Despite the challenges in Nigeria’s business environment, the board of U.O.O Nigeria Plc has expressed optimism that that the future looks quite promising. This optimism was shared at the company’s 30th AGM held recently at the Heritage Hotel Akure, Ondo State.
Speaking at the AGM, Chairman of board of directors Mazi Okechukwu Unegbu, said he was excited that the company followed due process to ensure accountability and prudent management of its resources for growth and the good of all shareholders.
As a strategy for the future, Unegbu said U.O.O Nigeria Plc plans to leverage its core business area where it has comparative advantage including real estate, property development and management.
“All idle assets are being turned around, while existing structures are enhanced not only to improve their esthetics but also to attract greater revenue,” he said.
The Chairman said the plan was projected to start yielding noticeable result within the next two or three years, stressing that as it stabilises, the company will further re-enter trading activities and other areas geared towards increased revenue and profitability.
The shareholders also deliberated on a number of issues including the election and retirement of some directors, appointment of auditors, election of members of the audit committee and the presentation of a dividend for consideration by the shareholders.
Among the Directors re-elected are Nze Edozie.U. Okafor, Mazi Okechukwu Unegbu, Nze Nwanolue Okafor, Nzekunie Nduaguba, Mr. Gabriel Nkanang and Mr. Mike Esotu representing BOI and Trust Co. Limited, while Nze Malibe Okafor retired, having served out his tenure.
Reviewing the business environment in 2019/2020, an election year fraught with political uncertainties, the Chairman commended the professionalism and resilience of the Board, management and staff of the company whose contribution kept the company running under the threatening weight of debt amidst plans and forecasts rendered obsolete due to frequent changes in economic and fiscal policies.
He noted that during the year under review, the company braced challenges in poor power supply, low budget implementation and poor transport infrastructure to record the growth. Present at the meeting were the Company Secretary/Legal Adviser, P.C Okwuaya; the Auditors, Oludare Okusanya & Co; the Registrars, PAC Registrars’ Limited; and a representative of the corporate Affairs Commission.
U.O.O Nigeria Plc which had been in operation since 1956, remains one of Nigeria’s oldest surviving companies.