First Bank awaits CBN’s approval of nine months result

on   /   in Business 12:20 am   /   Comments

.. Assures shareholders of dividend payment

By PETER EGWUATU & NKIRUKA NNOROM

First Bank Nigeria (FBN) Holdings Plc has explained that it is awaiting the Central Bank of Nigeria (CBN) approval of its nine months results for 2013 financial year, even as it assured shareholders of dividend payment under its new holding structure.

CENTRAL Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi

CENTRAL Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi

The Chief Executive Officer, FBN Holding, Mallam Bello Maccido, who disclosed this said “We are presently in the process of concluding the audit of the nine months account for the entire group comprising of the holding company and its various subsidiaries.

We cannot release the nine months result ended September 30th, 2013 until the CBN approves it.

We have actually concluded the actual audit and have submitted the result to the CBN, so as soon as we get formal approval from CBN, then we shall be releasing the result to the Nigerian Stock Exchange, NSE, press and by extension to the general public.”

Continuing, he said “The reason why the result was delayed is because of the changing structure of the group.

The holding company and the subsidiaries have a common year end that ends by December 2013.  So as a holding company, our primary source of revenue is the dividend that comes from the individual subsidiaries, which we receive and in turn declare to our shareholders.

The reason for the nine months audit is to ensure that all the subsidiaries get their account audited, get the necessary approvals and pass our dividend to us before December 3Ist. Dividends to shareholders will be distributed after the approval and publication of the full year 2013 results of FBN Holdings.

Therefore, as soon as our own dividend is declared, we would in turn declare our own dividend to our shareholders on time. However, we assure our shareholders of continuous dividend payment despite the change in our new structure.”

According to him “First Bank Nigeria is our biggest entity in the group. We have other subsidiaries divided into:  The investment banking and asset management, insurance and other financial services. With diverse operations in the financial services and widespread service outlets across the group, FBN Holdings Plc remains the foremost financial services provider in Nigeria, making enormous contributions to the growth and development of the national economy and delighting all stakeholders.”

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