03 Dec 2022, 10:38 AM (GMT)

COVID-19 Global Stats

649,591,942 Total Cases
6,645,608 Death Cases
626,835,807 Recovered Cases
News

FBN Holdings Injects N25bn Into FirstBank

FBN Holdings Plc (“FBNH” or “the Company”), has announced the injection of N25billion equity capital into its commercial banking subsidiary, First Bank of Nigeria Limited. The Capital injected represents part of the net proceeds of the company’s divestment from FBN Insurance Limited. With this fresh capital, the Capital Adequacy Ratio (CAR) of Firstbank has increased to 16.53% (before capitalising year to date profit) as at June 2020.

 In a statement released to the market, the Chief Financial Officer of the Company, Oyewale Ariyibi noted that “the divestment is in line with the Group’s medium to long term strategic objectives. The divestment has unlocked significant value embedded in the former subsidiary which is being leveraged to strengthen the core banking business for which the Group is renowned”. The overriding objective is to optimize capital across the Group to drive business growth, enhance efficiency and improve overall Shareholders’ value.

ALSO READ: COVID-19: Nigeria Records 288 New Cases, Total Infectious Now 44,129

 Earlier in the day, while commenting on the Group’s Half Year 2020 performance, UK Eke, the Group Managing Director stated that “The H1 2020 financial results are impressive and reconfirm our consistent focus on enhanced shareholder value. Despite the difficult operating environment, the results demonstrate our capacity to deliver exceptional services to our customers in these uncertain times. Looking ahead, we remain cautious, but confident that our business is fundamentally strong to surmount any future challenge towards delivering superior financial performance”.

FBN Holdings is a leading diversified financial services group in Nigeria. FBNH is the parent company of First Bank of Nigeria Limited, FBNQuest Merchant Bank Limited, FBNQuest Capital Limited, FBNQuest Trustees Limited and FBN Insurance Brokers Limited.

Nadula Tax Return Season Sale under $200 wigs, beginner friendly & quick install

Advertisements

Lagos Post Online

Publisher, Lagos Post Online, Lagos Post is an online publication that seeks to provide fair, unbiased, credible, balanced and useful information about Corporate Organisations, Governments and the General Public by breaking news in Business, Politics, Arts, Entertainment, Culture, and Sports in Nigeria, Africa and the World. As a global news portal, we continually stand for responsible journalism and sound media practice. Mobile: +238025837037 Email: lagospostng@gmail.com

Related Articles

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker