The 11th Annual General Meeting (AGM) of FBN Holdings Plc (FBNHoldings), the parent company of FirstBank, took place virtually on August 15, 2023. Alhaji Ahmad Abdullahi, the Group Chairman, presided over the meeting.
Shareholders, directors, Management staff, and other stakeholders attended the AGM to discuss and make decisions on various matters related to the company’s performance, financial results, and strategic direction.
During the AGM, the Group Chairman emphasized that FBN Holdings Plc and its subsidiary companies remain dedicated to continuous innovation and capitalizing on opportunities to enhance their customer-focused services. He highlighted the significance of these services in achieving sustainable growth and making a positive impact on the communities where the businesses operate worldwide.
Notable highlights of the AGM included the group’s robust financial performance, despite the challenges posed by the global business environment. The group showcased consistent progress in key indicators, with both gross earnings and net interest income experiencing growth. Moreover, the Non-Performing Loan (NPL) ratio decreased from 6.1% to 4.3%, indicating the group’s effective risk management practices.
The AGM also delved into the Group’s commitment to embracing technology and digitally transforming its operations. The Group reaffirmed its dedication to harnessing state-of-the-art technology, which remains central to its strategic approaches for the future.
1. Dividend Announcement: The group made an announcement regarding the dividend to be distributed to its shareholders. Dividends are a portion of the company’s profits that are distributed to its shareholders as a reward for their ownership of company shares. In this case, FBN Holdings Plc declared a dividend of 50 kobo (Nigerian currency) per share to its shareholders. This means that for every share a shareholder owns, they will receive 50 kobo as dividend income. This dividend amount signifies a 43% increase compared to the dividend paid in the previous year, which was 35 kobo per share. This increase reflects the company’s improved financial performance and its commitment to providing better returns to its shareholders.
2. New Board Appointments (Femi Otedola’s Appointment as Non-Executive Director): The group announced the appointment of Femi Otedola to its board as a Non-Executive Director. A Non-Executive Director (NED) is a member of the board who is not involved in the day-to-day operations of the company but provides valuable insights, guidance, and oversight from an external perspective. Femi Otedola, a prominent figure, will contribute his expertise and experience to the company’s strategic decisions and governance.
Oyewale Ariyibi’s Appointment as Executive Director: The group also announced the appointment of Oyewale Ariyibi as an Executive Director. An Executive Director (ED) is a member of the board who is actively involved in the management and operation of the company. They have specific responsibilities and decision-making authority in various areas of the business. Oyewale Ariyibi will play a key role in shaping the company’s operational strategies and executing its business plans.
These announcements signify the company’s efforts to enhance its leadership team, leverage experienced individuals, and strengthen its governance structure, ultimately aiming to drive growth, innovation, and value for its shareholders.
The resolution to enhance the Company’s Issued Share Capital was endorsed during the meeting. The capital increase involved expanding the current structure of 17,947,646,396 ordinary shares of 50 kobo each to a new total of N22,434,577,995.
This extension was achieved by generating and adding a maximum of 8,973,823,198 additional ordinary shares of 50 kobo each. Furthermore, the modification of clause 6 within the Memorandum of Association to accurately represent the newly established capital of N22,434,557,995, which arose through the issuance of up to 8,973,823,198 ordinary shares of 50 kobo each, was also granted approval.
Speaking further at the AGM, Alhaji Ahmad Abdullahi, the Group Chairman of FBNHoldings said “the Group actively develops targeted initiatives to strengthen its capacity to create value greater than the sum of the individual parts. At FBNHoldings, technology and innovation are at the core of what we do. We recognise the competitive advantage innovation affords us and ensure it takes the front seat in the design, development and enhancement of our products and services.
“Acknowledging the vital role our employees play in creating shareholder value, we consistently leverage best-in-class training and development programmes for upskilling and reskilling members of staff to enhance professional competence, drive innovation and boost overall corporate agility. Our people, across the cadres, have stayed true to our Core Values – Entrepreneurial, Professionalism, Innovative and Customer-Centricity (EPIC) – and have shown commitment to the Group’s strategic aspirations.”
During the 11th Annual General Meeting (AGM) of the financial services group, its consistent path of financial growth was evident. The group reaffirmed its commitment to enhancing shareholder value and making a positive difference in the businesses and communities where it operates.
FBN Holdings Plc stands as a prominent African banking and financial services group, catering to individuals, businesses, organizations, and governments across key markets within the continent and around the world. At the core of FBNHoldings is its principal subsidiary, First Bank of Nigeria Limited (FirstBank), a distinguished financial institution that leads the way in providing banking services within Nigeria.
Through a storied history spanning various eras and societies, FirstBank has nurtured a strong connection with its people and cultivated an enduring legacy, solidifying its status as a noteworthy icon and setting the Gold Standard in the contemporary African and global financial services industry.
Operating across 10 countries, FirstBank extends its presence through subsidiaries like FirstBank (UK) Limited, FirstBank in the Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone, Senegal, and First Pension Custodian Limited. Additionally, the parent company, FBN Holdings, encompasses several other entities in its portfolio:
1. Merchant Banking and Asset Management: This segment comprises FBNQuest Merchant Bank Limited, FBNQuest Capital Limited, FBNQuest Securities Limited, FBNQuest Asset Management Limited, FBNQuest Trustees Limited, and FBNQuest Funds Limited. These entities collectively engage in merchant banking and asset management services, contributing to the comprehensive range of financial solutions offered.
2. Insurance Business: FBN Insurance Brokers Limited operates as a wholly owned subsidiary of FBN Holdings Plc. With its headquarters based in Lagos and branches established in Abuja, Port Harcourt, and Ibadan, the company leverages the extensive network of FirstBank, boasting over 700 branches, as well as the subsidiary network, to efficiently serve its clients.
In essence, FBN Holdings Plc, through its subsidiaries and extensive reach, exemplifies a dynamic force within the African financial landscape, providing a spectrum of services that contribute to the growth and development of various sectors, clients, and communities.