’ degree in Botany and Zoology and a Masters’ degree in Plant breeding and genetics from Aberdeen, Scotland. He worked in various capacities in the then Agricultural Policy Secretariat under the Ministry of Finance, Planning and Economic Development.

He currently works as a private Consultant after retiring from the public sector.

Whereas Mr. Lawal, a thoroughbred professional accountant, is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). He became an associate member of the Institute of Chartered Accountants, Nigeria in 1982 and for his contribution to the noble profession; he was made a fellow of the same institute in 1991.

He commenced his accounting career with a professional firm of chartered accountants, Messrs Z.O. Ososanya & Co and later worked as the Group Financial Controller of Life Flour Mills Limited, Sapele in Delta State, Nigeria for several years before joining IGI Plc.

Other resolutions passed include;

Approval of the Company’s financial statements for the year ended 31st December 2021 which was laid before shareholders together with the reports of the Directors thereon. 

Approval of the resolution appointing KPMG, Certified Public Accountants, 3rd Floor, Rwenzori Courts, Plot 2 & 4, Nakasero, Kampala as External Auditors of the Company for the year ending 31st December, 2022 and authorizing directors to determine their remuneration.

Approval of the remuneration of directors as disclosed in the 2021 Annual Report and Accounts which was presented as a special business at the AGM. 

Approval of the Special Resolution increasing the Company’s authorized share capital from UGX13,000,000,000/- (Thirteen Billion Uganda Shillings) to UGX31,000,000,000/- (Thirty-One Billion Uganda Shillings).

And also a Special Resolution, the consequential amendment of clause 5 of the Memorandum of Association as follows:

Consequential amendment of the Memorandum of Association

“5. That the share capital of the Company is UGX31,000,000,000/- (Thirty-One Billion Uganda Shillings) divided into 6,200,000,000 (Six Billion, Two Hundred Million) ordinary shares of UGX5/- (Five Uganda Shillings) with power to increase or reduce the capital with or without any priority or special privileges or subject to any postponement of rights or restrictions or conditions and to consolidate or sub-divide the shares into shares of larger or smaller amounts and also from time to time alter, modify, commute, abrogate, or deal with any such rights, privileges and conditions in accordance with the regulations for the time being of the company and statutes.”

The meeting also approved as Ordinary Resolution, the resolution authorizing the directors to increase the Company’s paid-up share capital from UGX10,618,347,885/- to any amount up to UGX30,226,191,025/- by the creation of new Ordinary shares of UGX5/- (Five Uganda Shillings) per share to be offered concurrently to the existing shareholders of the Company and to any interested member of the public at a price as shall be determined by the directors provided that the existing shareholders on the date of the issue shall have renunciation rights on the new ordinary shares created. 

“All shareholders who are yet to immobilize their shares and open SCD accounts are advised to do so through their registered stockbrokers and inform the Company Secretary accordingly.”