Shareholders of FCMB Group Plc, recently applauded the financial institution for its resilience, dynamism and impressive performance recorded last year despite the challenging operating environment.
The shareholders, who gave the commendation at the 7th Annual General Meeting (AGM) of the Group in Lagos, also unanimously approved the payment of a cash dividend of 14 kobo per ordinary share, which translates to N2.77 billion, for the year ended December 31, 2019.
The AGM was held by proxy, following the outbreak of the COVID-19 (novel coronavirus) pandemic, and streamed live to shareholders of the financial institution who were unable to physically attend due to the lockdown imposed by the Government. The decision to hold the AGM by proxy was to avoid unnecessary physical contact among attendees and in line with the social distancing protocol to avoid the spread of the pandemic. The meeting was previously scheduled before COVID-19 hit Nigeria.
Commending the group, the Co-ordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, praised the institution for efficiently running its affairs and the appreciable growth recorded in key operating areas. According to him, “ the organisation is well prepared and very concerned about the interest of shareholders. We are happy about the result and the dividend payment. This will go a long way to provide some money for shareholders to survive the lockdown. We also note with appreciation the support provided by FCMB to the government, other bodies and businesses to mitigate the effect of COVID-19’’.
Corroborating him, the National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, said, “FCMB Group performed very well in the financial year ended December 31, 2019. The result is encouraging, and dividend is growing. We urge the Board, Management and Staff to continue in this positive direction. We look forward to see more value and gains this year”.
Presenting the report for the year ended December 31, 2019, the Chairman of FCMB Group, Oladipupo Jadesimi, stated that all the three business groups within FCMB Group Plc reported improved performances, in terms of higher earnings and profits, compared to what was achieved in 2018. He expressed gratitude to shareholders for joining the meeting as well as their unflinching support, which has made FCMB to wax stronger.
According to him, “the Board of Directors have adopted a policy that seeks to provide investors with a stable and sustainable form of capital distribution, with consideration given to the growth and capital requirements of the business, thereby maximising long-term share value for shareholders”.
Also speaking at the AGM, the Group Chief Executive of FCMB Group Plc, Ladi Balogun, said, the group’s businesses continue to improve with growth in other key indicators, such as loans and advances, deposits and Assets Under Management (AUM), which grew by 13.1, 14.7 and 28.3 per cent, respectively.