FCMB shareholders raise issued capital to N150bn

FCMB Group Plc shareholders have approved an increase in issued share capital from N9,901,355,390.50 to N19,802,710,781.00 and authorised a N150 billion capital rise to drive future growth plans.

The shareholders at the company’s 11th Annual General Meeting (AGM) also approved a 100 per cent increase in dividend payout to 50 kobo per share, up from 25 kobo in 2023.

This, according to the FCMB, reflects its commitment to delivering shareholder value.

The chairman of the group, Mr Oladipupo Jadesimi, commended the contribution of the workforce to the company’s strong operating performance.

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He said, “FCMB Group Plc demonstrated resilience, the result of which has given me the great pleasure of being able to inform you that for the full year ended, December 31, 2023, it declared a profit before tax of N104.4 billion, up to 185.6 per cent from the full year, 2022.”

This would be the first Annual General Meeting of the FCMB Group Plc without the presence of the founder, the late Otunba Michael Olasubomi Balogun, CON. A minute silence was observed at the commencement of the meeting and tributes were paid in his honour.

Shareholders lauded the management for honouring and perpetuating the founder’s legacy and the accelerating growth in most key indices, expressing optimism for a more rewarding future.