Close Menu
Chronicle.ng
    Trending Stories
    Police nab church member over kidnap of two Catholic Priests in Adamawa

    Police bust human trafficking syndicate, rescue 40 Ghanaians in Ondo 

    July 5, 2025
    Adeleke denies defection rumours

    Adeleke not defecting to APC, Osun PDP declares

    July 5, 2025
    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    July 5, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Police bust human trafficking syndicate, rescue 40 Ghanaians in Ondo 
    • Adeleke not defecting to APC, Osun PDP declares
    • Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’
    • Nine-man PSG stun Bayern to reach Club World Cup semis
    • NLC vows protest if NASS attempts to decentralise minimum wage
    • 2027: Kwankwaso will not contest against Tinubu on our platform – NNPP
    • Diogo Jota, Andre Silva buried amid tears
    • Aregbesola warns ADC supporters against fighting APC followers
    Facebook X (Twitter) Instagram
    Chronicle.ngChronicle.ng
    Subscribe
    Saturday, July 5
    • News
      • Nigeria News
      • World News
      • Headlines News
    • Politics
    • Business
    • Sport
    • Entertainment
    • Contact Us
    Chronicle.ng

    FBN Holdings shareholders approve N7.18bn dividend

    Chronicle EditorBy Chronicle EditorMay 19, 2017No Comments4 Mins Read
    Facebook Twitter Telegram WhatsApp
    Facebook Twitter WhatsApp

    FBN Holdings

    FBN Holdings shareholders on Friday approved dividend of N7.18 billion declared by the company for the financial year ended Dec. 31, 2016.

    The News Agency of Nigeria (NAN) reports that the shareholders gave the approval at the company’s 5th Annual General Meeting (AGM) held in Lagos.

    The dividend translated to 20k per share against N5.38 billion or 15k per share paid in the comparative period of 2015.

    Mr Sunny Nwosu, the National Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), commended the company for declaring dividend in spite of high impairment.

    Nwosu said that the shareholders appreciated the dividend considering the unfriendly operating environment and impairment charge for credit losses.

    He urged the company’s board and management to map out strategies aimed at fighting the impairment to improve operating profit.

    Nwosu said that the company should go out aggressively to recover the loans for better dividends payment in the future.

    He, however, said that this was the best time to buy into the company in order to be part of its success story.

    Mr Nona Awo, another shareholder expressed concern over the company’s huge unclaimed dividends figure.

    Awo stressed the need for collaboration between the registrars and investor relations officer to drive down the figure.

    He added that the company needed to increase its customer deposit base and reduce non-performing loans.

    Mr Bayo Adeleke, the immediate past ISAN Secretary said that FBN Holdings was resilient as it had passed through many storms.

    Adeleke said that the new leadership of the company had been able to turn things around.

    He said that the company needed to support the Small and Medium Enterprises (SMEs) as the nation’s engine of development through lending.

    Dr Adesola Adeduntan, the Managing Director, First Bank of Nigeria, assured the shareholders of the bank’s sustainability.

    Adeduntan told the shareholders that the bank, a key component of the holding company, had taken cognisance of past events and the need to do things differently.

    He said that digital banking was one of its key strategies for growth going forward.

    Adeduntan said that the management was migrating the institution from credit lending to transaction lending institution.

    He said that the bank was working hard to ensure reduction in impairment as was witnessed in 2016.

    “Impairment going forward will remain relatively high but not in the magnitude of 2016,” Adeduntan said.

    He said that the board and management had strengthened various risk controls in the bank aimed at lowering risk appetite.

    Adeduntan said that the bank’s single limit obligor had been reduced from N90 million to N30 million to reduce risk.

    He said that the bank would not do a single transaction more than N30 million going forward to minimise risk and reduce Non-Performing Loans (NPL).

    He added that the bank had overhauled the credit and risk management structure, strengthened oversight process and approval process to tackle impairment.

    Adeduntan said that a combination of the strategies would ensure that the bank did not create NPL in the magnitude of the past going forward.

    Mr U.K. Eke, the FBN Holdings Group, the Managing Director said that shareholders should be optimistic of higher returns on their investment from 2017 financial year.

    Eke said that the company in 2016 had to battle escalating operating cost in an inflationary environment and sought to grow operating income in a recessionary environment.

    He said that the company allowed the commercial bank to retina its earnings for future growth rather than approaching shareholders for fresh funds.

    Eke said that the company took the period of recession inherent in the country to clean up its book for enhanced growth.

    The News Agency of Nigeria (NAN) reports that the company posted gross earnings of N581.8 billion during the period under review against N502.8 billion achieved in 2015, an increase of 15.7 per cent.

    Profit before tax stood at N22.9 billion from N12.6 billion in the comparative period of 2015, representing a growth of 6.3 per cent. (NAN)

    Share. Facebook Twitter Telegram WhatsApp

    Keep Reading

    You have a spiritual problem – Wike blasts Amaechi over property claims

    Wike demands NDDC forensic audit report, links Amaechi’s wife to contracts

    Thomas Partey started his first game since joining Arsenal on deadline day

    Thomas Partey charged with rape, sexual assault

    NNPCL hikes petrol price to N945 in Abuja, N915 in Lagos

    Petrol pricing summit holds 23, 24 July – FG

    AMCON sells Ibadan Electricity DisCo for N100bn

    AMCON sells Ibadan Electricity DisCo for N100bn

    Former aviation minister, Hadi Sirika is accused of misappropriation of public funds by EFCC

    N2bn Fraud: EFCC raises more witnesses against Hadi Sirika, others

    The Emir of Kano, Muhammadu Sanusi II, has vowed that he will no longer advise President Bola Tinubu's administration on how to address the country's economic issues.

    Sanusi laments over Nigeria, says ‘every sector is battered’

    Add A Comment
    Leave A Reply Cancel Reply

    Subscribe to News

    Be the first to get the latest news updates from ChronicleNG about world, sports, politics etc

    Police nab church member over kidnap of two Catholic Priests in Adamawa

    Police bust human trafficking syndicate, rescue 40 Ghanaians in Ondo 

    July 5, 2025
    Adeleke denies defection rumours

    Adeleke not defecting to APC, Osun PDP declares

    July 5, 2025
    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    July 5, 2025
    Nine-man PSG stun Bayern to reach Club World Cup semis

    Nine-man PSG stun Bayern to reach Club World Cup semis

    July 5, 2025
    NLC threatens to shut down Abuja after July 3 over unpaid wages

    NLC vows protest if NASS attempts to decentralise minimum wage

    July 5, 2025
    Facebook X (Twitter) Instagram
    • News
    • Politics
    • Sports
    • Business
    • About Us
    © 2025 ChronicleNG

    Type above and press Enter to search. Press Esc to cancel.