Shareholders of FCMB Group Plc have expressed confidence that the N150bn capital raising programme of the group would be achieved.
This was stated at the 11th annual general meeting of the
group, where the shareholders also hailed the management for the performance of
the bank in 2023.
The Secretary General of the Independent Shareholders
Association of Nigeria, Mr Eke Emmanuel, applauded FCMB Group’s results and
endorsed the capital raising programme.
He said, “The 2023 financial results of FCMB Group Plc show
that the institution is in a healthy position and ready to transform challenges
into opportunities. The recapitalisation plans are commendable and achievable.
We are optimistic that FCMB will scale the hurdle and be better positioned to
deliver more value to shareholders and Nigeria.”
Another shareholder, Timothy Adesiyan of Nigeria
Shareholders Solidarity Association, lauded the bank for its strong corporate
governance structures, succession plan and the commitment of the bank to
support key sectors of the economy.
“However, the bank should expand its interventions to
artisans and other underserved sectors. We were grateful that from the 25 kobo
dividend paid last year, and now we are receiving 50 kobo this year, a 100 per
cent increase. The board, management and staff should continue to sustain the
legacy of the late Founder, Otunba Subomi Balogun,” he asserted.
At the meeting, the shareholders approved an increase in
issued share capital from N9.90bn to N19.80bn, authorised a N150bn capital
raise to drive future growth plans and a 100 per cent increase in dividend
payout to 50 kobo per share from 25 kobo in 2023.
In comments on the floor of the AGM, the FCMB Group
Chairman, Mr Oladipupo Jadesimi, commended the workforce’s contribution to the
company’s strong operating performance.
He noted, “FCMB Group Plc demonstrated resilience, the
result of which has given me the great pleasure of being able to inform you
that for the full year ended 31 December 2023, the group declared a profit
before tax of N104.4bn, up 185.6 per cent from the full year 2022. The
diligence exhibited by our workforce across the country has been remarkable.
“I commend everyone who contributed to this strong operating
performance for the year under review. As we navigate through the challenges
and opportunities that our mission presents, the board and management remain
steadfast in their commitment to cultivating a culture that will inspire
excellence in our employees, customers, partners, and every member of our
ecosystem.”
That was the first annual general meeting of FCMB Group
without the presence of its founder, the late Otunba Olasubomi Balogun, who
died on May 18, 2023, at the age of 83.
A minute’s silence was observed at the commencement of the
meeting and tributes were paid in his honour.