By Damilare Adeleye
Shareholders of UPDC Plc have approved a dividend payout of one kobo per ordinary share and endorsed plans to establish a ₦100 billion real estate investment fund.
These decisions were part of the resolutions passed at the company’s 28th Annual General Meeting (AGM) held in Lagos, where shareholders also approved several ordinary and special resolutions aimed at strengthening operations and the investment portfolio.
In a notice issued on Wednesday, Company Secretary Folake Kalaro stated that shareholders endorsed the audited financial statements for the year ended December 31, 2025, which included reports from the directors, auditors, and the statutory audit committee.
The approved dividend of one kobo per ordinary share of 50 kobo will be paid to shareholders whose names appeared in the register as of April 22, 2026.
During the meeting, Mr. Oluwole Oshin and Mr. Adeniyi Falade were re-elected as non-executive directors.
The board received authorization to determine the remuneration of external auditors for the 2026 financial year, in accordance with the Companies and Allied Matters Act (CAMA) 2020.
Additionally, shareholders elected Sur. Joe O. Anosikeh, Mr. Adeshina Tajudeen, and Mr. Ganiyu Kolawole Amoo as shareholder representatives on the statutory audit committee, with Mr. Oyekunle Osilaja and Mr. Adeniyi Falade serving as board representatives for the 2026 financial year.
A significant highlight of the AGM was the approval for the company to sponsor and establish the ₦100 billion UPDC Real Estate Investment Fund (REIF), subject to regulatory consent.
According to the resolution, the REIF will function as a regulated vehicle under the Securities and Exchange Commission (SEC) rules, covering residential, commercial, retail, and hospitality assets.
To facilitate the fund’s administration, shareholders authorized the board to appoint a qualified fund manager, trustee, custodian, and other necessary advisers.
The board was also empowered to contribute identified pipeline projects into the investment vehicle in exchange for consideration to be determined alongside the fund manager.