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Corporate Press Releases

NSE’s FBSR Series goes virtual  

This will result in sustainable reporting of the facts, and adherence to corporate governance principles.  

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Nigerian Stock Exchange, NSE CEO Oscar Onyema, NSE Graduate Trainee Programme, NSE, VAT, Financial market data gulps $28.5 billion from stakeholders, says NSE , NSE lifts R.T. Briscoe’s shares suspension , NSE lifts suspension on Guinea Insurance’s, Niger Insurance’s shares , NSE to implement new free float rule from Jan 2 

The Nigerian Stock Exchange’s (NSE) virtual Facts Behind the Sustainability Report has gone virtual, with the maiden virtual edition held on Wednesday. 

Among the highlights from the event, it was stressed that Meaningful engagement between investors and listed companies will have to be driven by the promotion and disclosure of Environmental, Social and Governance (ESG) principles.  

This will result in sustainable reporting of the facts, and adherence to corporate governance principles.  

The event which was headlined by Courteville Business Solutionsculminated in a digital Closing Gong ceremony. 

READ ALSO: Shell remits $6.3bn to Nigerian Government and agencies

Speaking during the webinar, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON commended the Courteville Business Solutions Plc for championing the maiden edition of the series 

“We commend the Board and Executive Management for their leadership in integrating sustainability into the core of their business operations. We encourage Courteville Business Solution Plc to continue adhering to high standards of corporate governance, deepening its social impact, exceeding regulatory compliance levels, and delivering greater returns to its shareholders”, he said. 

He noted further that the virtual event was going to be the first in a series of virtual Facts Behind the Sustainability Report (FBSR), as the NS has continued to leverage technological infrastructure to maintain remote operations and engage stakeholders, given the challenges of the global pandemic. 

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READ ALSO: SMEs: How to attract fund from banks, investors, donors

The Facts Behind the Sustainability Report presentation series, was first launched in 2019, but the movement restrictions caused by the coronavirus pandemic has led to the virtual hosting of the event. 

On his part, the Group Managing Director, Courteville Business Solutions, Dr. Adebola Akindele thanked the Management of the NSE for allowing the company to headline the event.  

“In our bid to institutionalize sustainability goals and integrate into our corporate governance, we created the Social Capital Management Unit(SCMU) in line with the NSE’s Sustainability Disclosure Guidelines.  

“We have recorded impressive results across economic, environmental, social and governance standards and we continue to build on our efforts, ensuring that we remain transparent and accountable to our stakeholders” he explained.  

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READ MORE: NSE Holds Issuers’ Engagement Forum

The event also featured a special presentation from Chair, Business and Sustainable Development, University of Edinburgh Business School, Professor Kenneth Amaeshi who highlighted the value of sustainability reporting.  

He noted that, “Sustainability is an impact management mindset for organisational and societal benefits, and a good sustainability strategy is deeply rooted in transparency and disclosures. Sustainability reporting can, therefore, be viewed as a health check for organisations to see how they can improve performance, build trust and improve efficiency.” 

To commemorate Courteville Business Solution’s achievements and their participation in the maiden virtual Facts Behind the Sustainability Report, Dr. Akindele had the privilege of sounding the digital Closing Gong of the NSE. 

 

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Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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Corporate Press Releases

Shareholders applaud FCMB, approve dividend of N2.97bn at AGM

The virtual meeting is also in accordance with Section 254 of the Companies and Allied Matters Act 2020 and as approved by the CAC.

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Shareholders of FCMB Group Plc (www.fcmbgroup.com) have restated their confidence in the financial institution to sustain its impressive performance and deliver more value. The shareholders gave the commendation at the 8th Annual General Meeting (AGM) of the Group held on April 21, 2021 at its corporate head office in Lagos. They also unanimously approved the payment of a dividend of N2.97 billion, translating to 15 kobo per ordinary share for the year ended December 31, 2020, as against 14 kobo per share the previous year.

The AGM was held virtually due to the prevailing COVID-19 (coronavirus) pandemic and streamed live via www.fcmb.com/AGM to shareholders of the financial institution. This is in conformity with government’s directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic. The virtual meeting is also in accordance with Section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

FCMB Group is a holding company divided along three business groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Corporate & Investment Banking (The Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) and Investment Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Chairman of FCMB Group, Mr. Oladipupo Jadesimi, along with the Group Chief Executive, Mr. Ladi Balogun; Company Secretary/General Counsel, Mrs. Funmi Adedibu; a Director of the Group, Mrs. Olapeju Sofowora; Executive Director, Corporate Banking & Investment Banking of the Group, Mr. Olufemi Badeji, representatives of the Central Bank of Nigeria, Securities and Exchange Commission as well as leaders of shareholder Associations, were present at the meeting.

Speaking at the AGM, the Co-ordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, praised the institution for efficiently running its affairs and the appreciable growth recorded in key operating areas.

According to him, “FCMB is a great institution and we are glad that its value is growing. The fact that it has been able to meet all its financial obligations to its creditors is a very good sign of strength. It also shows the seriousness of the management to remain worthy of doing business with. From the results, it is clear that the management has done its best to grow all the subsidiaries, thereby contributing significantly to profit and the overall performance of the Group. We appreciate the results and dividends declared by FCMB, while looking forward to many more years of prosperity”.

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Also commenting, the National Co-ordinator of Pragmatic Shareholders Association of Nigeria Mrs. Bisi Bakare, stated that, “we are impressed by the digital transformation drive of FCMB which has impacted positively on customer service and financial inclusion. We commend FCMB for the introduction of paperless and cardless transactions at branches and other touch points. We are also happy that the Bank intervened to support the government and Nigerians to ease the problems caused by COVID-19 through various support. It is also a thing of joy to see the Bank carrying out several activities to grow businesses and empower Nigerians, especially youths. The 2020 results are a welcome development”.

The National Chairman, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said, “FCMB as a Group has done so well over the years in every aspect of business. The institution is growing rapidly with branches all over the country. It is also performing well in terms of innovation, technology and customer service. Profit and dividend are rapidly increasing going by the 2020 financial results. The dividend payment of 15k to shareholders is a very good one in the midst of the difficult situation caused by the COVID-19 pandemic. Overall, FCMB Group has done excellently well and we are optimistic of a brighter future”.

Presenting the report for the year ended December 31, 2020, the Chairman, Mr. Jadesimi, assured that FCMB Group is well-positioned to continue to succeed in the years to come, even in the face of the COVID-19 pandemic. He attributed the optimism to the decisions that the financial institution has made over the past few years, especially those around leveraging new digital technology, to expand access to financial transactions.

According to him, ‘’the Board of Directors has adopted a policy that seeks to provide investors with a stable and sustainable form of capital distribution, with consideration given to the growth and capital requirements of the business, thereby maximising long-term share value for shareholders’’.

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On his part, the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, reported that in spite of the challenging macroeconomic environment, the Group grew profit after tax by 13.4% to N19.7billion. He added that this increase had a direct correlation with earnings per share, which grew from 87 kobo in 2019 to 98 kobo in 2020, while return on average equity also rose to 9.2% from 9%.

He stated that, “our businesses continue to improve with growth in other key indicators, such as loans and advances 14.9% and total assets 23.4%. Customer deposits grew by 33.3% to over N1.2 trillion with a large portion of the growth coming from current and savings accounts. Our customer base in the Group also increased from 6.8 million to 8.3 million. Our investment management businesses increased their assets by 23% to almost N500 billion at the end of the year’’.

Mr. Balogun further reported that, “across the Group, our digital transformation gathered momentum, with the total number of internet banking growing by 43% to 6.6 million. Transaction volumes from mobile banking (App and USSD) grew by 74% in 2020. Our digital loans grew from N14.5 billion in 2019 to N54.6 billion at the end of 2020. Innovation and efficiency gains will be the key pillars on which we seek to raise our game in the near future. We expect that in 2021, we will continue with the strides we have made with our digital initiatives, as our technology platforms and products continue to contribute to our performance and competitiveness. We will remain resilient and innovative in charting new avenues for growth. We will also remain committed to elevating the quality of life of all our stakeholders’’.

Speaking on the response of FCMB Group to the challenges of COVID-19, he disclosed that the financial institution contributed immensely to the efforts at combating the spread of the pandemic and alleviating the pains of the most vulnerable members of the society by donating N250 million to the CACOVID initiative.

The Group Chief Executive added that, “we also supported state governments across the country to provide testing, palliatives, various medical items, including Personal Protective Equipment and ambulances to assist them effectively equip and secure health workers. We also provided catalytic support for givefood.ng. Through this initiative, one million vulnerable Nigerians had access to meals during the height of the government lockdown’’.

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FCMB Group and its subsidiaries have consistently proved their mettle as resilient institutions with significant improvement on all financial fundamentals over the years.

Among other results for the year 2020, the Group’s gross revenue increased to N199.4 billion, a 10% increase from N181.3 billion achieved in 2019. The results also showed enhanced customers confidence in FCMB, as deposits grew by 33% to N1.3trillion from N943.1billion in the previous year. Loans and advances surged by 15% to N822.8 billion as at December 2020. Total assets of the Group increased by 23% to N2.06 trillion last year. Moreover, FCMB Group’s net interest income was up by 20% to N90.8 billion for the full year 2020 from N76.0 billion in 2019. Non-interest income equally increased to N37.8 billion, representing a 9% growth, as against N34.8 billion prior year. The Group’s Assets Under Management (AUM) also sustained its growth trajectory by rising to N495.2 billion for the year ended December 2020, up by 23%.

Similarly, capital adequacy ratio remained stable at 17.7% for the retail and commercial banking subsidiary of the Group (that is, First City Monument Bank). The capital adequacy ratio of 17.7% is above the benchmark set by the Central Bank of Nigeria for deposit money Banks in the country. Liquidity ratio of the Bank stood at 34.2% as at the end of the financial year 2020, indicating that the financial institution is in a very healthy position. Non-performing loans to total loans ratio stood at a modest 3.3%.

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Analysts have already expressed broadly positive views on FCMB’s 2020 financial results. An analyst described it as, “very encouraging”.

A financial expert stated that, “the 2020 results of the Group is a clear indication that the business is on a stronger pedestal with capacity to deliver more value to shareholders, the market and other stakeholders”.

FCMB Group is a frontline financial services institution in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail banking and wealth management-led group, FCMB has continued to distinguish itself through innovation and the delivery of exceptional services.

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Corporate Press Releases

27-year-old female ex-banker raises $1 million for her tech startup

Deborah Ojengbede, Chief Executive Officer of the AFEN group and a former banker, is in charge of the NFT initiative.

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To the surprise of the cryptocurrency world, AFEN, the first government-backed NFT initiative, held one of the quickest public sales in the crypto space on April 20th, 2021. Raising over a million dollars in her token’s sales round.

Deborah Ojengbede, Chief Executive Officer of the AFEN group and a former banker, is in charge of the NFT initiative. The 27-year-old CEO resigned from her job as a business analyst at a top Nigerian bank, where she had worked for the previous five years.

READ: Demand for iPhone 12 to drive Apple’s market cap to $3 trillion this year

Following that, Deborah began pursuing her crypto aspirations, giving birth to AFEN, the groundbreaking platform for the digitization of African arts, real estate, and education. AFEN intends to use blockchain technologies, specifically the Binance smart chain network, to provide a solution to the problems limiting the Industrial African trio.

For more details on AFEN, visit www.afengroup.com to get acquainted with the new crypto revolution. AFEN is building the future for Africa.

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