Shareholders’ protest over Audit Committee poll mar FCMB Holdings AGM

… Shareholders Approves 10 kobo dividend
… Group improves 2018 Q1 earnings

What was supposed to be a peaceful meeting of members of the First City Monument Bank Holdings (FCMB Holdings) Plc, at its 5th annual general meeting on Friday 27th April 2018, resulted in a chaotic atmosphere, forcing the meeting to end abruptly.

The ugly scenario, which pitched shareholders advocacy groups against each other, had ensued from protest by majority pf shareholders, over alleged manipulation of the process of election of the shares’ representatives into the Audit Committee of the group.

The meeting which started peacefully, took a turn for the worst when the result of new members that will represent shareholders in the Audit Committee was announced.

The agitation among some shareholders was that the outcome of the election was not acceptable because a particular female contestant votes was manipulated to favour another group, which was seen as a deliberate way to edge out the contestant from the opposing group.

The rowdy situation led to altercations and tussle among the leaderships of shareholders advocacy groups, which puts the meeting on hold for more than 45 minutes.

It only took the plea of Chairman of the board Mr Oladipupo Jadesimi, members of the high table, which included the founder of the group, Otunba Subomi Balogun to calm frayed nerves and brought the situation under control. The ugly situation made it impossible for the group Managing Director Mr. Ladi Balogun to respond to questions that were raised by the shareholders during the meeting.

Meanwhile shareholders approved the dividend of 10 kobo proposed by the group for the full year ended December 31, 2017.

The group was able to improve on its 2017 year ended December 31 poor results, as the first quarter ended March 31, 2018, as profit for the period rose from ₦1,581 billion in 2017 to ₦2,586 billion in 2018. Gross earnings moved from ₦38,462 billion in 2017 to ₦42,171 billion in 2018. While earnings per share stood at 0.52 kobo which is above 0.32 kobo that was recorded same period in 2017.

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