The shareholders of FBN Holdings Plc have been assured of a brighter future and enhanced dividend at the 7th Annual General Meeting (AGM) in Lagos.
Speaking at the meeting in Lagos, Dr Oba Otudeko, FBN Holdings Group Chairman, assured the shareholders that the company had mapped out strategies aimed at ensuring enhanced value creation for the future.
Otudeko said that the board and management would work together to create shareholder value and build a strong foundation for the future.
“We are not resting on our laurels, and our renewed approach to synergy and innovation will be major drivers to unlocking earnings potential for our group.
“We believe that our efforts to integrate our offerings and provide end-to-end solutions for our customers will create a competitive advantage in our markets,” he said.
Also speaking, Mr Urum Kalu Eke, Group Managing Director FBN Holdings, said that the company was committed to greater exploits in the future in its drive to deliver value to its shareholders.
” I would like to reiterate our promise to you and the entire market that 2019 represents for us the year of inflection.
“All leading indicators, derived from our numbers, point to the commencement of growth across businesses, markets and indices.
“As we transition to a new strategic planning cycle post-2019, we are confident that the focused execution of our strategy, investment in future-enabling technologies, development of our talents and our re-engineered processes to repositioning the group for the ultimate benefit of the shareholders,” Eke said.
He also commended the shareholders for their unwavering support to the group over the years.
The company for the period under review posted a profit after tax of N59.7 billion compared with N45. 5 billion achieved in the comparative period of 2017, an increase of 31.4 per cent.
Profit before tax stood at N65. 3 billion against N54.5 billion recorded in 2017, representing a growth of 19.7 per cent.
Gross earnings stood at N583.5 billion compared with N595. 4 billion in 2017, a decrease of two per cent.
Its total assets rose by 6.3 per cent from N5.2 trillion in 2017 to N5.6 trillion during the review period.
Similarly, customers deposits expanded by 10.9 per cent from N3.1 trillion in 2017 to N3.5 trillion in 2018.
The year also recorded reduction in impairment charges which declined to N87. 3 billion from N150.4 billion, representing 42 per cent drop and proof to the improving loan book of the commercial bank.
He assured the shareholders that the board and management had restructured the entire group for more sustainable growth.
“For liquidity perspective, you have a strong institution that would pay the dividend on a regular basis.
“We have built capital buffet at the commercial bank and the other entities are well capitalised also.
“2019 promises to be a much better year than 2018; all operating entities are in safe hands with good management teams.
“NPL ratio should be at single digit by end of 2019, we will pursue recovery and when it happens the commercial bank will contribute to dividend payment,” he stated.
Eke noted that significant growth in the bottom line was due to several factors including the improved risk management processes which endured that impairment changes dropped year-on-year.
He, also, attributed the growth to implementation of servers cost containment initiatives during the period.
Also speaking, Dr Adesola Adeduntan, First Bank of Nigeria Limited, Chief Executive Officer, said that recovery efforts on all accounts provisioned were in progress.
Adeduntan said that the bank would ensure that no kobo would be left in the hands of third party, noting that, the bank would work harder to resolve all the legacy NPL.
He said that the number of banking agents had increased to 20,000, adding that the figure processed through agency banking platform reached N1 trillion as at last week.
The shareholders at the meeting approved a total dividend of N9.3 billion, which translated to 26k per share
Femi Otedola Reacts To Lekki Tollgate Shooting
Nigerian businessman, Femi Otedola has finally reacted to the shooting that took place at Lekki Tollgate, Lagos on Tuesday.
Information Nigeria recalls men dressed in military wears opened fire on unarmed #EndSARS protesters, who convened at the area.
Otedola took to his Instagram page on Sunday to commiserate with the families of those who lost their lives in the unfortunate incident.
Sharing a photo of the Nigerian flag, he wrote;
“The horrors that have been unfolding in our country have left me filled with sadness. I deeply commiserate with those who have lost their loved ones and as a father, I share the sentiment of my three daughters who protested in Lagos and London. As a young boy of 16, I participated in the ‘Ali Must Go Protest’ of 1978, so I understand the determination of our youths who rightly want our country to be better. We must all do our part to make Nigeria great! I will continue to do my own quota in providing for those who are most in need of support in our country in these tough times .…F.Ote💲”
See his post below:
“Oke Wasn’t Killed By Stray Bullet, He Was Stabbed By Thugs” – Brother Claims
Information Nigeria recalls a graphics designer identified as Oke, was killed hours after tweeting “Nigeria will not kill me” on Wednesday.
It was reported that the young man had passed away after he was hit by a stray bullet.
The deceased’s younger brother, Daniel has come out to clear the air regarding the circumstances leading to his death.
Daniel revealed his brother was stabbed on the neck by thugs who infiltrated and ransacked their home.
In his words;
“Good day, My name is Obi-Enadhuze Daniel younger brother of the now deceased Okechukwu Obi-Enadhuze @O_Okee . I, my brother and mother lived at makinde police barracks, mafoluku, Oshodi, Lagos State.
Today at about 11 o’clock in the morning the police station at makinde was attacked by thugs who wanted to destroy the station, I my mom and brother were holed up in our house.
The attack went on for hours before the thugs eventually breached the police and proceeded to set the station on fire, after accomplishing this they set their sights to the barracks and began the assault, they proceeded to destroy every car in the barracks, my mom’s 2 cars where destroyed and set on fire and then they infiltrated our house by breaking the door they then proceeded to ransack the house and carted away with everything we own.
my brother on trying to get them to take everything but spare us was pushed to my mom’s room and stabbed on the neck, the attacker then proceeded to attack me but missed my neck but got my chin instead, after this my mom and I carried my brothers body to the entrance of the station soliciting for help from the thugs still ravaging the barracks, we were finally able to put him in a wheelbarrow and took him to a hospital where he was rejected because “he was already dead” unfazed we moved him to another hospital where he met the same treatment this was where he bled his last drops of blood and died, his body has now been moved to a morgue
we have lost every single thing we own, as our house was completely ransacked and set on fire the only thing left is my brothers phone and at about 8 o’clock this evening the barracks was still on fire but Okechukwu has paid with the ultimate price
I and my mother are homeless with nothing now but we’re safe for now, we thank everyone that has been able to reach out to us, and were able to share consoling words with us in these trying times, God bless you
While we were holed up in the house the three of us said these words together and we say it again ” THREE OF US ARE HERE, THREE OF US ARE TOGETHER, THREE OF US ARE SAFE”
Let it be known that my brother @O_Okee was NOT killed by a police bullet but died a hero protecting my mother and I.
If you see this please retweet, let the world know how Okechukwu died. He was NOT killed by a police bullet but thugs in his home!”
See his post below:
Youths Burn Down Sanwo-Olu’s Mother’s House In Lagos (VIDEO)
Lagos youths have set the family house of Governor Babajide Sanwo-Olu on fire.
This was after the Governor said that no nobody was killed during the shooting by soldiers at Lekki Toll Gate on Tuesday night.
Sanwo-Olu had debunked claims that the soldiers opened fire and killed some peaceful protesters.
Recall that men of the Nigerian Army reportedly opened fire on protesters following the declaration of 24 hours curfew by the Lagos State Governor, Babajide Sanwolu.
Bullets fired by security operatives hit some persons and at least two persons have been confirmed killed by the police and many injured
Voices in viral footage blamed the shootings on soldiers.
However, the angry youth attacked several important places such as Nigeria Port Authority, TVC News, and the family house of the Governor where his mother resides.
After Governor @jidesanwoolu said the "soldiers shot in the air to disperse the peaceful protesters." And thar their's no fatalities
Lagos youths set Governor's Mother's House on FIRE!! #PRAYFORNIGERIA#EndSARS #Lekkitollgate #LekkiGenocide #EndPoliceBrutalityinNigeraNOW pic.twitter.com/QaOvSHwXdk
— Nwachukwu John Owen (@johnowen99) October 21, 2020
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