FCMB’s Shareholders Disagreement Over Audit Committee Election, Gift Items Distraught AGM

…As Shareholders Approves 10 kobo Dividend

…Improves 2018 First Quarter Earnings

 Controversies on Friday trails the 5th Annual General Meeting of First City Monument Bank Plc as Shareholders sharp disagreement which lasted for 45 minutes over election into the Audit Committee of the bank and non-receipt of gift items brought the meeting to a halt.

Trouble yesterday started when the bank called for voting into feeling of three vacant seat, where five nominees had earlier been nominated to fill the three vacant slot into the Audit Committee. After the election, some shareholders disagreed that the election was fraught with irregularities, hence it should be cancelled.

Also, the shareholders were also dissatisfied with the bank on non receipt of gift items which some of them also complained of, at the 2016 Annual General Meeting of the bank, according to them, the gift is one of their major take way considering the poor dividend pay-out of 10 kobo from the bank.

As a result of the meeting ending on a not too plausible note, the Chief Executive Officer Mr. Ladi Balogun did not respond to concerns raised by shareholders on the bank’s 2017 financials that was part of the major items under consideration at the AGM.

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It will be recall that some shareholder leaders had raised concerns on the N88 million paid to the Central Bank of Nigeria CBN, as fines on contraventions. Unclaimed dividend of N5 billion in the books of the bank and N2.5 billion provision made by the bank for litigation.

However, it took the intervention of the new chairman of the board Mr Oladipupo Jadesimi and some elderly shareholders to bring the situation under control.

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

However, the group was able to improve on its first quarter earnings for the period ended March 31, 2018, as profit for the period moved from N1,581 billion in 2017 to N2,586 billion in 2018. Gross earnings moved from N38,462 billion in 2017 to N42,171 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.

Photo Caption: Shareholders of FCMB on Friday at the bank’s 5th Annual General Meeting engaging themselves in a shouting match over alleged irregularities that that trailed the bank’s audit committee election. 

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