Afromedia Changes Financial Year-end to December 31

Afromedia

By Dipo Olowookere

Shareholders of Afromedia Plc have authorised the board of directors to change the financial year-end of the company to December 31.

Before now, the company operated an accounting year starting from October 1 and ending on September 30.

But in order to align with the calendar year and make things better and easier, the organisation is opting for the regular January to December fiscal year.

At the Annual General Meeting (AGM) of Afromedia held on October 5, 2020, the shareholders unanimously passed a resolution to change the company’s financial year-end.

A notice from the firm confirmed that the shareholders passed the proposal, “That the accounting reference date and financial year-end of the company be changed from September 30 to December 31.”

Business Post reports that companies choose the financial year-end that best suits their business needs or operations especially in the preparation of their financial statements.

Meanwhile, at the AGM of Afromedia held last week, the shareholders approved the appointment of four persons as members of the Statutory Audit Committee of the organisation.

These persons are Mr Olajide Ebenezer Shokunbi and Mr Kabiru Usman representing the directors, while the representatives of the shareholders on the committee are Mrs Gbegbaje Elizabeth Mejebi and Mr Adedigba Benjamin Adebanjo.

In addition, the appointment of Messrs SIAO Partners as external auditors of the company was ratified by the investors and the board was authorised to fix their remuneration.

Furthermore, the appointments of three directors on the board were approved and they were Mr Lateef Bakare as Chairman, Mr Kabiru Usman as a non-executive director and Mr Olajide Shokunbi as a non-executive director.

Afromedia is a media contracting display services company listed on the floor of the Nigerian Stock Exchange (NSE) on May 18, 2009.

At the close of transactions on Tuesday, the shares of the company traded flat on the exchange at 20 kobo per unit.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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