Shareholders of FirstBank of Nigeria, on Thursday, at the Annual General Meeting (AGM) held in Lagos, approved 80 kobo dividend and a new holding company (HoldCo) for the bank.A cross section of shareholders that spoke at the yearly event lauded the management of the bank for the impressive financials posted for the year ended December 31, 2011 and dividend pay-out, despite the harsh operating environment.
According to the President, Nigerian Shareholders Solidarity Association (NSSA), Mr Timothy Adesiyan, the shareholders are impressed with the way the bank is being run, adding that the impressive result posted for the year end was a testimony that the bank is on the right track.
He noted that with the impressive 2012 first quarter result released by the bank recently, the shareholders would reap higher dividends in this year end.
In his contribution, General Secretary, Independent Shareholders Association of Nigeria (ISAN), Mr Adebayo Adeleke, lauded the prudent nature the bank is being run, stating that the performance at the key financial indices was laudable.
At the meeting, the shareholders also endorsed the plan by the management to set up a HoldCo in line with the directive of the Central Bank of Nigeria (CBN).
The Group Managing Director/Chief Executive, First Bank, Mr Bisi Onasanya, explained that the board had decided on a new structure before the CBN directive, stating that the development would benefit the shareholders.
He noted that the management decided not to sell off the subsidiaries as they were doing well and could contribute positively to the HoldCo bottom line.
Onasanya further said the bank was following due process to register the new company, noting that shareholders would exchange one for one share in the new holding company.
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