GLAXOSMITHKLINE Consumer Nigeria Plc has promised better returns on investments as its shareholders gave heir nod to the 30k dividend proposed by its board.
Speaking at the 45th Annual General Meeting of the company in Lagos, Mr. Edmund Onuzo, its Chairman , said that despite the prevailing economic challenges of 2015, the company remains committed to ensuring that its shareholders get returns on their investments.
According to Onuzo, the company’s decline in profitability was attributed to a very challenging year due to the country’s economic adversities. Nevertheless, the Board recommended a dividend of
THE Chairman of Skye Bank Plc, Mr. Mohammad Ahmad, has said the reconstitution of the board of the bank by the Central Bank of Nigeria (CBN) was not a takeover , but an intervention to correct corporate governance lapses.
Ahmad made the clarification Friday while addressing shareholders on the floor of the Nigerian Stock Exchange where the new board had gone to provide information on recent developments in the bank. While explaining that the ownership of the bank remains in the hands of the shareholders, he said the CBN does not own the bank and has not taken over the bank. The Skye Bank chairman disclosed that the apex bank is fully behind the bank and would support it to stabilize fully.
Ahmad, a former Director General of the National Pension Commission(PenCom), re-assured customers and investors that the bank is not distressed.
He said the bank’s fundamentals remain strong and still one of the leading retail banks in the country.
In his remarks, the Group Managing Director/Chief Executive Officer, Mr. Tokunbo Abiru, said the management team and the board would work to achieve value enhancement for shareholders, customers and other stakeholders by bringing the cost-income ratio to acceptable levels, improve the risk assets quality and work towards increasing the liquidity and capital adequacy of the bank.
Abiru described the reconstitution of the bank’s board as an intervention and not a takeover by the CBN, saying the lender’s fundamentals are good and strong.
The CBN had on Monday approved the reconstitution of the Board of Skye Bank Plc., with the apex bank appointing Ahmad and Abiru as the new Chairman and Managing Director respectively. Other members are Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu, all of whom were serving in the Executive Director capacity of the Bank prior to now.