FBN Holdings has approved a N14.4 billion dividend payout for the financial year ending December 31, 2023, following unanimous approval by shareholders at the company’s 12th Annual General Meeting (AGM) held virtually on Thursday. This payout translates to N0.40 per share.
At the AGM, Dr. Alimi Abdul-Razaq, standing in for the Chairman, Mr. Femi Otedola, who was unable to attend, also sought shareholders’ approval for the appointment of Adebowale Oyedeji as the new Group Managing Director (GMD). Oyedeji, a seasoned financial sector professional, succeeds Nnamdi Okonkwo, who has completed his tenure.
Abdul-Razaq emphasized that Oyedeji’s extensive experience and strategic vision made him the ideal candidate to lead FBN Holdings into its next phase of growth. The transition in leadership is expected to ensure continuity while driving the company’s long-term objectives and value creation for its shareholders.
In addition to the dividend announcement, FBN Holdings also sought approval for a N350 billion capital raise, to complement the N150 billion raised through rights issues. The company plans to allocate these funds strategically to enhance its financial position, improve operational capabilities, and meet stakeholder obligations.
Abdul-Razaq assured shareholders that the capital injection would be used prudently to support the company’s sustainable growth and comply with regulatory standards. He reaffirmed the company’s commitment to transparency, governance, and responsible decision-making in securing long-term success.
In his address, outgoing GMD Nnamdi Okonkwo highlighted a remarkable 134% surge in gross earnings over a nine-month period, along with a 124% increase in bottom-line performance, resulting in an impressive N611 billion in total revenue. Okonkwo also emphasized the company’s resilience and ongoing strategic initiatives, which he believes will ensure future success.
FBN Holdings currently serves 42 million customers across its flagship First Bank operations, with additional customer engagement through its USSD platform (15.6 million subscribers) and mobile services (6.6 million subscribers). Its extensive agency banking network, comprising over 270,000 agents, remains a key differentiator.
Shareholder Mrs. Bisi Bakare praised the leadership of Mr. Femi Otedola and the board for driving significant value, reflected in the rise of FBN Holdings’ share price from N3.85 to N35. However, she urged the company to consider increasing dividend payouts in future years.
The AGM also approved the proposed N350 billion capital raise, which will be executed through a combination of public offerings, private placements, and rights issues in both local and international markets.
