Shareholders endorse Fidelity Bank’s N4.05b total dividend

For increasing shareholders’ value on investment through dividend payout, shareholders of Fidelity Bank Plc have endorsed the bank’s N4.05 billion dividend, culminating to 14 kobo per share for the 2016 financial year.

Speaking on the 29th yearly general meeting of the bank, held in Lagos at the weekend, also urged the bank to improve on its earnings to enhance profitability and dividend payout in the current year.

Specifically,the President, Progressive Shareholders Association of Nigeria  (PSAN), Boniface Okezie commended the board and management for the dividend payout amid harsh operating environment, stressing the need for the bank to grow its deposit and attract more customers to the bank.

He urged the new chairman to ensure that the exit of the former one does not create a vacuum on the bank. He, however advised him to do everything within its powers to surpass his predecessor, especially in the areas of enhancing profitability and dividend yield.

The President of Ibadan Zone Shareholders Association, Sola Abodurin said the 2015 financial year was a very challenging year, occasioned by high inflation rate, strict regulations by the apex regulators, among others, urging the bank to adopt a strategy, aimed at reducing its non-performing loan.

Another shareholder, Nona Awo tasked the bank to reduce the number of its unclaimed dividend figure and make it public.

He stressed the bank’s company secretary must work with the registrars to drive down the figure, adding that the bank’s investor relations officer must be given the mandate of reduce the figure at all cost.

Reviewing its performance, the Chairman of the bank, Ernest Ebi, The chairman said that the bank would strengthen its debt recovery strategy, as well ensure cost reduction mechanism in the current year to reduce operating cost.

The chairman stated that the bank would ensure compliance to the apex bank’s rules to avoid unnecessary sanctions going forward.

He stated that the bank would continue to invest in information technology to meet the yearnings and aspirations of its customers.

He commended the shareholders for their loyalty and support to the bank, assuring them that the bank would continue to maximise shareholders value.