*Wale Oyedeji, Group Managing Director of First HoldCo Plc, reassures shareholders of stronger financial results and improved shareholder returns, as the First HoldCo reported a record profit of N3.2 trillion for 2024 financial year, marking a 105.7 percent year-on-year growth at its recent 13th Annual General Meeting held in Lagos

Gbenga Kayode | 绿帽献妻

First HoldCo Plc, the parent company of First Bank of Nigeria Limited and other subsidiaries, has assured its shareholders on delivering strong financial results and improving shareholder returns in the banking ecosystem.

绿帽献妻 reports Mr. Wale Oyedeji, Group Managing Director (GMD) of First HoldCo Plc, said this in his remarks to shareholders at the Group鈥檚 13th Annual General Meeting (AGM) held in Lagos recently.

First HoldCo Plc is a Nigerian financial services holding company, formerly known as FBN Holdings Plc.

Cross-sections of shareholders of First HoldCo Plc at the AGM in Lagos

The company, which rebranded as First HoldCo Plc 2025,聽 is regarded as one of the largest financial services organisations in Africa, headquartered in Lagos.

Oyedeji, who acknowledged the complex global and local terrain in which the company operated over the past year at the AGM, stated: 鈥淭he last twelve months were marked by volatility, uncertainty, and disruption鈥攂oth globally and domestically.

鈥淔rom geopolitical tensions in the Middle East to FX fluctuations and high energy costs at home, 2024 tested every aspect of business resilience.鈥�

The Group CEO also credited First HoldCo鈥檚 performance to prudent risk management, innovation, and a firm commitment to value creation.

First HoldCo, he noted, successfully leveraged its diversified portfolio to drive profitability, even under adverse market conditions in Nigeria.

Oyedeji as well reaffirmed the Group鈥檚 commitment to sustained growth and shareholder value in the coming years.

He further said: 鈥淲e remain focused on delivering strong financial results and improving shareholder returns.

鈥淲e鈥檙e aligned with national aspirations to become a $1 trillion economy by 2030, and First HoldCo will play a significant role in that journey.鈥�

It is recalled First HoldCo Plc reported a record profit of N3.2 trillion for the 2024 financial year, marking a 105.7% year-on-year growth.

Otedola, Chairman: We have delivered 鈥榟ighest earnings鈥� in history

Addressing the Group鈥檚 shareholders, Directors, and stakeholders also, Mr. Olufemi Otedola, CON, described the past financial year as one of 鈥済lobal headwinds and local resilience.鈥�

Otedola particularly cited inflationary pressures, monetary policy shifts, and geopolitical instability that affected global growth at large.

The Chairman of First HoldCo also explained that global GDP, in 2024, stood at 3.2 percent, slightly below the pre-COVID 19 pandemic average of 3.6 percent, while global trade expanded by 3.7 percent to $33 trillion.

He opined that despite the challenging operating environment, First HoldCo鈥檚 performance yet reflected the strength of its diversified operations and strategic adaptability.

He also stated: 鈥淥ur top-line numbers reflect the strength and resilience of our business. We delivered the highest earnings in our history.鈥�

The Board of Directors of the company proposed a dividend payout of N25.13 billion, translating to 60 Kobo per 50 Kobo Ordinary Share in accordance with Section 426 of the Companies and Allied Matters Act (CAMA).

The Management said the proposed dividend would be subject to shareholders鈥� approval and applicable withholding tax.

Shareholders speak on dividend payout

Following the Group鈥檚 disclosure of 60 Kobo per 50 Kobo Ordinary Share to shareholders at the AGM, the announcement sparked concerns among some shareholders, who reportedly observed that the dividend payout fell short of their expectations in regard to the First HoldCo鈥檚 profit surge.

Mrs. Bisi Bakare, one of the shareholders at the event, openly challenged the payout structure, insisting is high time First HoldCo rewarded its investors 鈥渕ore significantly鈥�.

Bakare stated: 鈥淲e deserve better. With the kind of results declared, a minimum of N100 per share should be the target.鈥�

She equally expressed concerns over cyberthreats affecting the company and others in the digital space, urging the Board to unveil a clear strategy to safeguard its digital operations in the ecosystem.

Dr. Umaru Faruk, another shareholder, mentioned First HoldCo鈥檚 penalties paid to the Central Bank of Nigeria (CBN), as the banking sector regulator in the country.

Faruk, who cautioned against that regulatory lapses that could erode future earnings, urged the Board and Management of the company to enhance compliance measures to so as to avoid such liabilities.

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