UPDC PLC AGM: ₦100bn REIF Approved, Dividend Declared
UPDC Plc has filed the outcome of its 28th Annual General Meeting held on May 7, 2025, at Festival Hotel, Festac, Lagos. Shareholders approved resolutions covering a dividend payment, director re-elections, audit committee appointments, and the establishment of a ₦100 billion Real Estate Investment Fund.
At its 28th Annual General Meeting held on May 7, 2025, shareholders of UPDC Plc approved a dividend of one kobo per ordinary share of fifty kobo each, payable to shareholders on the register as at the close of business on Wednesday, April 22, 2026.
Shareholders also re-elected Mr. Oluwole Oshin and Mr. Adeniyi Falade as Non-Executive Directors, and elected three shareholder representatives — Sur. Joe O. Anosikeh, Mr. Adeshina Tajudeen, and Mr. Ganiyu Kolawole Amoo — to the Audit Committee. Mr. Oyekunle Osilaja and Mr. Adeniyi Falade were named as Directors serving on the Statutory Audit Committee for the year ending December 31, 2026.
The most significant resolution authorised UPDC, acting as Fund Sponsor, to promote and register the UPDC Real Estate Investment Fund (REIF), a regulated investment vehicle of up to ₦100,000,000,000. The fund will span residential, commercial, retail, and hospitality asset classes. The Board was authorised to appoint a Fund Manager, Trustee, Custodian, and other advisers, and to contribute identified pipeline projects into the fund subject to regulatory approvals. The filing was published on May 13, 2026.
