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Chaos at FCMB AGM as Shareholders Exchange Harsh Words


By Dipo Olowookere

There was pandemonium at venue of the 5th Annual General Meeting (AGM) of FCMB Group Plc held on Friday, April 27, 2018 in Lagos.

Business Post reports that all was going smoothly at the meeting until the time for election into the audit committee of the company.

It was gathered that three slots were available to be filled in the audit committee with five people vying for them.

However, after the shareholders finished casting their votes, the counting process turned rowdy when votes of one of the contestants were allegedly counted wrongly by the electoral umpire appointed for the exercise.

This angered some shareholders, who alleged plans by some persons to ensure the ‘cheated’ contestant, a lady, was prevented from being a member of the audit committee.

They thereafter called for cancellation of the election, saying they would not accept outcome of the process.

During this confusion, proceedings were stopped for nearly one hour and it took the intervention of Chairman of FCMB Group, Mr Oladipupo Jadesim, to bring the situation under control.

Also at yesterday’s AGM, shareholders of FCMB expressed their frustration with the lender on non-receipt of gift items some of them complained of at the last AGM.

They described as wicked not giving them gift items and said the gifts were supposed to pacify them with the bank’s poor results in the 2017 financial year.

However, despite the issues that almost marred the meeting, shareholders of the company approved the payment of dividend of 10 kobo per share for the 2017 business year.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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