By Peter Egwuatu
SHAREHOLDERS of Stanbic IBTC Holdings Plc, yesterday, unanimously endorsed the proposed N500 million dividend by its Board of Directors for the financial year ended December 31, 2015, even as they cautioned management over rising cost of operations.
The shareholders at the company’s annual general meeting, AGM commended the board and management for the results recorded given the regulatory bottlenecks the company had, especially with the Financial Reporting Council of Nigeria, FRCN during the period under review.
Operating environment
Speaking at the AGM, Sir Sunny Nwosu, former National Coordinator, Independent Shareholders Association of Nigeria, ISAN, Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria, PSAN, Mr. Nonah Awoh, Alex Adio, and many other shareholders said “Though the dividend we are getting which is 5 kobo per share is very small, given the operating environment coupled with the FRCN hiccups, we just have to understand and approve the results.
“The rising cost of operations need to be curtailed as operating expenses increased to N62.1million from N57.9 million in 2014. Management should ensure that fines from regulators should be avoided by ensuring that the needful is done at all time.”
Chairman of Stanbic IBTC, Mr. Atedo Peterside, who commended the shareholders for their understanding said “The macro-economic challenges coupled with the regulatory changes affected our operations. We were also faced with legal case and FRC disputes. Some aspects are still with the Appeal Court, so I cannot dwell much on it. We have settled some other aspects of this dispute, while allowing the court case to take its course on subsisting matter.”
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