Friday, Jan 15th 2021 3:06 PM

Market Digest Nigeria


FCMB announces resignation of two directors from its Board

FCMB Group Plc

FCMB Group Plc. has announced the resignation of two directors, Mr. Olutola Mobolurin and Mr. Olusegun Odubogun from the Company’s Board.

FCMB Group Plc

In a corporate disclosure posted on the Nigerian Stock Exchange (NSE) and duly signed by the Company’s Secretary, it noted: “The Board also accepted the resignations of Mr. Olutola Mobolurin and Mr. Olusegun Odubogun from the Board of the Company effective 31 July, 2020.”

Emphasizing the notice period, it noted that “Both directors however remain as directors on the Board of the Group’s subsidiary First City Monument Bank Limited.” Both directors had been present at the company’s virtual AGM held in April following the outbreak of the COVID-19 pandemic.

Just a few weeks ago, the company had notified the Nigerian Stock Exchange that its pensions arm,  FCMB Pensions Limited has entered into an agreement to acquire 96% of Aiico Pensions Limited. The acquisition was said to be part of its strategy to grow the Group’s investment management portfolio and build on the inherent synergies between its pension arm and its retail banking operations.

Its financial results for the year ended December 31, 2019 revealed that the Group’s gross revenue increased to N188 billion compared to N177.2billion in 2018. Its profit before tax also rose by 9% to N20.1 billion.

Its share price as of today stands at N1.90. Its price-to-earnings ratio stood at 2.00 while its price-to-book ratio was 0.1833.

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