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FCMB Group Plc’s shareholders, at the company’s 11th Annual General Meeting (AGM), approved an increase in issued share capital from ₦9,901,355,390.50 to ₦19,802,710,781.00 and authorised a ₦150 billion capital raise to drive future growth plans. The shareholders also approved a 100% 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, Mr. Oladipupo Jadesimi, commended 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% from the full year 2022. The diligence exhibited by our workforce across the country have 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. 

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% 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 license, with this year’s capital raise being the first step in that process.

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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.

FCMB Group Plc will hold its 11th Annual General Meeting (AGM) on Friday, May 24, at the Balmoral Convention Center,  Federal Palace Hotel, Victoria Island, Lagos in Lagos. 

The meeting will convene stakeholders, including shareholders, board members, and key executives, to analyse the financial institution’s recently released 2023 financial report and deliberate on strategies aimed at driving future growth, enhancing shareholder value, and delivering exceptional customer satisfaction.

Ordinary business:

1. To receive and consider the Report of the Directors and the Audited Financial Statements for the year ended 31 December 2023, the Auditors’ Report thereon and the Audit Committee Report. 

2. To declare a Dividend. 

3. To re-elect the following Directors retiring by rotation.

1. Prof. Oluwatoyin Ashiru OON 
2. Dr (Engr) Gregory Ero 
3. . Alhaji Mustapha Damcida 

4. To authorise the Directors to fix the remuneration of the Auditors. 

5. To disclose the remuneration of managers of the Company. 

6. To elect members of the Audit Committee.

Special Business

7. To consider and if thought fit, pass the following resolutions as ordinary resolutions:

i. That the Directors’ remuneration for the financial year ending December 31, 2024, and for succeeding years until reviewed by the Annual General Meeting be maintained at N200,000,000.00 (Two Hundred Million Naira) only. 

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ii. That the establishment of an Employee Share Option Program be and is hereby approved, and the Directors be and are hereby authorised to do all such things and carry out such acts as they may deem fit to give effect to this approval, subject to complying with applicable laws and regulations and obtaining all requisite regulatory approvals. 

iii. That the issued share capital of the Company be and is hereby increased from 9,901,355,390.50 ( Nine Billion, Nine Hundred and One Million, Three hundred and Fifty Five Thousand, Three Hundred and Ninety Naira, Fifty Kobo) divided into 19,802,710,781 (Nineteen Billion, Eight Hundred and Two Million, Seven Hundred and ten Thousand, Seven Hundred and Eighty One) ordinary shares of 50k (Fifty Kobo) each, to 19,802,710,781.00 (Nineteen Billion, Eight Hundred and Two Million, Seven Hundred and ten Thousand, Seven Hundred and Eighty One Naira) divided into 39,605,421,562 (Thirty Nine Billion, Six Hundred and Five Million, Four Hundred and Twenty One Thousand, Five Hundred and Sixty Two) ordinary shares of 50k (Fifty Kobo) each by the creation and addition of 19,802,710,781 (Nineteen Billion, Eight Hundred and Two Million, Seven Hundred and Ten Thousand, Seven Hundred and Eighty One) ordinary shares of 50k (Fifty Kobo) each ranking pari-passu with the existing ordinary shares of the Company (save that such additional ordinary shares shall not be considered for the dividend recommended by the Company in respect of the profit for the year ended 31 December 2023).

iv. That the Company be and is hereby authorised to raise additional capital of up to 150,000,000,000.00 (One Hundred and Fifty Billion Naira), or its equivalent in such other currency as the directors may decide, through the issuance of securities comprising ordinary shares, preference shares, convertible or non-convertible notes, bonds or any other instruments, in the Nigerian and/or international capital markets, either as a standalone issue(s) or by the establishment of capital raising programme(s), whether by way of public offerings, private placements, rights issues and/or such other transaction modes, at price(s), coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions, as may be determined by the Board of Directors (the “Board” or the “Directors”), subject to obtaining the requisite approvals of the relevant regulatory authorities;

A holding company listed on the Nigerian Exchange Group (NGX), FCMB Group continues to set the pace for excellence in the banking and financial services industry, driven by a commitment to innovation, customer satisfaction, and sustainable growth. The discussions and resolutions from the 11th AGM will set the stage for the bank’s future endeavours, ensuring its continued contribution to the overall economic growth and development of Nigeria.