FBN Holdings Disburses N5.4billion Dividend to Shareholders

Shareholders of FBN Holdings Plc earlier in the week approved a dividend of N5.38 billion proposed by the board for the year ended December 31, 2015.

The dividend, which translates to 15 kobo per share, was paid despite a major drop in the profit of the bank.

The company recorded a profit after tax of N 15.1 billion in 2015, down from N84 billion in 2014 due to N119 billion impairment charges.

The shareholders, who spoke at the annual general meeting (AGM) in Lagos, commended the payment of dividend.

For instance, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu said they were not expecting any dividend from the company because of impairments.

Speaking in the same vein, President, Association for the Advancement of the Rights of Nigerian Shareholders, Farouk Umar lauded the company for its performance in spite of stringent regulatory policies and unfriendly operating environment.

“Even in times of difficult, we are in good hands, paying dividend in spite of challenges witnessed in 2015,” Umar said.