FCMB Group Plc shareholders have approved a significant increase in the company’s capital base. This move will allow the financial institution to raise an additional N150 billion to fuel its future growth plans. The decision comes alongside a positive financial performance report, with the company announcing a profit before tax of N104.4 billion for the year ended December 31, 2023, reflecting a substantial 185.6% increase from the previous year.
The news also highlights FCMB’s commitment to rewarding its shareholders. The company has approved a 100% increase in dividend payout, bringing it up to 50 kobo per share from the previous 25 kobo. This move underscores the company’s dedication to delivering value to its investors.
The meeting also marked a somber occasion, being the first AGM held without the presence of the company’s founder, the late Otunba Michael Olasubomi Balogun. Shareholders commended the management for honoring his legacy while achieving impressive growth across various key metrics. They expressed optimism for the company’s future prospects.
Source: Daily Trust