Shareholders optimistic over FCMB N150bn capital raise
Shareholders of FCMB Group Plc have expressed confidence that the N150bn capital raising programme of the group would be achieved.
This was stated at the 11th annual general meeting of the group, where the shareholders also hailed the management for the performance of the bank in 2023.
The Secretary General of the Independent Shareholders Association of Nigeria, Mr Eke Emmanuel, 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.”
Another shareholder, Timothy Adesiyan of Nigeria Shareholders Solidarity Association, lauded the bank for its strong corporate governance structures, succession plan and the commitment of the bank to support key sectors of the economy.
“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 per cent increase. The board, management and staff should continue to sustain the legacy of the late Founder, Otunba Subomi Balogun,” he asserted.
At the meeting, the shareholders approved an increase in issued share capital from N9.90bn to N19.80bn, authorised a N150bn capital raise to drive future growth plans and a 100 per cent increase in dividend payout to 50 kobo per share from 25 kobo in 2023.
In comments on the floor of the AGM, the FCMB Group Chairman, Mr Oladipupo Jadesimi, commended the workforce’s contribution to the company’s strong operating performance.
He noted, “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 N104.4bn, up 185.6 per cent from the full year 2022. The diligence exhibited by our workforce across the country has 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.”
That was the first annual general meeting of FCMB Group without the presence of its founder, the late Otunba Olasubomi Balogun, who died on May 18, 2023, at the age of 83.
A minute’s silence was observed at the commencement of the meeting and tributes were paid in his honour.
