COVID-19: Tech comes to the fore as publishing firm, UP Plc, engages stakeholders

THE COVID-19 pandemic has really changed the way things are done in the country, and even across the world.

Publishing company, University Press Plc, is also not left out in embracing technology in the way it now conducts its activities.

Just last week, the company held its Annual General Meeting (AGM) virtually, which means apart from key management and board officials, shareholders’ representatives and personnel of relevant regulatory agencies, other stakeholders, including authors, had to connect from different parts of the world to monitor what was going on in the company’s conference room at Jericho, Ibadan, Oyo State.

During the meeting, board of the company approved a N.15kobo dividend for its shareholders, thus sustaining its legacy of paying dividends annually in the last 30 years.

Speaking during the Annual General Meeting (AGM) of the company at its headquarters in Ibadan, the Oyo State capital, the chairman, Mr Obafunso Ogunkeye, said the company was sustaining its legacy of paying dividends despite the tough operating environment occasioned by the COVID-19 pandemic.

Ogunkeye said the latter quarter of the fiscal year from January to March 2020 was marred by the Coronavirus outbreak, just as the company closed its offices from March 27, until the restrictions were lifted after the end of the reporting year.

The chairman said the lockdown impacted negatively on the company’s performance, as it was unable to completely supply books to customers who had ordered before the end of the year.

“Closure of schools also meant the company’s main source of revenue was shut towards the end of the year.

“While the past couple of weeks have brought about unprecedented challenges, it has been encouraging to witness how the organisation has managed to regroup and continue the work amid unfamiliar circumstances.”

While also speaking, the managing director of the company, Mr Samuel Kolawole, said despite the challenges, the company was able to sail through and it would continue to work for the benefit of investors, customers and staff with the support of the board.

The meeting also saw the reelection of three non-executive directors, Mr Yomi Adewusi, Mr Chibuike Okorie and Mr Ayodeji Olorunda.

Members of the audit committee were also elected, while shareholders unanimously approved the remuneration of non-executive directors.

Present at the AGM were representatives of the Corporate Affairs Commission (CAC), Nigeria Stock Exchange (NSE), Securities and Exchange Commission (SEC), various shareholders’ associations, among others.