We’ll continue to reposition ANN Plc for profitability, relevance in media space —Awolowo Dosumu

•Company holds 46th AGM

The Chairman, African Newspapers of Nigeria (ANN) Plc, publishers of the Tribune titles, Ambassador Dr Olatokunbo Awolowo Dosumu, on Friday, said the Board of Directors and management of the company will not relent in repositioning it for growth, profitability and ensuring continued relevance in the rapidly evolving media space.

The former Ambassador to the Netherlands disclosed this in her speech at the 46th Annual General Meeting of the company, held at the Efunyela Hall, Ikenne Remo, Ogun State.

While reeling out figures, Awolowo Dosumu noted that the company recorded remarkable success in the year under review as against what was achieved the previous year, despite the nation’s economic challenges.

She assured the stakeholders that the company, which was established 76 years ago, remains committed to the vision of excellence and public service.

“The foregoing signals huge recovery, confidence restoration and positive trajectory for the company,” she said.

The chairman highlighted reduction in operating costs, diversification of revenue sources and building new partnerships, especially in digital and regional markets, as part of efforts made for the company to survive economically.

She said: “The global business environment over the past three years has been characterised by heightened volatility, economic uncertainties, and digital disruptions. The lingering effects of the post-pandemic economic uncertainty, supply chain shocks, rising global inflation, geopolitical tensions, and the acceleration of technology-driven media consumption have reshaped industries worldwide.

“For the newspaper and publishing sector, the digital revolution and shifts in consumer behaviour have continued to redefine content creation, distribution, and monetisation models.

“Traditional print media has faced sustained headwinds, while new opportunities in digital platforms, multimedia storytelling, and data-driven advertising are rapidly expanding.

“For businesses like ours, these conditions translated into higher operational costs, fluctuating consumer spending, and an urgent need for strategic adaptation.

“The Board and Management have also taken necessary steps to streamline operations, optimise resources, curtail high operational costs and reposition the Company.”

A minute silence was observed in honour of Chief Ayo Adebanjo, who, until his passage on 14th February, 2025, was one of the directors of the company.

Awolowo Dosumu lauded the contributions of the late elder statesman and his commitment and dedication to the company.

She appreciated the shareholders for their patience and unwavering support for the company.

While giving the report of the independent auditors to the shareholders, Mr Kolawole Babatunde of HLB Z.O. Ososanya & Co, noted that the company’s operations are stable.

He informed the shareholders that the company’s statements of financial position and profit or loss and other comprehensive income are in agreement with the books of account.

“With this chairman, you are in safe hands. We assure you that things would get much better under her leadership by next AGM,” he added.

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