By Dipo Olowookere
It is almost certain that shareholders of First City Monument Bank (FCMB) and AIICO Insurance will get cash reward and bonus shares from the respective company this year for the 2020 financial year.
However, the Central Bank of Nigeria (CBN) and the National Insurance Commission (NAICOM) will have to first authorise this.
Already, the boards of FCMB and AIICO Insurance have done their parts by recommending the payment of the dividend and issuance of bonus shares, but their respective regulator will have to check their performance to see if what is being recommended is reasonable.
Last Friday, the board of FCMB held a meeting to look into the audited results of the group and after being satisfied, the payment of the dividend was recommended.
“At the board of directors meeting of FCMB group Plc held on Friday, February 26, 2021, the board approved the group’s audited financial statements for the year ended December 31, 2020, as well as payment of dividend, subject to the approval of the CBN.
“The board also considered and approved the appointment of an independent non-executive director, subject to the CBN approval.
“The retirement of Mr Peter Obaseki from the board of the company effective March 1, 2021, was also accepted by the board.
“Details of the results and the dividend payments, as well as related corporate actions, shall be made to the exchange upon obtaining approval of the CBN,” a notice signed by the company’s scribe, Mrs Olufunmilayo Adedibu, said.
On its part, AIICO Insurance said its board met on Thursday, February 25, 2021, to look into the results and the issuance of bonus stocks was recommended.
“We refer to our February 8, 2021, announcement wherein we informed the investing public and the NSE of the board meeting scheduled for February 25, 2021.
“We are pleased to inform the investing public and the exchange that the board of directors of AIICO Insurance Plc met as announced and considered and approved the group’s audited consolidated financial statements for the year ended December 31, 2020, and bonus issue subject to the approval of NAICOM and the company’s shareholders.
“The company will release the audited results to the investing public upon the approval of NAICOM.
“In view of the above, all directors, persons discharging managerial responsibility, adviser(s) of the company, or their connected persons are reminded that as announced on February 8, 2021, the closed period declared by the company is still on until 24 hours after the accounts are filed with the exchange,” its disclosure said.
