‘We are on course to normalize FBN’s NPLs in 2020’

FBN Holdings Plc has held its Annual General Meeting (AGM) with a promise by the Board to shareholders that everything will be done to normalize the group’s Non-Performing Loans (NPLs) this financial year.

The Chairman of Board of Directors of FBN Holdings Plc, Dr. Oba Otudeko, in his address to shareholders at the AGM said: “In 2019, FBNHoldings deepened its efforts to realise revenue, “as a result, a 42 percent increase in synergy revenue was recorded during the financial year, highlighting the Group’s enhanced ability to address customers’ needs through our thriving subsidiaries.

“It is important to highlight that the Board of Directors and Management of FBNHoldings will ensure that all our operating entities have sufficient resources (financial and non-financial) to grow their businesses, deepen market penetration and enhance overall shareholder value.”

The Chairman noted that the year 2020 marked the beginning of another three-year strategic planning cycle for the Group, adding that the board has extensively engaged internally and mapped our course of action over the next three years.

In his address, Group Managing Director, Mr. UK Eke said: “Now that we are on course for a normalised NPL territory in 2020 and with our leadership position in electronic channels, the Group is positioned to take advantage of the evolving opportunities in the market for the benefit of our esteemed shareholders.”