Shareholders of FBN Holdings Plc on Tuesday approved the total dividend of N8.97 billion recommended by the board for the financial year ended Dec. 31, 2017.
The shareholders gave the approval at the company’s sixth Annual General Meeting (AGM) held in Lagos.
The dividend translated to 25k per share against N7.18 billion or 20k per share paid in the 2016 financial year.
Speaking at the meeting, Mr Sunny Nwosu, the National Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), commended the board and management for the dividend and stability in the company in the past three years.
Nwosu said the shareholders appreciated the dividend, though small, considering the unfriendly operating environment and impairment charge during the year under review.
He also lauded the company for making significant process in reducing the non-performing loan (NPL) to 22.8 per cent against 24.4 per cent in 2016.
Nwosu tasked the management to ensure further reduction in NPL in the current financial year to boost dividend pay-out through various strategies.
He called on shareholders to embrace the e-dividend payment platform to reduce the company’s unclaimed dividends presently at N6.34 billion.
Nwosu said shareholders should not allow their money to be wasted but should claim their dividends.
Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, commended the board and management for the improvement in the company’s performance indices.
“The problem we faced in the past is today history, we are now able to pay dividend. It might be small but better than none,” Bakare said.
Responding, Dr Adesola Adeduntan, the Managing Director, First Bank of Nigeria Limited, said the bank at various levels was committed to recovering loans.
Adeduntan said the bank had recovery and remedial committee at the board level to strengthen the traditional loan recovery team.
He said one of the bank’s biggest NPL on its book was now performing, noting that the bank would remain committed to loan recovery.
“Not one kobo that is due to us will be left on the table, we are chasing all our debtors,” Adeduntan said. (NAN)
NSE: Market indicators drop further by 0.15%
The market indices of the Nigerian Stock Exchange (NSE) on Tuesday maintained negative trend, dropping further by 0.15 per cent.
This ws in spite of the improved April inflation data released by the National Bureau of Statistics (NBS).
The All-Share Index lost 62.42 points or 0.15 per cent to close at 40,615.42 compared with 40,677.61 posted on Monday.
Also, the market capitalisation shed N22 billion or 0.15 per cent to close at N14.712 trillion from N14.734 trillion recorded on Monday, due to profit-taking.
An analysis of the price movement table indicated that Zenith Bank recorded the highest loss to lead the laggards’ chart, dropping by N1.15 to close at N27.60 per share.
FBN Holdings trailed with a loss of 50k to close at N11.50, while Oando shed 35k to close at N7.40 per share.
Guaranty Trust Bank was down by 25k to close at N44 while Dangote Flour also declined by 25k to close at N11.25 per share.
On the other hand, Nestle topped the gainers’ table for the day, appreciating by N43 to close at N1,573 per share.
Nigerian Breweries followed with a gain of N2.80 to close at N124.80, while CAP appreciated by N1.10 to close at N40 per share.
Eco Bank Transnational added 30k to close at N21 while NPF Microfinance Bank increased by 7k to close at N1.85 per share.
Also, the volume of shares traded closed lower as investors bought and sold 203.36 million shares valued at N4.43 billion in 4,090 deals.
This was against the 218.77 million shares worth N2.23 billion exchanged in 4,109 deals on Monday.
Guaranty Trust Bank was the most active stock for the day, exchanging 37.15 million shares worth N1.64 billion.
United Bank for Africa followed with an account of 31.46 million shares valued at N361.09 million while Fidelity Bank traded 14.50 million shares worth N33.81 million.
Zenith Bank sold 11.73 million shares valued at N330.46 million while Oando traded 11.09 million shares worth N84.73 million. (NAN)