The group Chairman of First Bank Nigeria Holdings, FBNH, Alhaji Ahmad Abdullahi has assured major stakeholders of the bank of sustained improvement in key metric areas as well as higher payout to its shareholders.
Abdullahi gave the assurance while presiding over the 11th Annual General Meeting, AGM, of the parent company of First Bank Nigeria, FBN, on Tuesday.
The virtual AGM had in attendance shareholders, directors, Management staff, and other stakeholders.
The major highlights of the event include the appointment of Femi Otedola and Oyewale Ariyibi into the board as Non-Executive Director and Executive Director, respectively; the announcement of 50 kobo dividend per share to its shareholders which the group said, is an increase of 43 percent from 35kobo per share paid in prior year.
The group also announced the Company’s Issued Share Capital from 17,947,646,396 of 35,895,292,792 ordinary shares of 50kobo each to N22,434,577,995 by the creation and addition of up to 8,973,823,198 ordinary shares of 50kobo was also approved at the meeting.
The meeting amended clause 6 of the Memorandum of Association, to reflect the newly issued capital of N22,434,557,995 by the creation and addition of up to 8,973, 823, 198 ordinary shares of 50K was also approved.
Presenting an overview of the group’s performance in the last financial year, Abdullahi highlighted key achievements, strategic initiatives, and vastly improved performance indices.
He reiterated the group and its subsidiaries’ commitment to continuously innovate and leverage opportunities to build on its customer-centric services, underscoring their importance in achieving sustainable growth and impact on the host communities of its businesses across the globe.
According to him, “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,” Abdullahi said.
The group highlighted its strong financial performance despite the challenges experienced in the global business climate; sustained improvement on key indicators as its gross earnings and net interest income recorded growth, with the non-performing loan, NPL, reducing from 6.1 percent to 4.3 percent, demonstrating its prudent risk management.
it said technology adoption, digital transformation, and the use of cutting-edge technology remains at the heart of its approaches.
Meanwhile, the group has resolved to boost shareholders’ value and positively impact businesses and the lives of its host communities.
About FBNHoldings
FBN Holdings Plc is a leading African banking and financial services group serving individuals, businesses, organisations and governments in leading markets across the continent and globally. FBNHoldings’ principal subsidiary is First Bank of Nigeria Limited (FirstBank), Nigeria’s foremost financial institution and leading banking services provider. FirstBank has forged an incredible partnership with its people and built an enduring heritage through a vast array of seasons and societies, to remain an icon delivering to the Gold Standard in today’s financial services industry in Africa and beyond.
