FBN Holdings Shareholders Approve 2017 Dividend

Shareholders of FBN Holdings Plc have approved the total dividend of N8.97 billion recommended by the board for the financial year ended December 31, 2017.
The shareholders gave the approval at the company’s sixth Annual General Meeting (AGM) held in Lagos, yesterday.
The Tide source reports that the dividend translated to 25k per share against N7.18 billion or 20k per share paid in the 2016 financial year.
Speaking at the meeting, Mr Sunny Nwosu, the National Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), commended the board and management for the dividend and stability in the company in the past three years.
Nwosu said the shareholders appreciated the dividend, though small, considering the unfriendly operating environment and impairment charge during the year under review.
He also lauded the company for making significant process in reducing the non-performing loan (NPL) to 22.8 per cent against 24.4 per cent in 2016.
Nwosu tasked the management to ensure further reduction in NPL in the current financial year to boost dividend pay-out through various strategies.
He called on shareholders to embrace the e-dividend payment platform to reduce the company’s unclaimed dividends presently at N6.34 billion.