Abbey Mortgage Bank 34th Annual Meeting

Añadido: 2026-05-26

[00:00:00]2 naira for three cobble per share subject to regulatory approvals.

[00:00:05]B that following the completion of the additional equity capital raise as contemplated in 9 A above the issued share capital of the bank be increased from 5 billion76 million 923,73 naira divided into 10 bill153 million 846,154 shares of 50 co each to 18 billion 58,246,79 naira 79 naira 50 cobble by the creation of up to 26 billion 562,647,265 ordinary shares of 50 co each such new shares to rank parasu in all respect with the existing ordinary shares in the capital of the bank that as a Consequence thereof, clause six of the memorandum and articles of association of the bank shall be amended upon completion of the equity capital raise to reflect any new issued share capital as may be determined by the directors in their absolute discretion.

[00:01:22]D that the directors be and are hereby authorized to enter into any agreement and or execute any document necessary appointing such professional parties and advisers and to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions including without limitation complying with the directives of any regulatory authority.

[00:01:49]10 to consider and if thought fit pass the following resolutions as a special resolution.

[00:01:56]A that the directors B and are hereby authorized to raise additional capital of up to 100 billion NRA by way through an offer by way of issuance of shares whether by right issue and or public offer global deposit receipts commercial papers loans convertibles or non-con convertibles medium-term no notes bonds and or any other instrument either as a standalone or by way of programs in such trans series or proportions at such pawn or interest rates within such maturity periods and on such terms and conditions including through book building process or such other process all of which shall be as determined by directors subject to obtaining the approvals of relevant regulatory authorities.

[00:02:54]B that directors B and are hereby authorized to enter into any agreement and or execute any other documents necessary for and or incidental to effecting the resolutions above. C that the directors be and are hereby authorized to appoint such professional parties, enter into any agreement, execute any document necessary and perform all such other acts and do such other things as may be necessary for and or incidental toffecting the resolutions above and without limitation complying with directives of any regulatory authority. Notes one, attendance and voting by proxy. A member of the bank entitled to attend and vote at the annual general meeting is entitled to appoint a proxy to attend and vote instead of him or her. A proxy form is attached to this notice and if it is to be valid for the purpose of this meeting, it must be completed, stamped and deposited at the office of the bank's registrance, Africa credential PSC at 220Bu road, Pangrove, Lagos or via email cxapentialpsc.com not later than 48 hours before the meeting. Shareholders may nominate a director as proxy. Note two, meeting link and online streaming of AGM. Further to section 240 sub2 of the companies and allied matters act 2020 and section 11 of the business facilitation miscellaneous provisions act 2023.

[00:04:33]This AGM will be held virtually.

[00:04:36]The meeting will be livereamed at www.abmortgagebank.com/agm abortgagebank.com/m and will also be available at the bank's website and other social media platforms for the benefit of shareholders.

[00:04:49]Closure of register in compliance with section 114 of the companies and all matters act 2020. The register of members and transfer books of the bank will be closed from Wednesday 30th May 2026 to Friday 11 Friday 15th May 2026.

[00:05:06]Both dates inclusive for the purpose of updating the register dividend.

[00:05:13]The directors have recommended a dividend of 12 co for each 50 co share which will be subject to the appropriate withholding tax.

[00:05:22]If the dividend is approved by the members at the AGM, payment will be made on Monday 25th May 26 to shareholders whose names appear in the bank's register of members as a close of business on Tuesday 12th May 2026.

[00:05:39]EDV registration portant to directive of the Securities and Exchange Commission.

[00:05:44]Shareholders are kindly requested to update their records and advise Africa Credential PLC of their updated records and account details for the payment of dividend. A detachable e-mandate form is attached to annual reports for convenience of shareholders.

[00:06:01]Unclaimed dividend payment. All shareholders are encouraged to complete an e dividend mandate form to ensure that all outstanding dividends are paid electronically.

[00:06:12]A number of unclaimed dividends are still in custody of registrance. Any shareholder affected is advised to contact the bank's registrance. Africa Credential PLC at 220B Pang Grove Lagos or via email cxc at Africa credential plc africapential.com to lay claim nomination to the audit committee in accordance with section 404 sub6 of the companies and all matters act 2020. Any member may nominate a shareholder as a member of the audit committee by giving notice in writing of such nomination to the committee secretary of the bank at least 21 days before the annual general meeting in view of the statuto requirement that some members of the committee should have basic financial literacy and be knowledgeable in internal control processes. Nominations to the statute audit committee should be supported by the curriculum vital of the nominees.

[00:07:08]Eight, right of shareholders to ask questions. Shareholders have a right to ask questions not only at meetings but also in writing prior to the meeting and such questions must be submitted to the bank at least 48 hours before the meeting. Thank you esteemed shareholders.

[00:07:34]May I request that we take the following reports as read.

[00:07:40]One, chairman statements as contained on pages 22 to 25 of the annual report.

[00:07:50]two, the managing director CEO's statement which also is displayed on pages 28 to 32 of the annual report and three director's report shown on pages 34 to 38 of the annual report.

[00:08:17]reports to be read and I'm just going to take them one after the other one. I now call on the external auditors to read their reports and then that will be followed by the statutory audit committees report to be presented and lastly that will be followed by the board appraisers report that was conducted by the external assessor in that Good luck.

[00:09:13]Good morning. Hello. Good morning, Mr. Chairman. um directors here present um the regul regulatory regulatory representatives uh and shareholders here present. My name is Tosen Labodor and a partner with PWC and I'm here to present our independent auditors report for Ab Mid Bank PLC. Uh Mr. Mr. Chairman, if you permit me, I'll just read our opinion section as opposed to reading the entire report for the sake of time.

[00:09:51]Thank you. So, our opinion, in our opinion, Abby Mortgage Banks PC's financial statements.

[00:10:00]>> Can you refer to the page you are reading so that the shareholders will be carried along?

[00:10:04]>> Okay. So I'm reading from page 66 and I I'm rephasizing again. I'm just going to read our audit opinion as opposed to reading the entire um report section. So our opinion in our opinion Abbit Mortgage Bank's PLC's financial statements give a true and fair view of the financial position of the bank as at 31 December 2025 and of his financial performance and its cash flows for the year then ended in accordance with international financial reporting standards as issued by the international accounting standards board and the requirements of the companies Allied Matters Act, the banks and other financial institutions act and the financial reporting council of Nigeria as amended in 2023.

[00:10:58]That is our opinion. It is um a clean opinion and not qualified. Thank you.

[00:11:04]>> Thank you very much TWWC.

[00:11:08]Next is committed.

[00:11:18]>> Uh good morning uh ladies and gentlemen, the shareholders, the representative of the regulators and um I'm reading from page 58.

[00:11:38]My name is uh Adul Ali. I'm the chairman of the statutory audit committee. I'm reading from page 58.

[00:11:51]In accordance with the provisions of section 404 subsection 4 of the companies and allied matters act 2020.

[00:12:04]We have reviewed the financial statements for the year ended 31st December 2025 as follows.

[00:12:12]We have exercised our statutory functions and powers as provided by the articles of association of the bank and the cor companies and allied matters act 2020 and acknowledge the cooperation of the management and staff in the conduct of our responsibilities.

[00:12:38]We are of the opinion that the accounting and reporting policies of the bank are in accordance with legal requirements and agreed ethical practices and that the scope of planning of both the external and internal audits for the year ended 31st December 2025 was satisfactory. are complied with the banks system and internal controls.

[00:13:08]We have reviewed the findings of on management matters in conjunctions with the external auditors and departmental responses there as required by the provisions of the central bank of Nigeria circular BSD1/204 dated 8th February 2004 on disclosure measures of insider related credit in financial statements. We reviewed the insider related credits of the bank and found them to be as analyzed in the financial statement as after 31st December 2025.

[00:13:58]I'm the chairman of the audit committees. My name is Adali. Other members are prince and engineer Tobu who is a shareholder as well.

[00:14:11]Mr. Bad A is also a shareholder.

[00:14:18]Mrs. Aden Kuchi is a director and Obinaudu is the director as well.

[00:14:28]Five of us make uh make up the secretary audit committees. Thank you.

[00:14:34]>> Thank you very much for that report.

[00:14:38]>> The banks appreci Uh Mr. Chairman, good morning sir.

[00:15:00]Members of the board of directors, regulators present, uh shareholders, uh this is a report of the independent external consultant on board evaluation of Abby Morgate Bank PLC for the year ended 31st December 2025. I'm reading from page 52.

[00:15:22]IOD center for corporate governance was appointed to undertake an independent external evaluation of the board of directors of Abimog Bank PLC for the year ended 31st December 2025 in line with the provisions of section 2.8 8 of the Central Bank of Nigeria, corporate governance guidelines for primary mortgage banks in Nigeria and principle 14.1 of the Nigerian code of corporate governance 2018 NCCG.

[00:15:50]The evaluation entailed a comprehensive review of the bank's corporate and statutory documents, the minutes of the board and committee meetings, policies currently in place, other ancillary documents made available to us, responses to board and peer review surveys administered to directors. We carried out the assessment focusing on eight key themes including the company secretariats and their subsets. These key areas are both structure and composition, strategy and planning, board functioning and effectiveness, monitoring, measuring and reporting performance, assurance which captures risk management, audits, internal controls and compliance, sustainability and good corporate citizenship, transparency and disclosure, and individual directors assessments.

[00:16:44]These focus areas are all derived from the 28 principles relevant to board evaluation as contained in NCCG 2018 and other relevant statutes used for benchmarking. The bank has five committees namely board audit and compliance committee, credit and risk management committee, finance finance operations and information technology committee, governance and remaration committee, adoc committee on conversion and statutory audit committee. The board committees efficiently support the board in its oversight responsibility of the bank's operations and compliance with the Nigerian code of corporate governance 2018. the SEC corporate governance guidelines and the CBN corporate governance guidelines 2023.

[00:17:31]The board of Abi Morgate Bank PLC demonstrates commitments to good corporate governance practices and compliance with relevant governance statutes. We have communicated the observed areas requiring improvement to the board of directors and are confident that the board will address these observations as the bank transitions into a regional commercial bank. Details of our findings and recommendations are contained in our report. Thank you very much.

[00:18:02]Thank you very much. Sadly, the representatives of the chartered in of directors, distinguished shareholders, it is indeed my privilege to lay before you the audited financial statements for the year ended 31st December 2025 for your comments and observations.

[00:18:32]I will now invite you know the shareholders to make comments, questions, observations on the AFS.

[00:18:52]Can I call Mr. First?

[00:19:00]Sorry, Mr. Delic. Sorry.

[00:19:08]>> Good morning.

[00:19:28]If you look at shaping the future, look at the really looking forward to shape the future of the bank also because we are innovation.

[00:19:53]the ideation of able to pay dividend as small as we Now we going up with 12.

[00:20:23]I want to manage a good one to you financial summary of this we have broke tremendously from where we are to where we are today.

[00:20:42]Sir I have few questions for us on the right issue sir. Please let it come out on time and let the register work with shareh with us so that we can get it on time also sir. So if you look at page 144 of the report, page 144, our work and wages and salary reduced, what happens in terms of that? Because I believe since we have 12 more personnel employed in the public, the wages and salary is supposed to go up what we have last year. But you look at it salary still come down. The 12 person that just joined us are they working for free or did we reduce the salary of our staff?

[00:21:39]We would like to know also s you look at our earing per share is 12 14 and we pay 12 and we are paying 12. This is not encouraging. We need to plug back into the business. We are a growing brand and we have want a lot of money to do a lot of things. So we need to at least we we should have a good policy that we strictly follow that we everybody.

[00:22:17]>> So that is so important.

[00:22:20]Also sir I want to comment the two exe the executive directors of the bank Mr. Baji and Mr. and the person that is joining us I know is coming to add a lot of value to the bank. The bank is growing is growing tremendously.

[00:22:41]There is one oil company their office is at second employees.

[00:22:46]I was discussing with the one of the executives director Abby Mortgage Bank. He said the bank has come there to do presentation for them.

[00:22:58]Also there is one insurance company at lease one there the head office at lease one. I was discussing with their company secretary about AB mortgage banks. He told me that they have already opened account with them and they already banking with you. So it shows that in our own little way we are penetrating into the market and I pray that the good God will see us through and give us the knowledge and the wisdom of the taste to take this bank to the eye to the greater eyes. We are focus we are watching you and we are focusing on you because I just have passion for the bank board and management of this bank and I pray that the capital the the new capital that we are about to raise God will see us through and everything will work in our favor. Thank you so much. Let me give others the privilege to also make their comment. Thank you.

[00:23:58]>> Thank you so much Mr. Adel.

[00:24:01]I think we can have more comments from the shareholders. May I call on Mr. The bio will muted. Please can you can you check?

[00:24:48]Okay. May while we waiting for him, may I call on >> this?

[00:25:00]Okay.

[00:25:02]Is on now.

[00:25:03]>> Is on now. So, okay. Please proceed.

[00:25:06]Please proceed. Today, >> today is a great day in the history of our company because of the dividend that you have been be able to out for us and considering the fact that since uh this uh V VFD bought the majority share of this company, we know that definitely things will change because they are they are a a group that cherished excellence and success.

[00:25:37]Mr. Chairman, today I want to tell you that all the resolution will be taken and vote and supported. Mr. Sh also I want to use this opportunity to thank all our directors who have worked as seridiously and all the management staff who have also worked very well to out this dividend. We know where we have been coming from for many years before this VDF took over.

[00:26:06]with the procurement of the majority shareholder. We cannot we were not giving anything but today we are happy.

[00:26:15]We are happy. 12 co is a big deal of money. Like the first speaker mentioned some bank cannot even pay five co. Some are not even paying anything who are who are commercial banks who cannot pay anything. But for people who have large volumes that 12 cover is will go a long way to to to to make their life better.

[00:26:39]We are happy and we also pray that God in his infinite mercy will continue to strengthen our director to take us to the greater height that we all desire.

[00:26:51]Mr. Mr. Today also too today also too we we should look for ways to increase our working perita because we are intending to go into normal commercial bank our regional bank money is needed is the amount that we look into is will it be enough for us to compete effectively as a regional banker because there is great competition there. We need every money to compete.

[00:27:26]And today also we want to empower our directors to do all necessary duties to look for more capital either by way of uh debentures uh private placement to make us to be competitive enough with other regional bankers because we are stepping higher into another level. Mr. The chairman too I want to use this opportunity to thank you too because as shareholders your tenor has been very productive.

[00:28:00]Your tenor has been very productive and proactive. I pray that God in his infinite mercy will bless all our directors and our management staff and our we shareholders too. I also pray that God will give us the long life and good health to enjoy the fruit of our labor which is return on our investment.

[00:28:25]This and many other more I pray that God will endow us with abundantly. Thank you for the opportunity given. The name is William. God bless you.

[00:28:36]>> Thank you so much Mr. William Mr. William.

[00:28:40]>> God bless. Okay. May I call um is this Mrs. Dum F.

[00:29:02]Do we have on the platform?

[00:29:04]Okay.

[00:29:11]We take these three.

[00:29:14]>> I want to congratulate our bank. We have really done well. I want to want to congratulate the chairman and the board.

[00:29:24]We have really done extremely well.

[00:29:27]>> Extremely well.

[00:29:28]>> I want to I want to join in congratulating you on the on the award.

[00:29:38]we won during the year and I pray our bank will continue to move forward to a greater height. I join others to thank the the bank for giving us from six six naira we you are giving us last year to I pray we continue to move to a greater height.

[00:30:05]So at the same time I want to I want to raise a question.

[00:30:10]What factor drove the decision to double the dividend payout to 12 cobble per share and how does this align with the bank long-term capital adequate ratio?

[00:30:21]That is my question. Thank you very much.

[00:30:25]God bless.

[00:30:26]>> Thank you. Thank you so much.

[00:30:27]>> Thank you so much.

[00:30:31]Um, it's a lady. Okay. A man. Okay. May I call on Mr. Lambert Ibukquay?

[00:31:02]Salamat. Salamat. Salamat.

[00:31:06]We're waiting for you and the team worker for all the effort they have been doing to make our bank to increase both the dividends and we bank.

[00:31:26]We are telling the bank that they should work hard. They can also divert to another another sector so that they they can get more money because you cannot continue going on to any other side so that they can encourage the workers and encourage the the shareholders. So we thank you for the dividend you pay and we thank you that we are expecting more that by next year our dividend will increase and our company now will rise more with they have tries very well because other company some of the company cannot even pay dividends even other bank that are greater than the ambe bank and we know that this company this this is very good because you have been doing all good work for us. We pray that our company will never will never go down and all the activities you have been doing this year is good and we are all here now to encourage you. You can even make opportunity for the in right issue because we shareholder we are ready to buy more so that they the capital the capital money can also they have more money by issuing right issue and by doing all these things you can also give us by encouraging shareholder by giving us bonus too we are also expecting you thank you for opportunity giving my name remains lamb >> thank So Mr. Lambert um distinguished shareholders at this juncture maybe we should pause um and then maybe provide answers or clarifications to some of the questions that have arising I will call on the MD CEO to provide some of these answers but before he does uh let me also just you know provide some you know little bit of clarifications in terms of some of the questions that have been that have been by our shareholders. I want to thank those four gentlemen shareholders uh for the various you know commendations um and the appreciation they've shown both to the board and to the management.

[00:33:53]I want to assure our shareholders that um we at the board working with the management are determined to ensure that the interests of the shareholders and indeed the bank is always at the very top of our minds.

[00:34:15]Um we will continue to challenge the management to do more.

[00:34:23]Um and I can assure you that we are actually pursuing very aggressively you know our conversion and I want to believe by the grace of God and with the support of the shareholders that we will hanker that project very very soon and I can assure you that by the time we are meeting next year by the grace of God uh we will be talking about Abs BS as a commercial bank with a regional origination with regional authorization.

[00:35:00]Um let me just some of the you know questions um Mr. Dele wanted us to expedite our actions on the right issue. I can assure you that part of why we're here today is to actually pass those resolutions so that we can move quickly on the right issue.

[00:35:18]Um we I'm sure you're aware that the documentation for the rights is is almost ready. It's just for us to get the N and then we we put that in motion.

[00:35:31]We will have we will have excuse me.

[00:35:34]Yeah, we will do it through private placement and we have our financial advisors that we have appointed who is working with us. So I assure you that that will be concluded very very soon.

[00:35:45]on the issue of the probably the workforce an increase in the wages. You see we we have a board and management that's very proactive. We knew we're going to get the license as soon as we get the approval in principle for us to convert. We then started to look at strategic hires we need to make in order for us to play very actively in the commercial banking arena. So if you see some of our wages a little bit you know increase from where we were last year that's due to those strategic hires we have and the result of this is actually one of them here John Ooko and I can tell you that since he assumed office he has done a tremendous work on an operations on the finance on the IT and on the risk so that we are ready to move on day one once that license is secured.

[00:36:55]Um if somebody asked a question there is no correlation between you know the earnings per share and the dividend payout.

[00:37:03]Um is actually we we're trying to be very conservative. We want to save the money for the future of the bank.

[00:37:12]Um we're aware of the you know issues in the industry and we believe in rewarding the shareholders appropriately. I mean that's why we probably did a 100% you know increase in terms of our payout.

[00:37:29]However, like one gentleman also asked, we need to balance that with our capital buffers because you don't want to you don't want to pay everything out and not have sufficient capital to be able to do your business. And we also need to address the potential risk that we going to be facing especially when we move from a mortgage business to a commercial banking you know regime that requires a more robust capital. Um so we is a balancing act. Um but then payout is just one of the rewarding system for any shareholder in terms of also shareholder we we compensation look at the the the capital appreciation in terms of you know um the the the trading activities that is taking that is taking place in the um exchange market.

[00:38:34]Um, so there are capital gains that also that anybody that really wanted to sell the shares and I'm sure many people are not willing to sell now because of they believe in the future of this bank. So uh and you can only measure that by the the the you know the liquidity the liquidity the strength of the liquidity in that market especially when trading you know when your shares have been trading been traded. So it is uh I want I want our shareholders to please bear with us even though the 12 cover may not you know look too big but it it is intentional that we we try to moderate our pay pay out appetite uh in order for us to be able to reap you know future dividends you know as we move on.

[00:39:29]Um I I will I will just leave the the MD to you know answer some of those questions that are yet to be answered.

[00:39:37]>> Thank you Mr. Chairman. Um once again we on behalf of the management want to extend our gratitude.

[00:39:45]um to our esteemed shareholders and for the supports which we've enjoyed over the years um not just within this management but the management that handed over um to us um which we are also part of. So it's an opportunity to say to also say a big thank you um for the shareholders that ask questions Mr. Mr. Dele Mr. Debio Williams, Mrs. Do and Mr. Lambert. Um, excellent question. For most of the questions that were asked, the chairman had already provided clarification. Uh, but I will just batch it into three and also just further reinforce um what the chairman had the responses the chairman had provided. um issues on capital um reward for shareholders and staff optimization.

[00:40:46]Uh for the capital uh we hear the concerns of a need to expedite the process of the private placement um so that we can raise the required capital and be able to finalize the conversion.

[00:41:02]But also as one of the speakers mentioned is that there is the need for reinforcement of working capital especially for the phase in which we are um proceeding to um we've taken that quest we've taken that feedback and we commit that um immediately after this AGM and on receiving all the regulatory notes that is required um we would expedite to to close that and we'll put a process in place to also ensure that those capital are adequately deployed um to the benefit of the of of of the bank on rewards to shareholders. Thank you for the feedback and thank you for the commendation on there was a particular question on why we had to double dividend um even though we are raising capital.

[00:41:58]One of the focal points of the current board is to ensure that um at every particular point in time shareholders are well compensated.

[00:42:09]But we also bear in mind the need to also ensure that as your competition shareholders you are providing enough buffer you know um to be able to absorb any exposure and which is also ensuring that um as you compensate shareholders you continue to bear build up your shareholders funds which ultimately also belongs to to the shareholders. We don't take that responsibility for granted and that has consistently driven the dividend policy. Um but we also recognize that the fact that we needed to adequately compensate the shareholders and the performance of the business has improved over the years um and that was what necessitated the doubling of the dividend that was received this year. I want to implore our esteemed shareholders to stay with us on this journey. Um this transformation journey has taken um about six years and I think for for the past 3 four years we've consistently paid dividend. Um we commit that the benefits that will come in coming years um will far supersede uh what you've received thus far on staff which is staff optimization. Um one of the speakers noted that um there has been increase in number of shares but but there was a drop in share in in the cost of employment.

[00:43:43]Uh Mr. Chairman has spoken very well about the plans for the bank. Um as you look to convert, you need to reinforce right and reinforce means going to the market to recruit additional hands that would provide the expertise that the bank doesn't have at this moment. But we're also conscious to say that in as much as we are recruiting, right? We don't want our costs to be overly bloated, you know. So we've been able to manage that process where we are balancing between incoming staff and people going on retirement you know and also putting into focus the costs at which you attracting the new the new staff. Um so even though you are seeing increase in numbers as it regards to headc count you've seen a slight drop um you've seen a slight drop in the total employee employee cost and what what has what we've been able to achieve with that is just due to the strategy deployed to ensure um the right talents are are gotten in were gotten in at the right price without unnecessarily um causing a disbalance to the cost of employment. We thank you. We thank you for the support and we look forward for to the continued support as we proceed into the next phase for the bank. Thank you, Mr. Chairman.

[00:45:18]>> Thank you, M. Thank you.

[00:45:22]>> Okay. So I'm told that um we don't have uh comments or questions coming from our distinguished shareholders. So we will then uh move to the next uh you know item on the agenda and these are resolutions that we need to pass uh for the purpose of this meeting.

[00:45:48]So in view of the fact that this meeting is virtual all resolutions for consideration at this meeting will be taken by poll and and electronic voting.

[00:46:01]The registers will guide the meeting on the voting procedure.

[00:46:07]I now call the registister to please explain the process for us for the benefit of our shareholders and those of us that are physically present here.

[00:46:19]>> Thank you Mr. Chairman, assim directors, regulators present, distinguished shareholders. I will now proceed.

[00:46:39]I'll now proceed to explain the procedure for the vote. Prior to this meeting, we have received and captured details of 81 shareholders and proxy and holding a total of 8 bill236 million 810,644 units of shares of Abby Modgate Bank PLC which represents 81.12% of the companies issued share capital.

[00:47:17]At this meeting, we will be collecting the votes cast in addition to the proxies received to get the final voting results.

[00:47:29]Distinguish shareholders, you have received a token, a personalized token either via email or SMS.

[00:47:41]Kindly log on using the voting link.

[00:47:46]Impute the token you have received to launch you to launch the app and the voting pages or refresh your screen if you have already logged in before. Now once we commence the voting once we commence the voting section the resolution under consideration will be displayed.

[00:48:16]Kindly vote for if you're in favor of the resolution or against if you are against the resolution. Note that you can change your voting decisions within the voting section.

[00:48:31]The last selected votes will be recorded as your final votes. The period of voting will last for only 60 seconds.

[00:48:41]Thank you, Mr. Chairman.

[00:48:43]>> Thank you very much, Frank.

[00:48:47]Audited financial statements for 2025.

[00:48:52]I now move that the audited financial statements for the year ended 31st December 2025 together with the reports of the directors, auditors, the audit committee and the board appraisers their home be received and adopted.

[00:49:16]Can somebody please second this motion?

[00:49:54]Can I second?

[00:49:57]Hi.

[00:49:58]>> Please. Your name.

[00:50:00]>> Please. Your name.

[00:50:01]>> My name My name is Morgan and I'm seconding the motion. Please.

[00:50:08]>> Thank you. Thank you so much. I now call on the registrance to conduct the voting and announce the results of the vote.

[00:50:17]Frank.

[00:50:18]>> Thank you, Mr. Chairman. The SEU shareholders kindly proceed to cast your vote in line with your voting decision.

[00:50:27]Please go ahead and exercise your voting rights.

[00:50:32]Press four if you are in favor of the resolution and against if you're against the resolution.

[00:50:41]We have about 45 seconds left more.

[00:50:56]We have about 30 seconds more.

[00:50:59]Please proceed and cast your votes.

[00:51:03]Press four if you're voting in in favor or you press against if you're against the resolution.

[00:51:16]10 more minute seconds to go and the voting has ended. The single shareholders, I'll now proceed to announce the results for this resolution.

[00:51:43]We have uh take this project project the results.

[00:52:00]Technical team kindly project the results.

[00:52:56]Thank you.

[00:52:58]Please can you make it more eligible?

[00:53:03]Thank you.

[00:53:06]the single shareholders for the resolution to approve the statement financial statement of account for the year ended 31st December 2025 a total of 8 bill23754,445 units of shares voted in favor of the resolution Only one shareholders with one shareholder with 85 units of shares representing 0.00% voted against the resolution. Thank you Mr. Chairman.

[00:53:48]>> Thank you my registrance.

[00:53:51]Based on the results announced by the registrants I have declared that the motion has been carried.

[00:54:00]Resolution number two, declaration of dividend.

[00:54:06]I hereby move that a total sum of 1 billion218,461,538 naira 48 cobble be paid as dividend at the rate of 12 cobble per each 50 co share to shareholders whose names appear in the register of members as at 12th May 2020. 26 for the financial year ended 31st December 2025.

[00:54:46]Will somebody please second the motion?

[00:54:56]My name is motion motion.

[00:55:15]>> Helloairman.

[00:55:16]>> Yes.

[00:55:16]>> Can you hear me?

[00:55:17]>> Yes.

[00:55:23]>> Thank you, sir.

[00:55:24]>> Okay. Thank you very much, Mr. Rio.

[00:55:26]>> Thank you very much, Mr. Rio.

[00:55:30]>> I now put the motion to the meeting. Um, I call on the registrance to conduct the voting and announce the results of the vote.

[00:55:42]>> Thank you, Mr. Chairman. Distinguished shareholders, kindly proceed to cast your votes.

[00:55:52]Kindly proceed to cast your vote. Please press four if you're in favor of the resolution >> and press against if you're against the resolution.

[00:56:03]>> We have 45 more seconds to go >> at the same time. Do we need to take each one or we can take each one of them?

[00:56:11]>> No, we 30 more seconds to go. Please cast your vote. Okay, I know.

[00:56:32]15 more seconds to go. The single shareholders.

[00:56:45]The vote is about to end and the vote has ended.

[00:56:52]the single shareholders for the resolution to approve a dividend. We have a total of 8 billion237 million 648,246 units of shares representing 100% of the vote cast and 1,500 units of shares representing 0.00% 00% of shares voting against the resolution. Thank you, Mr. Chairman.

[00:57:23]>> Thank you, Frank. Based on the results announced by the registers, I declare that the motion has been carried.

[00:57:33]Resolution number three, re-election and election of directors.

[00:57:39]We have three of them. I was actually discussing whether we can take it by one single vote, but um I said that may not be possible. I was actually looking for a way of saving time. Okay. So, the third resolution is the election reelection of the following directors whose profiles are contained on pages 47 and 48 of our annual report.

[00:58:06]The first on the list is Miss Chica Oonogo.

[00:58:12]I move that Mr. Ms. Miss Chika Oonogo, a returning director by rotation who is eligible for reelection and has offered herself for reelection be reelected as a nonexecutive director.

[00:58:30]Will someone kindly second the motion?

[00:58:38]>> I second the motion.

[00:58:41]>> Thank you so much, Mr. Abat. Thank you.

[00:58:46]>> I now put the motion to the meeting. I now call on the registrance to conduct the voting and announce the result of the vote.

[00:58:55]>> Thank you, Mr. Chairman.

[00:58:57]Distinguished shareholders, you can now proceed to cast your vote in line with your voting decision.

[00:59:05]a resolution to elect reelect Miss Chica Chonogo as a non-executive director.

[00:59:13]Please press for if you're in favor of the resolution. Press against if you're against the resolution.

[00:59:21]We have about 40 seconds more left in this exercise.

[00:59:32]We have like 30 more seconds.

[00:59:36]Kindly proceed to vote in line with your decision.

[00:59:41]We are gradually getting to the end of the vote.

[00:59:51]We have 10 more seconds left in this exercise.

[00:59:58]the single shareholders.

[01:00:01]The voting exercise for this session has come to an end.

[01:00:06]I will now proceed to announce the results for the resolution to reelect Miss Chica Oonog.

[01:00:15]We have 8 billion237,548,100 units of shares representing 100% of the vote vote cast and we have a no vote against. Thank you Mr. Chairman.

[01:00:37]>> Thank you very much. Based on the result announced by the registrants, I hereby declare that Miss Chicaogo has been reelected.

[01:00:52]Miss Joel Okime move that Miss Joel Okime a retiring director by rotation who is eligible for reelection and who has offered herself for re-election be reelected as a non-executive director.

[01:01:11]Will a shareholder please move the motion and second that motion. second.

[01:01:24]>> My name is >> My name is I do second the motion.

[01:01:29]>> Thank you.

[01:01:30]>> Thank you. Thank you.

[01:01:33]>> Thank you.

[01:01:33]>> I now put the motion to the meeting. I now call on the registrance to conduct the voting and announce the results of the vote.

[01:01:42]>> Thank you, Mr. Chairman. The single shareholders kindly proceed to cast your vote for the reelection of Miss Juel Aquim as an a non-executive director of the company.

[01:02:02]We have 45 more seconds remaining in this session.

[01:02:08]Kindly proceed to cast your votes.

[01:02:12]Press four if you are for the resolution and press against if you're against the resolution.

[01:02:28]20 more seconds left.

[01:02:38]We're gradually coming to the end of this section.

[01:02:44]Five more seconds and the voting has come to an end.

[01:02:51]The single shareholders for the resolution to reelect Miss Joel Okuim as a non executive director of the company.

[01:03:02]We had 6 billion35,812, 866 units of shares voted in favor of this resolution about 74% and we had 1 bill91,853,370 units of shares voted against the resolution about 21% and that is the result Mr. Chairman.

[01:03:37]>> Thank you Frank. Based on the results announced by the register I hereby declare that Miss Joel Okchimi has been reelected and that motion has been carried.

[01:03:59]I hereby move that Mr. John Okungo be elected as a director.

[01:04:07]Will someone please second the motion?

[01:04:20]>> I second.

[01:04:23]>> Thank you very much.

[01:04:26]>> Thank you Bani. Thank you so much.

[01:04:29]I now call on the registars to conduct the voting and announce the results there.

[01:04:34]>> Thank you, Mr. Chairman. For this resolution to elect Mr. John Okongo as a director of the company, kindly proceed to cast your votes. The single shareholders kindly proceed to cast your votes in line with your voting decision.

[01:05:00]We have about 45 seconds left in this session.

[01:05:06]Please press four if you're in favor of the resolution. You press against if you are against the resolution.

[01:05:16]30 more seconds left.

[01:05:20]We are gradually getting to the end of the process.

[01:05:26]20 more seconds.

[01:05:31]15 10 5 more seconds to go.

[01:05:46]The single shareholders the voting has come to an end and I'll proceed to announce the results. We had 8 billion237,585, and 40 units of shares. Approximately 100% voted in favor of this resolution.

[01:06:08]We had 3,31 units of shares representing 0.00% voting against the resolution. Thank you, Mr. Chairman.

[01:06:19]>> Thank you, Fran. John Okungo must be very popular with our shareholders.

[01:06:26]Based on the results announced by the register registrers, I hereby declare that Mr. John Okuno be elected as a director of our bank and that motion was almost 100% carried.

[01:06:44]Thank you very much. Resolution number four, it is a requirement by law that we need to seek the shareholders approval for the directors to be able to fix the remation of the external auditors for the year 2026 financial year. So that's the next motion we want to put forward to the shareholders. I therefore move that the directors be and I hereby authorized to fix the remation and expenses of the auditors for the year ended 31st December 2026 and the external auditors remain the PWC.

[01:07:29]So can I call shareholder to please second the motion?

[01:07:36]>> Mr. Chairman, my name is Lua. I do second the motion.

[01:07:41]>> Thank you very much, Mr. Law.

[01:07:47]I now put the motion to the meeting. I now call on the registrance to condounce the results of the vote.

[01:07:53]>> Thank you, Mr. Chairman. For the resolution to fix remuneration for auditors, the voting has started.

[01:08:05]Kindly proceed and cast your vote in favor. If you're in favor of the resolution, you can vote against if you're against the resolution.

[01:08:17]50 seconds gone. More like 45 more seconds. Kindly proceed and cast your votes.

[01:08:37]Have like 30 more seconds left in this exercise.

[01:08:47]20 more seconds to go.

[01:08:51]About 15 more seconds.

[01:09:02]Five more to go.

[01:09:05]3 2 1 and the voting has come to an end.

[01:09:12]Technical, kindly display the results for the resolution to fix the auditor's remuneration. We had 8 bill237,548,6 71 units of shares representing about 100% of the vote cast in favor and we had 1,500 units representing 0.00% cast against the resolution. Thank you, Mr. Chairman.

[01:09:47]>> Thank you very much, Frank. Thank you shareholders for trusting the directors uh on this assignment based on the result announced by the register. I declare that the motion has been carried.

[01:10:01]Resolution number four is actually a disclosure requirements which does not require any voting. Um section 23A of kama 2020 requires the disclosure of the remmoration of managers to the shareholders at the annual general meeting. This is contained on page 137 of the annual report. of the manager's remaration has been adequately disclosed as required by law on page 137 of the annual report.

[01:10:45]Resolution six, election of members of audit committee in consonance with the provisions of section 403 subsection 3 of the karma 2020.

[01:11:11]A committees shall comprise one, two non-executive directors and three representatives of the shareholders.

[01:11:25]In this regard, the directors nominated to represent the board on the committee are one, Mr. Obubina Fudo and two Brigadier General John Obasa retired valid nominations received for the shareholders representatives are one Mr. Adul Ali who has always been the chairman of the statutory audit committee Mr. AJ and engineer M Tob.

[01:12:15]In the absence of any other nominations from the shareholders, I now propose that the following persons shall constitute the statutory audit committee of the company for the year ending 31st December 2026.

[01:12:32]1.

[01:12:35]Ali, two, three, four, three, brigadier general John Aubasa retired.

[01:12:49]Can somebody please second the motion?

[01:12:55]>> I second the motions.

[01:12:58]>> Mr. Ai Mr. Banji. Oh, Banji. Thank you so much.

[01:13:04]Thank you.

[01:13:05]>> Thank you so much.

[01:13:10]>> I hereby declare that the motion has been duly carried.

[01:13:17]We now move to the special resolutions which is the special business of the day.

[01:13:29]the director's remuneration because I'm a beneficiary.

[01:13:35]Um I think it's appropriate that I step back and allow somebody to conduct the business of this particular re resolution to at least to avoid any conflict of interest. Yes sir. Can I call on Deepi, will you please step in and do justice to this resolution?

[01:14:06]>> Thank you, Mr. Chairman. Um, distinctive shareholders, I hereby move that the renaration of the non-executive directors until further notice B and is hereby fixed at A chairman 30 million naira peranom B non-executive director's 20 million naira peranom for the year ending 31st December 2026 such payment to be effective from 1st June 2026.

[01:14:42]Would somebody please second the motion?

[01:14:45]>> Second motion.

[01:14:47]>> Thank you, Mr. Chairman. My name is Lua.

[01:14:50]I do second the motion.

[01:14:54]>> Thank you, Mr. Law.

[01:14:56]>> Thank you.

[01:14:57]>> I now call on the registers to conduct the voting and announce the result of the vote.

[01:15:04]>> Thank you, Mr. Acting chairman for this resolution to fix the remuneration of the non-executive directors.

[01:15:14]You dear shareholders you can proceed to cast your vote in line with your voting decisions.

[01:15:24]Is votes for if you are in favor of the resolution. Are you press against if you're against the resolution?

[01:15:38]We have like 40 seconds left in this exercise.

[01:15:51]About 30 more seconds left. Kindly proceed to vote.

[01:16:03]We have 15 more seconds to go.

[01:16:15]Five more seconds.

[01:16:19]3 2 and one. The single shareholders.

[01:16:23]The voting has come to an end for this resolution to approve the remuneration of the non-executive directors. We have 85 shareholders voted with 8 bill236 million 829,44 units of shares representing 100% of the vote cast in favor of the resolution.

[01:16:48]There was no vote against. Thank you, Mr. Chairman.

[01:16:52]Thank you very much. Based on the results announced by the registers, I declare that the motion has been carried. Thank you, Mr. Chairman. Thank you so much, Deepo.

[01:17:04]May I on behalf of my director, colleagues, I like to sh thank our shareholders for the trust and confidence you've proposed in us.

[01:17:16]I can assure you that uh this will spore us to do more and we will ensure that we do not let you down.

[01:17:26]Resolution item 8 a additional capital.

[01:17:34]I hereby move that subject to the receipt of of any reg any required regulatory approvers and pursuant to article 95 of the bank's articles of association the directors be and are hereby authorized to establish a debt issuance program which is called the program in an amount of up to 100 billion naira or such foreign currency equivalent thereof as the directors may consider appropriate for the purpose of issuing debt securities to include senior unsecured or secured subordinated convertible preferred had equity linked or such other forms of depth obligations in trenches of such amounts and at such dates coupon or interest rates and upon such terms and conditions.

[01:18:54]Will somebody kindly please second this important motion?

[01:19:04]>> I second sir.

[01:19:10]>> Thank you. Thank you very much.

[01:19:13]>> I now put the motion to the meeting. I now call on the registrers to conduct the voting and announce the results of the vote.

[01:19:22]>> Thank you Mr. Chairman for the resolution 8A to raise a capital of 100 billion in depth issues program. Dear shareholders kindly proceed to cast your votes in line with your voting decisions. Please press for if you in favor of the resolution can press against if you are against the resolution.

[01:19:54]We have 30 seconds left in this exercise.

[01:19:58]Kindly proceed to vote.

[01:20:01]We are gradually getting to the end of the exercise.

[01:20:12]We have 12 more seconds left.

[01:20:16]Distinguished shareholders, the voting has come to an end and I'll proceed to announce the results for this resolution to raise additional capital through depth issuance. We have 98 shareholders voted in favor with 8 bill237,400,569 units of shares representing 100% of the vote cast in favor of the resolution.

[01:20:54]There was no vote against Mr. Chairman.

[01:20:56]Thank you.

[01:20:56]>> Thank you, Frank. Based on the results announced by the registrers, I declare that the motion has been carried.

[01:21:05]8B resolution 8B.

[01:21:11]I hereby move that the directors be and I hereby authorized to enter into and execute all such agreements, deeds, notices and documents as may be necessary for or incidental to the bank's 100 billion naira program and the directors are also authorized to appoint all such professional parties necessary for or incidental to the actualization of the program including without limitation complying with the directives of any regulatory authority.

[01:21:58]Will somebody please second the motion?

[01:22:09]My name is Morgan. I second. I second the motion.

[01:22:14]>> Thank you Mr. Morgan. Thank you very much.

[01:22:18]I now put the motion to the meeting. I now call on the registrance to conduct the voting and announce the resource there.

[01:22:26]>> Thank you Mr. Chairman. The single shareholders for this resolution. Kindly proceed to cast your vote.

[01:22:33]Press four if you're in favor and press against if you're against the resolution.

[01:22:43]Please proceed to cast your votes.

[01:22:54]We have like 40 more seconds left in this exercise.

[01:23:01]Please proceed.

[01:23:07]30 more seconds left.

[01:23:23]The single shers 15 more seconds left.

[01:23:25]Kindly proceed. Cast your votes. Press four. or if you're in favor, press the red button if you're against the resolution.

[01:23:37]And the voting has come to an end. The single shareholders uh proceed to announce the result that 96 shareholders representing 8 billion 236 million 82, 899 units of shares representing 100% votes cast in favor of the resolution.

[01:24:03]There was no vote against the resolution, Mr. Chairman. Thank you.

[01:24:06]>> Thank you. Thank you, Frank. Based on the result announced by the registrers, I declare that the motion has been carried.

[01:24:14]Resolution 9A.

[01:24:17]I move that the directors be and are hereby authorized to raise additional equity capital of up to 64 billion 547 million232,853 naira 95 cobble by way of private placements of 26 6 billion 5662,647,2665 ordinary shares of 50 co each at 2 naira 43 cobbo per share subject to regulatory approvers.

[01:25:10]Can I have one of the shareholders to please second the motion?

[01:25:19]Good afternoon sir. My chairman my name is I second the motion.

[01:25:26]>> Thank you Peter. Thank you so much.

[01:25:28]>> Thank you.

[01:25:29]>> I now put the motion to the meeting. I now call on the registrers to conduct the voting and announce the results of the vote.

[01:25:37]>> Thank you Mr. Chairman. Distinguished shareholders, kindly proceed to cast your votes to approve the increase in SH capital by way of private placement.

[01:25:52]Please press for if you are in favor of the resolution and you press against if you're against the resolution.

[01:26:06]We have 40 seconds more left in the exercise.

[01:26:22]25 more seconds left.

[01:26:27]20 15 seconds.

[01:26:38]10 more seconds to go.

[01:26:44]The sing shareholders, the voting has come to an end. I'll proceed to announce the results for this resolution. We have 8 billion236, 832 units, 832, 28 units of shares. I hope I got that correct. representing about 100% of the vote cast. We have 522,179 units of shares that voted against the resolution representing about 0.00%.

[01:27:30]Thank you, Mr. Chairman.

[01:27:31]>> Thank you, Frank. Based on the results announced by the registers, I declare that the motion has been carried.

[01:27:40]Resolution 9B that following the completion of the additional equity capital raise as contemplated in clause 9A above the issued share capital of the bank be increased from 5 billion 76 million 923,77 naira divided into 10 billion153,846,154 ordinary shares of 50 cobble each to 18 billion 358 million246,79 naira 50 cobble B by the creation of up to 26 billion 562 million647,265 ordinary shares of 50 co each such new shares to rank paru in all respects with the existing ordinary shares in the capital of the bank.

[01:29:11]Will somebody please second the motion?

[01:29:26]Okay, engineer.

[01:29:29]>> Thank you. Thank you, Engineer Sarava.

[01:29:30]Thank you very much.

[01:29:34]>> I now put the motion to the meeting. I now call on the registrers to conduct the voting and announce the results.

[01:29:41]>> Thank you, Mr. Chairman. The single shareholders kindly proceed to cast your vote in line with your voting decision.

[01:29:49]Press for if you are in favor of the resolution. You press against if you against the resolution.

[01:30:06]We have 40 more seconds left in this exercise.

[01:30:18]30 more seconds left.

[01:30:24]Kindly proceed to cast your votes.

[01:30:27]We still have 20 more seconds left in this exercise.

[01:30:33]15 more seconds left.

[01:30:39]Then five three.

[01:30:47]the single shareholders. The voting has come to an end and I'll proceed to announce the results. We have 86 shareholders who voted in favor of the resolution with 8 bill236,960,924 units of shares representing about 99.99% of the vote cast in favor. There was 500,179 units of shares representing 0.001% cast in against the resolution. Thank you, Mr. Chairman.

[01:31:26]>> Thank you, Frank. Based on the results announced by the registrers, I declare that the motion has been carried.

[01:31:34]Resolution 9 C that as a consequence thereof, clause six of the memorandum of association of the bank shall be amended upon completion of the equity capital raise to reflect any new issued share capital as may be determined by the directors in their absolute discretion.

[01:31:59]Can a shareholder kindly second the motion?

[01:32:15]>> I I told you Mr. Chairman is the name sir.

[01:32:24]>> Thank you Mr. Rio. Thank you so much.

[01:32:27]I now put the motion to the meeting. I now call on the registers to conduct the voting and announce the result.

[01:32:34]>> Thank you Mr. Chairman. For the resolution 9C, the single shareholders the voting has commenced. Kindly proceed to cast your votes. Press four if you are in favor of the resolution. You pressed against. If you against this resolution, please proceed to vote.

[01:33:03]You have the freedom to change your votes within the 60 seconds exercise.

[01:33:15]We have about 20 more seconds left in this particular exercise.

[01:33:22]15 more seconds left.

[01:33:26]10.

[01:33:31]Five more seconds left.

[01:33:36]The single shareholders. The voting has come to an end.

[01:33:40]The result is as follows. 8 bill236,897,790 units of shares representing 100% of the vote cast in favor of the resolution.

[01:33:54]There was no vote against this resolution. Thank you, Mr. Chairman.

[01:33:57]>> Thank you, Frank. Based on the results announced by the registrants, I declare that the motion has been carried.

[01:34:06]Resolution 9D that directors be and are hereby authorized to enter into any agreement and or execute any document necessary, appoint such professional parties and advisors and to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions including without limitations.

[01:34:36]complying with the directives of any regulatory authority.

[01:34:42]Can I call on one of the distinguished shareholders to please second this motion?

[01:35:00]Mr. Sherman, my name is Luim. I do second the motion.

[01:35:06]>> Thank you la. Thank you so much.

[01:35:10]I now put the motion to the meeting. I now call on the registars to conduct the voting and announce the result.

[01:35:17]>> Thank you Mr. Chairman. Resolution 9D the sigu shareholders the voting has commenced. Kindly proceed to cast your votes in favor or against.

[01:35:36]Press four if you are in favor of the resolution. You can press against if you are against this resolution.

[01:35:54]Please cast your votes.

[01:36:08]the process. Keep us with it.

[01:36:13]Cass your votes please.

[01:36:16]We have just a few more seconds left and the voting has actually come to an end and we have a total of 20 98 bill237 million 520,760 units of shares representing 100% of the votes cast in favor. There was one vote of 2,775 units of shares that voted against representing 0.00%.

[01:36:47]Thank you, Mr. Chairman.

[01:36:48]>> Thank you so much, Frank. Based on the result announced by the registers, I declare that the motion has been carried.

[01:36:56]Resolution 10A that directors B and are hereby authorized to raise additional capital of up to 100 billion naira through an offer by way of issuance of shares whether by rights issue and or public cover global depository receipts commercial papers loans convertibles or non-convertibles medium term notes bonds and or any other instruments either as a standalone or by way of programs in such tanch trenches, series or proportions as such coupon or interest rates within such maturity periods and on such terms and conditions including through book building process or such other processes. All of which shall be as determined by the directors subject to obtaining the approvals of relevant regulatory authorities.

[01:38:04]Would somebody please second the motion?

[01:38:18]>> Thank you. Thank you so much. Thank you.

[01:38:22]I now put the motion to the meeting. I now call on the registars to conduct the voting and announce the results.

[01:38:28]>> Thank you, Mr. Chairman. Resolution number 10 C, distinguished shareholders, the voting has commenced.

[01:38:39]The voting has commenced. Kindly proceed to cast your votes in favor. If you are voting against, you press four. If you are voting against, you press against.

[01:38:52]Please proceed.

[01:39:00]The voting is in progress.

[01:39:08]Technically, you can display the timer.

[01:39:15]We have about 15 more seconds left in this resolution.

[01:39:24]10 more seconds.

[01:39:31]3 2 1 Distinguished shareholders, the voting has come to an end. For this resolution, we had 8 billion237, 33,748 units of shares representing 99.99% voted in favor of the resolution. Two shareholders with 55,179 units of shares voted against the resolution. Thank you, Mr. Chairman.

[01:40:03]>> Thank you, Frank. Based on the result announced by the registrers, I declare that the motion has been carried.

[01:40:10]The last of the resolutions 10B that the directors be and are hereby authorized to appoint such professional parties, enter into any agreement, execute any document necessary and perform all such other acts and do all such other things as may be necessary for and or incidental to effecting the resolutions above. of and without limitation complying with directives of any regulatory authority.

[01:40:49]May I distinguish here holders call on one one of us to please second.

[01:41:05]>> Thank you. Thank you so much. I now put the motion to the meeting. I now call on the registers to conduct the voting and announce the results.

[01:41:16]>> Thank you, Mr. Chairman. For the resolution 10B, the voting has commenced. The single shareholders kindly proceed to cast your vote. Vote for if you're in favor of the resolution and press against if you're against this resolution.

[01:41:38]The voting is already in progress.

[01:41:40]Please, please cast your vote for or against for the last resolution on the agenda 10B. Please Distinguishers, please proceed to vote technic. I will see the timer.

[01:42:29]How many more seconds do we have?

[01:42:55]Technical thing. We are waiting please.

[01:43:07]I'm sure the 60 seconds is gone. Can we see the results?

[01:43:20]Thank you.

[01:43:23]For this resolution 10B, we had total of 88 shareholders voted in favor of the resolution with 8 bill236, million895,45 units of shares in favor of the resolution. There was no vote against the resolution, Mr. Chairman. Thank you very much.

[01:43:44]>> Thank you so much, France, for an excellent job.

[01:43:48]Based on the results announced by the registrers, I declare that the motion has been carried.

[01:43:56]Ladies and gentlemen, that brings us to the closure of the business of the day.

[01:44:03]Um I think it's been a wonderful and very productive meeting we've had and I want to in particular express a profound gratitude you know to all of you especially our distinguished shareholders that attended this meeting virtually.

[01:44:24]Uh we really appreciate the way you conduct yourselves and the the way and manner in which the questions were asked.

[01:44:33]and the favorable comments that you actually you know displayed in terms of the commendation that you gave to the management.

[01:44:43]Uh we assure you that uh we will continue to ensure that the business of the bank is run in a very safe and sound manner and your interest as shareholders will always be protected. And I I want to in particular thank the regulators, the representative of our regulatory bodies that are here, especially Chinwit from NDIC that has been with us, you know, since the beginning of this meeting and waited patiently. I really thank you and I thank Frank for doing a wonderful job and of course, you know, members of our audit committee and then my distinguished colleagues on this side of the table. Thank you so much. uh by the grace of God we all meet next year and I can assure you that uh we'll then be talking as a bank not as a mortgage not as a mortgage bank by the grace of God.

[01:45:43]So can I then call on shareholder to please close with a closing prayer for us.

[01:45:53]Maybe we can have a Muslim shareholder to help us with a closing prayer.

[01:46:00]Shareholder who is a Muslim.

[01:46:18]Can I can I call to please give us a closing prayer?

[01:46:56]Yep.

[01:47:33]Okay.

[01:47:43]>> Yeah, we can hear you.

[01:47:45]>> Yeah, we can hear you. We can hear you.

[01:47:48]I give thanks to Allah who make it possible for us to hold our meeting today and we areing up this meeting today. I pray by time we meet next year our country should continue to grow from strength to strength be able to get a robust dividend.

[01:48:07]Amen. Amen.

[01:48:10]Can we please rise for the national our own dear native land though tribe and tongue may differ in brotherhood we Nigerians home and proud to serve our sovereign mother land.

[01:48:52]Our flag shall be a symbol that truth and justice pray in peace or battle.

[01:49:09]And this we count as g to hang on to our children.

[01:49:20]A banner without stain.

[01:49:25]Oh God of all creation, grant is our one request.

[01:49:37]Help us to build a nation where no man is oppressed.

[01:49:48]and a soul with peace and blessing Nigeria may be blessed.

[01:50:03]>> Thank you and God bless.

[01:50:06]>> Congratul Yeah.

[01:50:30]Turn the record over.

[01:50:34]Let the needle slide.

[01:50:38]There's nowhere else I'd rather hide.

[01:50:44]Just this small room.

[01:50:46]and the city view and the magic of being here with you.

[01:50:57]We don't need a party.

[01:51:01]We don't need a crowd.

[01:51:05]Everything we feel is crying out aloud in the silence of a Saturday night.

[01:51:16]Everything is feeling finally right.

[01:51:24]Dancing slow under dim lights.

[01:51:32]Making up for all those lonely nights.

[01:51:39]Just the rhythm of your heart and mind.

[01:51:45]Taking out a sweet sweet time.

[01:51:59]The tea is cold, but the spirit is high.

[01:52:07]I see a million stars in your eyes.

[01:52:13]Let the world go spinning on its way.

[01:52:18]We've got everything we need to stay dancing slow under dim lights.

[01:52:34]Making up for all those lonely nights.