FCMB Group Plc will hold its 11th Annual General Meeting (AGM) on Friday, May 24, at the Balmoral Convention Center, Federal Palace Hotel, Victoria Island, Lagos in Lagos.
The meeting will convene stakeholders, including shareholders, board members, and key executives, to analyse the financial institution’s recently released 2023 financial report and deliberate on strategies aimed at driving future growth, enhancing shareholder value, and delivering exceptional customer satisfaction.
Ordinary business:
1. To receive and consider the Report of the Directors and the Audited Financial Statements for the year ended 31 December 2023, the Auditors’ Report thereon and the Audit Committee Report.
2. To declare a Dividend.
3. To re-elect the following Directors retiring by rotation.
- Prof. Oluwatoyin Ashiru OON
- Dr (Engr) Gregory Ero
- Alhaji Mustapha Damcida
4. To authorise the Directors to fix the remuneration of the Auditors.
5. To disclose the remuneration of managers of the Company.
6. To elect members of the Audit Committee.
Special Business
1. To consider and if thought fit, pass the following resolutions as ordinary resolutions:
i. That the Directors’ remuneration for the financial year ending December 31, 2024, and for succeeding years until reviewed by the Annual General Meeting be maintained at N200,000,000.00 (Two Hundred Million Naira) only.
ii. That the establishment of an Employee Share Option Program be and is hereby approved, and the Directors be and are hereby authorised to do all such things and carry out such acts as they may deem fit to give effect to this approval, subject to complying with applicable laws and regulations and obtaining all requisite regulatory approvals.
iii. That the issued share capital of the Company be and is hereby increased from 9,901,355,390.50 ( Nine Billion, Nine Hundred and One Million, Three hundred and Fifty Five Thousand, Three Hundred and Ninety Naira, Fifty Kobo) divided into 19,802,710,781 (Nineteen Billion, Eight Hundred and Two Million, Seven Hundred and ten Thousand, Seven Hundred and Eighty One) ordinary shares of 50k (Fifty Kobo) each, to 19,802,710,781.00 (Nineteen Billion, Eight Hundred and Two Million, Seven Hundred and ten Thousand, Seven Hundred and Eighty One Naira) divided into 39,605,421,562 (Thirty Nine Billion, Six Hundred and Five Million, Four Hundred and Twenty One Thousand, Five Hundred and Sixty Two) ordinary shares of 50k (Fifty Kobo) each by the creation and addition of 19,802,710,781 (Nineteen Billion, Eight Hundred and Two Million, Seven Hundred and Ten Thousand, Seven Hundred and Eighty One) ordinary shares of 50k (Fifty Kobo) each ranking pari-passu with the existing ordinary shares of the Company (save that such additional ordinary shares shall not be considered for the dividend recommended by the Company in respect of the profit for the year ended 31 December 2023).
iv. That the Company be and is hereby authorised to raise additional capital of up to 150,000,000,000.00 (One Hundred and Fifty Billion Naira), or its equivalent in such other currency as the directors may decide, through the issuance of securities comprising ordinary shares, preference shares, convertible or non-convertible notes, bonds or any other instruments, in the Nigerian and/or international capital markets, either as a standalone issue(s) or by the establishment of capital raising programme(s), whether by way of public offerings, private placements, rights issues and/or such other transaction modes, at price(s), coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions, as may be determined by the Board of Directors (the “Board” or the “Directors”), subject to obtaining the requisite approvals of the relevant regulatory authorities;
A holding company listed on the Nigerian Exchange Group (NGX), FCMB Group continues to set the pace for excellence in the banking and financial services industry, driven by a commitment to innovation, customer satisfaction, and sustainable growth.
The discussions and resolutions from the 11th AGM will set the stage for the bank’s future endeavours, ensuring its continued contribution to the overall economic growth and development of Nigeria.
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FCMB Group Plc is a financial services group, with operating companies divided along four business groups: The Banking Group (First City Monument Bank Limited (‘The Bank’), FCMB Bank UK Limited and FCMB Microfinance Limited); Consumer Finance (Credit Direct Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); and Investment Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited). Listed on the Nigerian Stock Exchange (NSE) with the ticker symbol ‘FCMB’, FCMB Group Plc has 19.8 billion ordinary shares held by over 516,000 shareholders.
The Group and its subsidiaries are building and driving an ecosystem that fosters inclusive and sustainable growth in their communities, primarily in Africa, its diaspora, and the United Kingdom.
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