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FBN Holdings’ shareholders approve N5.38b dividend


MD/CEO, First Bank of Nigeria, Dr. Sola Adeduntan

MD/CEO, First Bank of Nigeria, Dr. Sola Adeduntan

With a total dividend of N5.38 billion, culminating to 15 kobo per share for every investor of the bank, Shareholders of FBN Holdings Plc, at the weekend, commended the directors of the bank for increasing their value on investment, amid harsh operating environment.

The shareholders, who spoke during the bank’s fourth yearly general meeting held in Lagos, also urged the bank to do everything within its powers to reduce the number of unclaimed dividend

Specifically, an independent shareholder, Nona Awoh, urged the bank to map out strategies aimed at reducing its unclaimed dividend presently at N4.2 billion.

He also stressed the need for the management to intensify efforts in the areas of recoveries to enable the bank reduce its impairment.

He urged the bank to vigorously pursue deposit mobilisation in terms of cash in order to boost investors’ confidence in the bank’s operations.

The National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, commended the company for the dividend declared in spite of challenging environment and headwinds witnessed in 2015.

Nwosu, who stated that the shareholders were not expecting any dividend from the company during the year under review due to the level of impairments, also urged shareholders to support the company in spite of the challenges noting that 2016 would be a better year with enhanced dividend.

The Group Managing Director, FBN Holdings, UK Eke, assured shareholders that the company’s ultimate goal was to restore shareholders’ value, noting that 15 kobo would be the lowest dividend to be declared by the bank going forward.

He stresses the bank’s commitment to restoring shareholders values, maintaining that transparency; honesty, hard work and diligence remained key objectives of the bank.

The Managing Director, First Bank of Nigeria Limited, Dr. Adesola Adeduntan, pledged the bank’s resolve to deal with quality of assets in their portfolio in order to reduce impairments.

“Our mandate is clear and our primary focus is to deal with the quality of assets in our portfolio in order to reduce impairment. We are also making efforts to recover all challenging accounts and carrying out restructuring of credit risk management processes so that we do not suffer this level of impairment challenges going forward.

“We take recoveries issues very seriously. We must embark on aggressive recovery. We have what it takes to deal with it decisively,” he said.

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