International Breweries AGM: ₦84bn Return of Capital Approved
International Breweries Plc has filed the resolutions passed at its 49th Annual General Meeting held on 30 July 2026 at the Federal Palace Hotel, Victoria Island, Lagos. The filing covers board elections, audit committee compositions, director remuneration, and a significant share premium reduction and return of capital resolution.
International Breweries Plc (INTBREW) disclosed the resolutions passed at its 49th Annual General Meeting on 30 July 2026, filed with the Nigerian Exchange on 3 August 2026.
Shareholders elected Mrs. Toyin Adeniji and Mr. Nicholas Kade as new Directors, and re-elected four existing Directors including His Royal Majesty Igwe Nnaemeka Achebe, Mr. Andrew Whiting, Mr. David Tomlinson, and Mrs. Temitope Oguntokun. Three shareholders' representatives and two Directors' representatives were confirmed to the Statutory Audit Committee.
Non-Executive Directors' remuneration for the financial year ending 31 December 2026 was approved at an aggregate of ₦93 million, with sitting allowances to be paid separately.
The most significant resolution approved a share premium reduction to write off the Company's negative retained earnings, followed by a return of ₦84 billion from the remaining share premium balance to shareholders on a pro-rata basis. The resolution is subject to Federal High Court confirmation and applicable regulatory approvals. The Board retains discretion over the exact amount returned, having regard to working capital requirements at the time of the Court Order.
Shareholders also granted the Board a general mandate to transact with related parties during the 2026 financial year, subject to the Company's Transfer Pricing Policy.
