FCMB doubles dividend, gets shareholders’ nod to raise N150bn
Shareholders of FCMB Group Plc have approved a 100 percent increase in dividend to 50 kobo for the 2023 financial year.
They also gave the green light to an increase in issued share capital from N9.9 billion to N19.8 billion and and the company’s plan to raise N150 billion in new capital.
In seeking approval for the N150 billion increase in share capital at its annual general meeting, the parent company of First City Monument Bank made clear its aspirations to retain its international licence, with this year’s capital raise being the first step in that process, according to a statement on Sunday.
Oladipupo Jadesimi, chairman of FCMB Group, commended the workforce’s contribution to the company’s financial performance in 2023, with its profit before tax rising by 185.6 percent to N104.4 billion.
“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,” he said.
