Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Ganduje Resigns As APC National Chairman

    June 27, 2025

    NAPTIP Declares Speed Darlington Wanted Over Rape Allegations

    June 27, 2025

    PDP BoT Rejects Anyanwu’s Reinstatement As National Secretary

    June 27, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Ganduje Resigns As APC National Chairman
    • NAPTIP Declares Speed Darlington Wanted Over Rape Allegations
    • PDP BoT Rejects Anyanwu’s Reinstatement As National Secretary
    • Tinubu Signs Four Landmark Tax Reform Bills Into Law
    • Osun State Declares Friday Public Holiday To Celebrate Hijrah
    • Insecurity: Lakurawa Kills 6, Injures 1 In Sokoto Community
    • Court Sentences Gospel Singer, Timilehin To Death For Killing NYSC Member
    • Anyanwu’s Reinstatement As National Secretary, A Painful Decision – Damagum
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Sunday, June 29
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home » FCMB Group Secures Shareholders Approval For N150 Billion Capital Increase
    3 Mins ReadMay 29, 2024

    FCMB Group Secures Shareholders Approval For N150 Billion Capital Increase

    By Lanre AkiluMay 29, 2024No Comments3 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    FCMB Group Plc’s shareholders, at the company’s 11th Annual General Meeting (AGM), approved an increase in issued share capital from N9,901,355,390.50 to N19,802,710,781.

    They also authorised a N150 billion capital raise to drive future growth plans. The shareholders also approved a 100 per cent increase in dividend payout to 50 kobo per share, up from 25 kobo in 2023, reflecting the Group’s commitment to delivering shareholder value.

    Chairman, Oladipupo Jadesimi, praised the workforce’s contribution to the company’s strong operating performance.

    He said: “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 N104.4 billion, 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.”

    This would be the first Annual General Meeting of FCMB Group Plc without the presence of the Founder, the late Otunba Michael Olasubomi Balogun, CON. A minute’s silence was observed at the commencement of the meeting and tributes were paid in his honour. Shareholders lauded the management for honouring and perpetuating the Founder’s legacy and the accelerating growth in most key indices, expressing optimism for a more rewarding future. In his comments, Chief Timothy Adesiyan of Nigeria Shareholders Solidarity Association said.

    “We are happy that FCMB Group and its subsidiaries are growing in leaps and bounds. Of note are the strong corporate governance structures, succession plan and the commitment of the Bank to support key sectors of the economy, including corporate social responsibility programmes. 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.”

    In seeking approval for the N150 billion increase in share capital, the Group on behalf of its flagship bank, made clear its aspirations to retain its international licence, with this year’s capital raise being the first step in that process.

    Also speaking, the Secretary General of the Independent Shareholders Association of Nigeria (ISAN), 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.”

    The AGM concluded with renewed confidence among shareholders and stakeholders in the financial institution’s leadership and strategic direction. Board members reassured shareholders of their commitment to maintaining high governance standards and delivering consistent value while highlighting ongoing efforts to enhance risk management frameworks and ensure full regulatory compliance to safeguard the Bank’s reputation.

    Author

    • Lanre Akilu
      Lanre Akilu

      View all posts
    AGM FCMB Oladipupo Jadesimi
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Lanre Akilu

    Related Posts

    Breaking News

    Ganduje Resigns As APC National Chairman

    June 27, 2025
    Breaking News

    Tinubu Signs Four Landmark Tax Reform Bills Into Law

    June 26, 2025
    Breaking News

    Court Sentences Gospel Singer, Timilehin To Death For Killing NYSC Member

    June 26, 2025
    Breaking News

    Multichoice Slashes DStv Decoder Price By 50 Percent

    June 25, 2025
    Breaking News

    Ex-Kwara Governor, Cornelius Adebayo Dies At 84

    June 25, 2025
    Breaking News

    ‘Our Country Has Become Lawless’: Obi Bemoans Demolition Of Younger Brother’s Property In Lagos

    June 25, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    Ganduje Resigns As APC National Chairman

    June 27, 2025

    NAPTIP Declares Speed Darlington Wanted Over Rape Allegations

    June 27, 2025

    PDP BoT Rejects Anyanwu’s Reinstatement As National Secretary

    June 27, 2025

    Tinubu Signs Four Landmark Tax Reform Bills Into Law

    June 26, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

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