FBN Holdings holds AGM, records 42% revenue increase

The board of First Bank of Nigeria Holdings Plc has reiterated its promise to place its shareholder value at the forefront of its operations, noting that as a Group, it is positioned and driven to not just remain relevant in the future but also involved in the development of the Nigerian economy and its host countries across Africa.

The Chairman of Board of Directors of FBN Holdings Plc, Dr Oba Otudeko, stated this in his address to shareholders at the 8th AGM held at Oriental Hotel, Lagos on Monday.

According to him, in 2019, FBNHoldings deepened its efforts to realise revenue, “as a result, a 42 per cent increase in synergy revenue was recorded during the financial year, highlighting the Group’s enhanced ability to address customers’ needs through our thriving subsidiaries. It is important to highlight that the Board of Directors and Management of FBNHoldings will ensure that all our operating entities have sufficient resources (financial and non-financial) to grow their businesses, deepen market penetration and enhance overall shareholder value,”.

The Chairman noted that the year 2020 marks the beginning of another three-year strategic planning cycle for the Group and we have extensively engaged internally and mapped our course of action over the next three years.

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“In line with current and future trends, we have realigned our vision and strategic priorities across our operating entities. Furthermore, we have identified synergistic opportunities and key services that can be leveraged to further drive efficiency and overall productivity across the Group,” Otudeko said.

In his address, Group Managing Director/CEO, FBN Holdings Plc, Mr UK Eke said central to its strategy is the three-pronged focus of the Group aimed at restoring shareholders value over the last three years, which enhanced the revenue profile of the Group in the context of diversification across multiple streams, markets and sectors.

“These primary focus areas are in addition to the long-term strategy of the Group, which is ultimately geared towards ensuring that FBNHoldings becomes one of the foremost financial services institutions in Sub-Saharan Africa. I am pleased to report that we have made material progress on all three fronts (albeit at different levels of success). The 2019 financial results reinforce our optimism in enhancing value for shareholders,” he said.

According to him, the 2019 financial results have been a good reflection of our strategy and the directional ratios are consistent with the future we seek to create for the institution.

 

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