97
Corporate Governance
REPORT OF THE DIRECTORS
All shares other than shares held by Dangote Industries
Limited (90.93%) and Aliko Dangote (0.16%) are
considered to be free float shares. Aliko Dangote is the
ultimate owner of Dangote Industries Limited.
All issued shares are fully paid and details of the share
capital history are set out on page 211. No additional
shares were issued in 2016.
The Articles of Association may be amended by special
resolution approved by the shareholders.
Auditors
In the case of each of the persons who are Directors
of the Company at the date when this report was
approved:
• So far as each of the Directors is aware, there is
no relevant material information of which the
Company’s auditor is unaware
• Each of the Directors has taken all the steps that
he reasonably ought to have taken as a Director
to make himself aware of any relevant material
information and to establish that the Company’s
auditor is aware of that information.
Shareholder analysis
Share Range
1 to 5,000
5,001 to 10,000
10,001 to 20,000
20,001 to 30,000
30,001 to 40,000
40,001 to 50,000
50,001 to 100,000
100,001 to 1,000,000
1,000,001 to 10,000,000
10,000,001 to 100,000,000,000
TOTAL :Number
Of
Shareholders
37,410
1,221
622
249
101
58
161
199
68
23
40,112
% of
Shareholders
93.26
3.04
1.55
0.62
0.25
0.14
0.40
0.50
0.17
0.06
100
Shares
26,506,401
8,606,408
8,751,051
6,052,888
3,519,720
2,641,554
11,582,473
65,902,471
175,751,865
16,731,192,573
17,040,507,404
% of total
0.16
0.05
0.05
0.04
0.02
0.02
0.07
0.39
1.03
98.18
100%
Both Akintola Williams Deloitte and Ahmed Zakari &
Co., as joint auditors, have indicated their willingness
to continue as auditors of the Company in accordance
with the provisions of section 357 (2) of the Companies
and Allied Matters Act, Cap C20 LFN 2004.
A resolution will be proposed authorising the Directors
to fix the remuneration of the Auditors for the 2017
financial year.
In compliance with the provisions of the Securities
and Exchange Commission (“SEC”) Code of Corporate
Governance, 2011, the Company puts the external audit
contract out to tender at least every ten years. The
timing of the next tender will be aligned with the cycle
for rotating the audit engagement partner.
Mahmud Kazaure
Group Chief Legal Counsel and Company Secretary
27th February, 2017
Annual Report 2016
97
98
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