FCMB Closing Gong Ceremony at the Nigerian Stock Exchange

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L- R Shows Tunji Kazeem, Chief Risk Officer, The Nigerian Stock Exchange (NSE); Tinuade Awe, Executive Director, Regulations, NSE; Mr. Oladipupo Jadesimi, Chairman FCMB Group Plc; Pai Gamde, Chief Human Resources Officer, NSE during the Closing Gong Ceremony in commemoration of the newly appointed Chairman at the Exchange today in Lagos.

 L-R shows Mr. Adam Nuru, Managing Director, FCMB Limited; Mrs. Yemisi Edun, Executive Director, Finance FCMB; Mr. Ladi Balogun, Group Chief Executive, FCMB Group Plc; Ms. Tinuade Awe, Executive Director, Regulations, The Nigerian Stock Exchange (NSE); Mr. Oladipupo Jadesimi, Chairman FCMB Group Plc; Mr. Olusegun Odubogun, Non-Executive Director, FCMB Group; Mr. Olutola Mobolurin, Non-Executive Director, FCMB Group Plc; Mrs Olufunmilayo Adedibu, Company Secretary, FCMB; Mr. Jide Jadesimi during the Closing Gong Ceremony in commemoration of the newly appointed Chairman at the Exchange today in Lagos.

In the same vein the board of directors of FCMB Holding Plc has proposed a dividend of 10 kobo to shareholders for the financial year ended December 31, 2017. Details of the corporate action shows that register of members will close April 13, 2018 while payment date is April 30, 2018. Annual General Meeting comes up on Friday April 27, 2018 in Lagos.

Further analysis of FCMB Group which is the holding company of First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited, also reported a number of depreciable growths in key operating areas going by the audited results. The audited accounts shows interest expenses increased to N61SS, 831.909 billion in 2017 from N55,575.527 billion in 2016, depositors from customers shored up to N689.860.640 billion in 2017 from N657,609.807 billion in 2016.

The bank’s group 2017 December 31, audited report presented to the NSE for verification showed that Gross Earnings for the period declined by N6.5 billion from N176,351,973 billion in 2016 to N169,881,972 billion in 2017. Profit after Tax also depreciated to N9, 410,204 billion in 2017 from N14, 338,882 billion in 2017 while earnings per share dropped to 0.48 per cent from 0.72 per cent in 2016 respectively.

Despite the dividend that was proposed, the account disclosed that the Central Bank of Nigeria (CBN) penalised First City Monument Bank Plc over its late disclosure to the apex bank of the bank’s former Group Managing Director, Mr. Ladi Balogun retirement from its operations, just as the bank was fined for acting in disregard of CBN’s directives. The bank is said to have been penalized to the tune of N28 million by the Financial Reporting Council of Nigeria (FRCN) for isolated improper disclosure in its 2016 audited financial statement.

Other contraventions of the bank in the 2017 financial year includes and contained in the CBN Circular BSD/DIR/GEN/LAB/07/011-The circular stipulates the timelines for the submission of daily, monthly, quarterly and semi-annual returns concurrently via the e-FASS and FinA Applications.

“CBN Circular FPR/DIR/CIR/GEN/05/014-The circular stipulates Revised Assessment Criteria for Approved Persons’ Regime for Financial Institutions.

“Late notification to SEC the retirement of Ladi Balogun as GMD of First City Monument Bank Limited, Notification of MD and senior bank staff resignations to SEC.

“Violation of Rules 9 (8) and 34 (1) (e) and sanctionable under rule 7 of SEC rule and regulations 2013, Non response to customer complain for unalloted shares/dividend, the statement added

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