FBN Holdings Plc, the parent company of Nigeria’s premier financial inclusion services provider, FirstBank, at its 11th Annual General Meeting (AGM) on Tuesday, August 15, 2023, announced the appointment of Femi Otedola and Oyewale Ariyibi into the board as Non-Executive and Executive Directors.
This came as the Group also announced a dividend payout of 50 kobo per share to its shareholders, an increase of 43%, from 35 kobo per share paid in the previous year.
The AGM held virtually and was presided over by Alhaji Ahmad Abdullahi, the Group Chairman, with shareholders, directors, Management staff, and other stakeholders in attendance.
Shareholders at the virtual AGM passed a resolution to approve an increase of the Company’s Issued Share Capital from 17,947,646,396 of 35,895,292,792 ordinary shares of 50kobo each to N22,434,577,995 by creating an addition of up to 8,973,823,198 ordinary shares of 50 kobo.
This entailed an amendment of Clause 6 of the Memorandum of Association, to reflect the newly issued capital of N22,434,557,995 by the creation and addition of up to 8,973, 823, 198 ordinary shares of 50 kobo, which also got the approval of the shareholders.
FBNHoldings, according to the Chairman, sustained improvement on key indicators as its gross earnings and net interest income recorded growth, with NPL reducing from 6.1% to 4.3% in demonstration of prudent risk management.
Alhaji Ahmad Abdullahi presented an overview of the group’s performance over the past financial year highlighting key achievements, strategic initiatives, and vastly improved performance indices. The Chairman outlined the strategic plans for the upcoming year and informed shareholders of appointments to the board.
He also reiterated the group and its subsidiaries’ commitment to continuously innovate and leverage opportunities to build on its customer-centric services, as he underscored their value in achieving sustainable growth and impact on host communities of its businesses across the world.
The Group chairman, at the AGM, noted the Group’s strong financial performance despite the challenges experienced in the global business climate. FBNHoldings’ technology adoption and digital transformation of its businesses were also discussed as the Group reiterated its commitment to leverage cutting-edge technology currently at the heart of its approaches.
What Chairman said:
Speaking further at the AGM, Alhaji Abdullahi, the Group Chairman of FBNHoldings, said: “The Group actively develops targeted initiatives to strengthen its capacity to create value greater than the sum of the individual parts. At FBNHoldings, technology and innovation are at the core of what we do. We recognise the competitive advantage innovation affords us and ensure it takes the front seat in the design, development and enhancement of our products and services.”
“Acknowledging the vital role our employees play in creating shareholder value, we consistently leverage best-in-class training and development programmes for upskilling and reskilling members of staff to enhance professional competence, drive innovation and boost overall corporate agility. Our people, across the cadres, have stayed true to our Core Values – Entrepreneurial, Professionalism, Innovative and Customer-Centricity (EPIC) – and have shown commitment to the Group’s strategic aspirations.”
On the whole, the 11th AGM of the financial services Group reflected the sustained growth trajectory in its financial performance as the group reiterated its resolve to boost shareholder value and positively impact businesses and the lives of its host communities.
Background on FBNHoldings
FBN Holdings Plc is a leading African banking and financial services group serving individuals, businesses, organisations, and governments in leading markets across the continent and globally. FBNHoldings’ principal subsidiary is First Bank of Nigeria Limited (FirstBank), Nigeria’s foremost financial institution and leading banking services provider. FirstBank has forged an incredible partnership with its people and built an enduring heritage through a vast array of seasons and societies, to remain an icon delivering the Gold Standard in today’s financial services industry in Africa and beyond.
First Bank with operations in 10 countries and subsidiaries that include FirstBank (UK) Limited, First Bank in the Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal, and First Pension Custodian Limited.
Other entities within the parent FBN Holdings are the Merchant Banking and Asset Management businesses, which comprise FBNQuest Merchant Bank Limited, FBNQuest Capital Limited, FBNQuest Securities Limited, FBNQuest Asset Management Limited, FBNQuest Trustees Limited and FBNQuest Funds Limited.
In the Insurance business, FBN Insurance Brokers Limited is a wholly owned subsidiary of FBN Holdings Plc, with its Headquarters in Lagos and branches in Abuja, Port Harcourt, and Ibadan leveraging on FirstBank’s over 700 branches and its network of subsidiaries in servicing its clients.