FBN Holdings shareholders ratify 38k dividend at virtual AGM

Chinwendu Obienyi

FBN Holdings Plc, has reiterated its promise to place its shareholder value at the forefront of its operations while adding that it is positioned and driven to not just remain relevant in the future but also involved in the development of the Nigerian economy and its host countries across Africa. 

This was even as its shareholders approved the 38 kobo dividend per share that was proposed by the Board of Directors of the company at the group’s Annual General Meeting (AGM) which held in Lagos yesterday.

Speaking at the meeting, the Chairman of Board of Directors of FBN Holdings Plc, Dr. Oba Otudeko, explained that the group deepened its efforts to realise revenue adding that it resulted into a 42 per cent increase in synergy revenue during the 2019 financial year, highlighting the group’s enhanced ability to address customers’ needs through its thriving subsidiaries.

Dr Otudeko noted that the year 2020 marks the beginning of another three-year strategic planning cycle for the Group while adding that the company has mapped out its course of action over the next three years.

“In line with current and future trends, we have realigned our vision and strategic priorities across our operating entities. Furthermore, we have identified synergistic opportunities and key services that can be leveraged to further drive efficiency and overall productivity across the Group,” he said.

Also speaking, the Group Managing Director/CEO, FBN Holdings Plc, Mr. UK Eke said, that central to its strategy is the three-pronged focus of the Group aimed at restoring shareholders value over the last three years, which enhanced the revenue profile of the Group in the context of diversification across multiple streams, markets and sectors.

“These primary focus areas are in addition to the long-term strategy of the Group, which is ultimately geared towards ensuring that FBN Holdings becomes one of the foremost financial services institutions in Sub-Saharan Africa”, Eke said.

According to him, the 2019 financial results have been a good reflection of the company’s strategy and the directional ratios are consistent with the future the group seeks to create for the institution.

“The Group’s profit before tax of N83.6 billion, a 30.9 per cent growth over prior year at N63.9 billion, other key metrics such as return on equity, loans and advances, deposits, shareholders’ equity improved during the year at varying rates.”