Over N45m royalties distributed at Audio Visual Rights Society AGM

The Audio Visual Rights Society of Nigeria recently convened its 8th Annual General Meeting at The Zone, Gbagada Expressway, Lagos.

A statement on Tuesday stated that the meeting’s agenda covered four key issues including the approval of financial statements, review of auditor engagement, board elections and authorisation for royalty distribution.

Approval was granted for royalty distribution in accordance with Article 16 of the society’s Memorandum and Articles of Association.

The statement partly read, “The chairman, Mahmood Ali-Balogun reported that over N45 million in royalties had been distributed to members with verified account information between January 2023 and March 2024.

“Regarding the auditor’s role, members authorised the Board to make necessary changes and determine board members remuneration.

“The AGM also saw the election of four new Management Board members. Incumbent directors, including Chairman Mahmood Ali-Balogun and Peddie Okao, were re-elected, while Lancelot Imaseun and Nafisat Abdullahi joined the Board as new directors.”

They also reviewed and adopted the audited financial statements for the year ending December 31, 2023. The external auditor, Olukayode Timehim Co, presented a robust audit report on the society’s financial health.

On enforcement measures, Ali-Balogun highlighted AVRS’s efforts to engage with users of audiovisual works, focusing on hotels and other similar establishments.

“Our partnership with hotel associations in Lagos and Abuja, through group licensing agreements, has enabled smoother operations and fostered mutual understanding,” he stated.

He further detailed AVRS’s collaboration with the Force Criminal Investigation Department to ensure compliance from non-cooperative hotels, especially in Abuja.

Members expressed their gratitude to the Board and management for their dedication, commending Ali-Balogun’s exemplary leadership throughout the year.

In attendance were returning AVRS Directors such as Sani Muazu, Jide Kosoko, Monalisa Chinda, and many other film industry heavyweights, including Zeb Ejiro and Emeka Ossai. Representatives from the Nigerian Copyright Commission, led by Lynda Alphaeus, were also present.