FCMB Holds Virtual AGM as Shareholders Commend Performance and Approve Dividend
Tuesday, April 28, 2020 / 07:30PM / FCMB / Header Image Credit: FCMB
Shareholders of FCMB Group Plc have again applauded the financial institution for its resilience, dynamism and impressive performance recorded last year despite the challenging operating environment. The shareholders, who gave the commendation at the 7thAnnual General Meeting (AGM) of the Group on April 28, 2020 at its corporate head office in Lagos, also unanimously approved the payment of a cash dividend of 14 kobo per ordinary share, which translates to N2.77 billion, for the year ended December 31, 2019.
The AGM was held by proxy, following the outbreak of the COVID-19 (novel coronavirus) pandemic, and streamed live via www.fcmb.com/AGM to shareholders of the financial institution who were unable to physically attend due to the lockdown imposed by the Government. The decision to hold the AGM by proxy was to avoid unnecessary physical contact among attendees and in line with the social distancing protocol to avoid the spread of the pandemic. The meeting was previously scheduled before COVID-19 hit Nigeria.
FCMB Group is a holding company divided along three business groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Corporate & Investment Banking (the Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Chairman of FCMB Group, Mr. Oladipupo Jadesimi, along with the Group Chief Executive, Mr. Ladi Balogun, Company Secretary/General Counsel, Mrs. Funmi Adedibu, a Director, Mr. Olusegun Odubogun, Chief Operating Officer of the Group, Mr. Peter Obaseki, representatives of the Central Bank of Nigeria, Securities and Exchange Commission as well as leaders of shareholder Associations, were present at the meeting.
The Chairman noted that in compliance with the Companies and Allied Matters Act (CAMA), a quorum was formed at the meeting to carry on the business of the day.
Presenting the report for the year ended December 31, 2019, Mr. Jadesimi stated that all the three business groups within FCMB Group Plc reported improved performances, in terms of higher earnings and profits, compared to what was achieved in 2018. He expressed gratitude to shareholders for joining the meeting as well as their unflinching support, which has made FCMB to wax stronger. According to him, "the Board of Directors have adopted a policy that seeks to provide investors with a stable and sustainable form of capital distribution, with consideration given to the growth and capital requirements of the business, thereby maximising long-term share value for shareholders".
Source:https://www.proshareng.com/news/STO...ommend-Performance-and-Approve-Dividend/50726
Tuesday, April 28, 2020 / 07:30PM / FCMB / Header Image Credit: FCMB
Shareholders of FCMB Group Plc have again applauded the financial institution for its resilience, dynamism and impressive performance recorded last year despite the challenging operating environment. The shareholders, who gave the commendation at the 7thAnnual General Meeting (AGM) of the Group on April 28, 2020 at its corporate head office in Lagos, also unanimously approved the payment of a cash dividend of 14 kobo per ordinary share, which translates to N2.77 billion, for the year ended December 31, 2019.
The AGM was held by proxy, following the outbreak of the COVID-19 (novel coronavirus) pandemic, and streamed live via www.fcmb.com/AGM to shareholders of the financial institution who were unable to physically attend due to the lockdown imposed by the Government. The decision to hold the AGM by proxy was to avoid unnecessary physical contact among attendees and in line with the social distancing protocol to avoid the spread of the pandemic. The meeting was previously scheduled before COVID-19 hit Nigeria.
FCMB Group is a holding company divided along three business groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Corporate & Investment Banking (the Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Chairman of FCMB Group, Mr. Oladipupo Jadesimi, along with the Group Chief Executive, Mr. Ladi Balogun, Company Secretary/General Counsel, Mrs. Funmi Adedibu, a Director, Mr. Olusegun Odubogun, Chief Operating Officer of the Group, Mr. Peter Obaseki, representatives of the Central Bank of Nigeria, Securities and Exchange Commission as well as leaders of shareholder Associations, were present at the meeting.
The Chairman noted that in compliance with the Companies and Allied Matters Act (CAMA), a quorum was formed at the meeting to carry on the business of the day.
Presenting the report for the year ended December 31, 2019, Mr. Jadesimi stated that all the three business groups within FCMB Group Plc reported improved performances, in terms of higher earnings and profits, compared to what was achieved in 2018. He expressed gratitude to shareholders for joining the meeting as well as their unflinching support, which has made FCMB to wax stronger. According to him, "the Board of Directors have adopted a policy that seeks to provide investors with a stable and sustainable form of capital distribution, with consideration given to the growth and capital requirements of the business, thereby maximising long-term share value for shareholders".
Source:https://www.proshareng.com/news/STO...ommend-Performance-and-Approve-Dividend/50726
