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Home Economy Finance

FCMB Group: Shareholders Approve Issued Capital Increase, ₦150 Billion Capital Raise

…100% dividend increase from 2022

by Adetunji Tobi
May 27, 2024
in Finance
0
FCMB Group AGM 2024
L-r: Ladi Balogun, Group Chief Executive, FCMB Group Plc; Oladipupo Jadesimi, Chairman of the Group, and Mrs. Funmi Adedibu, Company Secretary/General Counsel,during the 11th Annual General Meeting (AGM) of FCMB Group held on May 24, 2024 in Lagos.

L-r: Ladi Balogun, Group Chief Executive, FCMB Group Plc; Oladipupo Jadesimi, Chairman of the Group, and Mrs. Funmi Adedibu, Company Secretary/General Counsel,during the 11th Annual General Meeting (AGM) of FCMB Group held on May 24, 2024 in Lagos.

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FCMB Group Plc‘s shareholders, at the company’s 11th Annual General Meeting (AGM), approved an increase in issued share capital from ₦9,901,355,390.50 to ₦19,802,710,781.00 and authorised a ₦150 billion capital raise to drive future growth plans.

The shareholders also approved a 100% increase in dividend payout to 50 kobo per share, up from 25 kobo in 2023, reflecting the Group’s commitment to delivering shareholder value.

Mr. Oladipupo Jadesimi, the chairman, commended the workforce’s contribution to the company’s strong operating performance.

He said,

“FCMB Group Plc demonstrated resilience, the result of which has given me the great pleasure of being able to inform you that for the full year ended 31 December 2023, the Group declared a profit before tax of N104.4 billion, up 185.6% from the full year 2022. The diligence exhibited by our workforce across the country have 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.”

FCMB Group AGM 2024
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Cross section of shareholders at the 11th Annual General Meeting (AGM) of FCMB Group Plc held on May 24, 2024, in Lagos

This would be the first Annual General Meeting of FCMB Group Plc without the presence of the Founder, the late Otunba Michael Olasubomi Balogun, CON.

A minute’s silence was observed at the commencement of the meeting and tributes were paid in his honour.

Shareholders lauded the management for honouring and perpetuating the Founder’s legacy and the accelerating growth in most key indices, expressing optimism for a more rewarding future.

In his comments, Chief Timothy Adesiyan of Nigeria Shareholders Solidarity Association said, “we are happy that FCMB Group and its subsidiaries are growing in leaps and bounds. Of note are the strong corporate governance structures, succession plan and the commitment of the Bank to support key sectors of the economy, including corporate social responsibility programmes. However, 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.”

In seeking approval for the N150 billion increase in share capital, the Group on behalf of its flagship bank, made clear its aspirations to retain its international license, with this year’s capital raise being the first step in that process.

Also speaking, Mr. Eke Emmanuel, the secretary general of the Independent Shareholders Association of Nigeria (ISAN), applauded FCMB Group’s results and endorsed the capital raising programme.

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.”

FCMB Group AGM 2024
L-r: Non-Executive Director, FCMB Group Plc, Mrs. Olapeju Sofowora; Executive Director/Chief Operating Officer, Mr. Gbolahan Joshua; Group Chief Executive, Mr. Ladi Balogun; Chairman, Mr. Oladipupo Jadesimi; Company Secretary/General Counsel, Mrs. Funmi Adedibu; Executive Director, Coverage & Investment Banking, Mr. Olufemi Badeji and Non-Executive Director, Professor Oluwatoyin Ashiru, all of FCMB Group Plc, during the 11th Annual General Meeting (AGM) of the Group held on May 24, 2024, in Lagos.

The AGM concluded with renewed confidence among shareholders and stakeholders in the financial institution’s leadership and strategic direction.

Board members reassured shareholders of their commitment to maintaining high governance standards and delivering consistent value while highlighting ongoing efforts to enhance risk management frameworks and ensure full regulatory compliance to safeguard the Bank’s reputation.

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  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

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Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

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