First Financial institution of Nigeria Holdings' revenue on the finish of 2023 rose to N309.89 billion, which is 127 % greater than N136.17 billion on the finish of the corresponding interval in 2022.
This was indicated within the unaudited consolidated monetary statements for the interval ended December 31, 2023, filed with the Nigerian Alternate Restricted on Thursday.
In the course of the interval below assessment, the lender's curiosity earnings elevated by 66.27 % from N551.94 billion in 2022 to N917.71 billion. Fee earnings additionally rose to N204.90 billion from N143.98 billion within the earlier yr.
FBNH suffered a overseas alternate lack of N350.32 billion on the finish of 2023, in comparison with a revenue of N22.39 billion in 2022.
In twelve months, FBN Holdings' whole belongings have grown by 59.73 % to N16.89 trillion from N10.58 trillion as of December 2022. Liabilities additionally elevated from N9.58 trillion to N15.19 trillion.
Group entities can have paid fines in 2023. FBN Holdings Plc. paid fines of N9.60 million and N4.55 million to NGX Regulation Restricted and the Securities and Alternate Fee respectively for the late submitting of the audited monetary statements for the monetary yr 2022 and the unaudited monetary statements for the primary quarter of 2023.
One other entity within the group, FBNQuest Service provider Financial institution, additionally paid a high-quality of N3 million to SEC for violation of transaction guidelines and N0.11 million to FMDQ for late submission of deferment requests on behalf of its consumer.
In the meantime, FBN Holdings has listed Barbican Capital, linked to its former chairman, Oba Otudeko, as the most important shareholder with a 13.61 % stake.
This comes a day after the board of administrators of the monetary group appointed billionaire businessman Femi Otedola, who owned a 5.65 % stake, as chairman.
On July 7, 2023, FBN Holdings stated in a press release that the corporate obtained discover from Honeywell Group Restricted that its subsidiary, Barbican Capital Restricted, “has acquired an combination of 4,770,269,843 models of shares out of the corporate's issued share capital of 35,895,292,791 , ( 35.89 billion) on the above date.
“Primarily based on the foregoing, Barbican Capital Restricted's fairness curiosity within the firm quantities to 13.3 %.”
Each Honeywell Group and Barbican Capital are related to Otudeko.
Otudeko's share acquisition provoked reactions from capital market stakeholders, with minority shareholders calling for an investigation by regulators. The Securities and Alternate Fee stated it was investigating the deal however by no means launched its findings.
The Central Financial institution of Nigeria dismissed Otudeko as Non-Govt Director/Chairman of FBNH in April 2021 and dismissed the board below him for non-compliance with statutory controls.
