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By Chukwuma Umeorah
Zichis Agro Allied Industries Plc has secured shareholder approval to increase its share capital to 2 billion ordinary shares of 50 kobo each, raising the company’s total share capital to N1 billion, pending regulatory clearance from the Nigerian Exchange Limited (NGX).
The resolution was among 16 passed at the company’s 3rd Annual General Meeting (AGM). The company said all resolutions were passed by the requisite majority. The capital expansion is directly tied to the company’s plan to acquire 2,000 acres of farmland in Ogbere and Ajebo, Ogun State, for palm production expansion. The land is valued at N5.5 billion and will be paid for through “the issuance of special placing of 400 million ordinary shares of 50 kobo at market value.” Shareholders separately approved the same 400 million share special placing in a standalone resolution.
Beyond the land deal, shareholders authorised the board to raise up to N50 billion through equity or debt instruments and up to “N5,000,000,000 (Five Billion Naira) through the issuance of Commercial Papers on milestone basis as may be required, on such terms and conditions as the Directors may determine, subject to obtaining all necessary regulatory approvals.”
For the financial year ended December 31, 2025, shareholders approved a cash dividend of 20 kobo per 50 kobo ordinary share and a bonus share issue “in the ratio of One (1) new ordinary share for every one (1) existing ordinary share” held by qualifying shareholders as at March 16, 2026.
The board was additionally authorised to acquire “directly or through its subsidiary, all or majority of the shares or assets of a company or companies in the same line of business with Zichis Agro Allied Industries Plc.” The resolutions were signed by Company Secretary Chief Solomon O. Itsede and dated Lagos, May 6, 2026.
