Shareholders of R.T. Briscoe (Nigeria) Plc have approved a plan to raise up to N10 billion through fresh equity issuance as the company seeks to strengthen its capital base and finance future growth initiatives. The approval was granted at the company’s Annual General Meeting (AGM) held on July 2, 2026, at its headquarters in Lagos, according to a notice signed by Company Secretary Michael Olabode.
Resolution Details
Under the resolution passed by shareholders, the board was empowered to increase the company’s share capital and raise up to N10 billion through one or more capital market transactions. The fundraising may be executed through a public offer, private placement, rights issue to existing shareholders, or a combination of these options, subject to prevailing market conditions and regulatory approvals. The resolution stated: “That the Directors be authorized to increase the share capital of the Company and raise ten billion naira to be implemented by one or more transactions through the issuance of ordinary shares by way of public offering, private placement, rights issuance to existing shareholders or otherwise via a combination of these.”
Additional AGM Approvals
The company also obtained shareholder approval to amend its Memorandum and Articles of Association upon completion of the capital raise to reflect the new issued share capital. At the meeting, shareholders received and considered the audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, and audit committee. Shareholders also approved the re-election of Sunday Nnamdi Nwosu and Folasade Oluwatoyin Ogunde, who retired by rotation and offered themselves for re-election. In addition, shareholders appointed Adeniyi Araunsi Adebisi, Kenneth Nwosu, and Anthony Katchy as shareholder representatives on the Statutory Audit Committee. Board representatives on the committee are Akin Ajayi and Ali Madugu. Other resolutions approved at the AGM included the disclosure of managers’ remuneration, payment of directors’ fees, authorisation for the board to determine auditors’ remuneration for the 2025 financial year, and approval for the company to procure goods and services from related entities where necessary for business operations.
Market Performance
The planned capital raise comes amid a strong run in the company’s share price on the Nigerian Exchange. According to a recent Nairametrics market analysis, R.T. Briscoe ranked among the best-performing low-priced stocks in the first half of 2026. The stock gained 184.29% during the period, rising from N3.50 per share at the beginning of the year to N9.95 by the end of June, creating significant returns for investors.
