Business

May 29, 2024

RECAPITALISATION: FCMB shareholders okay N150bn capital raising

FCMB acquires 96% of AIICO Pensions

•Approve N9.9bn dividend 

By Peter Egwuatu

Shareholders of FCMB Group Plc, have approved N150 billion capital raising proposed by its Board of Directors in pursuit of the new minimum capital requirement as ordered by the Central Bank of Nigeria, CBN.

They also approved the proposed N9.9 billion dividend for the financial year ended December 2023, as well as other resolutions put forward at the 11th Annual General Meeting, AGM, held in Lagos last week.

Addressing shareholders at the AGM, Chairman, FCMB Group, Mr. Oladipo  Jadesimi, said: “The Board remains fully committed to the Group’s corporate culture and strategy. We continued to move forward on the path of good governance, improving our practices and bringing them into line with our long term strategy and with the highest international standards in order to increase the confidence of our shareholders.”

Speaking as well, Chief Executive Officer, FCMB Group, Mr Ladi Balogun, said: “Despite the challenging business landscape, our performance in 2023 was sustained by the dedication and professionalism of our talented staff and the unwavering resilience exhibited by each of our operating companies as we continued to realise the gains of the ecosystem we have diligently cultivated.”

Commenting on the financial results, he said: “The post tax profits were up 198.8% to N93.0 billion from N31.1 billion recorded in December 2022. This translates to a Return on Average Equity, (ROAE) of 25.2% and Earnings Per Share(EPS) of N4.70 kobo for the year under review. In terms of our balance sheet position, the Group’s loan book grew by 54 % to N1.84 trillion in December 2023, from N1.20 trillion in December 2022, while customer deposits increased by 58.5% to N3.08 trillion from N1.94 trillion in December 2022.”

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