UPDC Plc has announced plans to seek shareholders’ approval to raise a N100 billion real estate fund at its upcoming annual general meeting.

The company disclosed this in its notice of annual general meeting, stating that the meeting will be held on Thursday, May 7, 2026, at 10 am to transact both ordinary and special business.

The proposed fund forms part of the special business to be considered at the meeting, where the company stated that shareholders will deliberate on a resolution to raise a N100 billion real estate fund.

Other special business includes a resolution to fix the remuneration of the non-executive directors.

On ordinary business, the company said it will lay before the Members the Report of the Directors, the Consolidated Statement of Financial Position of the Company as at 31st December 2025, and the Reports of the Auditors and the Audit Committee thereon.

Shareholders will also consider resolutions to declare a dividend, to re-elect Oluwole Oshin and Adeniyi Falade as directors, and to authorise the directors to fix the remuneration of the auditors.

The notice further stated that if the proposed final dividend of 1 kobo per share is approved, it will be paid on May 7, 2026, to shareholders on the register as of April 22, 2026.

UPDC added that the register of members will be closed from April 23 to April 29, 2026, for the purpose of updating the register.