NAN-HE-25
Dividends
By Chinyere Joel-Nwokeoma
Lagos, April 28, 2017 (NAN) The shareholders of FCMB Group on Friday urged the company to tackle the issue of unclaimed dividends amounting to N500 million.
The shareholders made the call at the company’s 4th Annual General Meeting (AGM) held in Lagos.
Mr Nona Awoh, a shareholder, called on the company to map out strategies to reduce the stock of unclaimed dividends.
Awoh advised that the the company secretary should track the claimants to reduce the stock of unclaimed dividends.
He said that the company secretary should work with the customer relations officers to achieve this.
Mr Sunny Nwosu, the National Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), said that the Central Bank of Nigeria was shortchanging shareholders through unnecessary penalties imposed on banks.
Nwosu said the apex bank was moping funds from the market through fines which should be paid to shareholders as dividends.
Mr Peter Obaseki, the Managing Director of FCMB Group, said that the operating environment in the capital market and stockbroking businesses had remained largely unchanged and unconducive since 2015.
Obaseki said that illiquidity and uncertainties in the foreign exchange market made it extremely difficult to fund new projects, related services and outstanding debts denominated in foreign currencies.
He said the group would continue to place premium on cost efficiency, optimised risk-weighted assets and prudential buffers by maintaining healthy liquidity and capital positions.
Obaseki said the company would remain committed to value creation to shareholders.
He said the group would also focus on ramping up retail momentum across the group to deepen the customer base in wealth management.
NAN reports that the company in the year under review posted gross earnings of N176.35 billion from N152.51 billion in 2015.
The profit after tax stood at N14.34 billion from N4.76 billion in 2015.
The shareholders approved the company’s total dividend of N1.98 billion amounting to 10k per share, same amount paid in 2015 financial year. (NAN)
JNC/CEO//TA
Edited by Chidi Opara/Tajudeen Atitebi