…. N9.901 billion dividend for 2023
Shareholders of Guaranty FCMB Plc at the 11th Annual General Meeting approved the company’s plan to establish a capital raising programme of N150 billion.
The group will raise up to N150 billion or its equivalent in other currencies through the issuance of various securities, including ordinary shares, preference shares, convertible or non-convertible notes, bonds, or other instruments, in both Nigerian and international capital markets, with flexibility in pricing, issuance methods, maturity periods, and terms, subject to regulatory approvals.
Also, the shareholders endorsed the management’s N9.901 billion for the financial year ending December 2023, representing a reward of 50 kobo for each share held.
Addressing shareholders at the AGM, the Chairman, Mr. Oladipupo Jadesimi said that the Group declared a profit before tax of N104.4 billion, up 185.6% from the full year 2022.
He noted that 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.”
This would be the first Annual General Meeting of FCMB Group Plc without the presence of the Founder, the late Otunba Michael Olasubomi Balogun.
Shareholders commended the management for honouring and perpetuating the Founder’s legacy and accelerating growth in most key indices.
Chief Timothy Adesiyan of Nigeria Shareholders Solidarity Association said:
” 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% increase. The Board, Management, and Staff should continue to sustain the legacy of the late Founder, Otunba Subomi Balogun.”
Also speaking, the Secretary General of the Independent Shareholders Association of Nigeria (ISAN), Mr. Eke Emmanuel, applauded FCMB Group’s results.
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.”
