According to him, the licence would also leverage the company’s capacity to pay enhanced dividend to shareholders in the nearest future
Browsing: Bello Maccido
The directors bring to bear several years of experience spanning the banking and financial services industry and their appointments are in tandem with FBNHoldings’ strategic focus to become the foremost financial services company in Sub-Saharan Africa
The News Agency of Nigeria quotes Maccido as saying that the anticipated banking diversification would enable the company to enhance project finance potential
He said the growth would be complemented by reinforcing the pre-eminence of the company’s commercial banking franchise and harnessing of its non-banking subsidiaries
The acquisition was effected through the execution of a share sale and purchase agreement with the majority shareholders of Oasis, following receipt of approvals of the Board of Directors of FBN Life, FBN Holdings Plc and the selling shareholders as well as the requisite regulatory approvals from the National Insurance Commission, Securities and Exchange Commission and the Nigerian Stock Exchange.
FBN Life’s key strategic rationale for the acquisition of Oasis Insurance is to diversify into general insurance service offerings
The organisers applied indices, including turnover growth, return on equity, earnings yield, share price appreciation, dividend cover, dividend yield, net asset ratio, dividend growth and profit margin ratio in determining the winners
Also, FBN Holdings recorded net interest income of N112.7 billion, up by 3.6 per cent as against the N108.9 billion it made in the comparable period of 2012
Speaking on the issue, the CEO of FBN Holdings Plc, Bello Maccido, said the holding companies at inception faced a major concern over possible interpretation of existing tax statutes that would lead to the double taxation of dividends