FBN Holdings Assures Stakeholders of Better Future Performance

Chairman of FBN Holdings Plc, Oba Otudeko last Friday assured shareholders and other stakeholders of better value in the years ahead. FBN Holdings Plc ended 2016 with a profit of N17.1 billion and paid a dividend of 20 kobo per share to shareholders. The performance of FBN Holdings would have been better but for the huge provisioning made for impairment charges.

However, in his address to shareholders at the 5th annual general meeting (AGM) of the group in Lagos, Otudeko said: “I want to assure our esteemed shareholders that FBN Holdings is actively preparing for the future and the challenges ahead with the advancement of the group’s innovative projects and continuous extraction of the opportunities that abound in our holding structure. Overall, we are better positioned to deal with the shocks to our businesses and to sustain our growth momentum.”

He noted that together with management, the board remains resolute and are confident that opportunities abound in their chosen markets.

“Our brand remains strong and our workforce posses the necessary skills, vigour and experience to reposition the group for the future. We are forging ahead with greater optimism and determination, knowing that we are well positioned to meet the aspirations of our stakeholders,” Otudeko said.

In his own address, the Group Managing Director, FBN Holdings Plc, Mr. UK Eke said: “Having completed the most challenging period of our journey which saw us recognize an outsize impairment charge and now that we can clearly see improved results beginning from 2017 financial year, shareholders have every reason to be optimistic of higher return on their investment.”

According to Eke, the path to repositioning FBN Holdings has demanded razorharp execution discipline, hard work, dedication and unwavering commitment to the course.

He said as the group managing director, his greatest responsibility was to hold firmly the compass and help the group navigate the murky waters in reaching the desired destination that addressed the interests of numerous stakeholders.

“Similar to other years, 2016 presented the group with limitless opportunities, wrapped in challenging economic conditions. During the year we have had to battle escalating operating cost in an inflationary environment and we sought to grow our operating income in a recessionary environment. In all of these, we have shown resilience and dedication o the grand agenda ensured we surmounted these challenges, rebuilding the institute, one brick at a time,” Eke said.