FCMB approves N150 billion fund-raising plan

The shareholders of FCMB Group Plc have okayed the bank’s plan to increase issued share capital from N9,901,355,390.5 to N19,802,710,781 as well as N150 billion fundraising plan to drive future growth plans and maintain the group’s international licence.

This comes as the bank declared a profit before tax of N104.4 billion for the year ending December 31, 2023, marking a 185.6 per cent increase from 2022.
This is just as shareholders endorsed a 100 per cent increase in the dividend payout to 50 kobo per share, up from 25 kobo in 2023.

Speaking at the 11th Annual General Meeting (AGM), the Chairman, FCMB Group, Oladipupo Jadesimi, said the resilience of the bank resulted in a remarkable profit before tax.

He said the diligence exhibited by the bank’s workforce nationwide has been remarkable, emphasising the Board and Management’s commitment to fostering a culture of excellence among employees, customers, partners, and other stakeholders.

Shareholders lauded the FCMB management for accelerating growth in most key indices, expressing optimism for a more rewarding future.

Representative of the Nigeria Shareholders Solidarity Association In his comments, Timothy Adesiyan, commended the group’s strong corporate governance structures, succession plan and commitment to supporting key sectors of the economy, including corporate social responsibility programmes.

He suggested that the bank should expand its interventions to artisans and other underserved sectors.

“The increase from a 25 kobo dividend last year to 50 kobo this year, which is a 100 per cent rise, is a testament to the Board, Management, and Staff’s efforts to sustain the founder’s legacy,” Adesiyan remarked.

The Secretary General of the Independent Shareholders Association of Nigeria (ISAN), Mr. Eke Emmanuel, lauded the group’s financial health and endorsed the recapitalisation efforts.

He said the 2023 financial results demonstrate FCMB Group’s robust position and readiness to transform challenges into opportunities.

Meanwhile, the 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.