FCMB assures shareholders of better returns in 2015

THE FCMB Group Plc has assured that the bank would embrace new business opportunities in order to enhance profitability and increase shareholders’ value in 2015 financial year.

The Managing Director, FCMB Group Plc, Peter Obaseki, disclosed this at the company’s ‘facts behind the figures’ at the Nigerian Stock Exchange (NSE) in Lagos recently.

Obaseki said that the company would be committed to operational efficiencies and value creation in spite of the slow outlook expected in the financial institutions in 2015. He pointed out that 2015 financial year would be a difficult naira depreciation and drop in oil prices at the international markets, but however, added that the bank would be committed to cost optimization and efficiency to increase shareholders value.

“In 20 years we have operated, we have seen economic cycle, the boom and the burst but we have demonstrated resilience which shows we can adapt to Nigerian financial environment,” Obaseki said. He stated that the group would embrace new business opportunities and ensure reduction in cost of capital for value creation.

Obaseki said that FCMB was one of the only two financial institutions in the country permitted to have a pension fund administrator subsidiary by Central Bank of Nigeria (CBN).

“With 28 per cent in a PFA, we are uniquely positioned to tap into the huge PFA opportunity, currently growing at 14 per cent per annum, with total asset under management of N4.6 trillion,” he said. Also speaking, the Managing Director, FCMB Bank Limited, Ladi Balogun, said that the bank would remain focused to maintain its retail banking leadership.

Balogun said that the bank would emerge as one of the most relevant financial services brands in the country in a near future. He stated that the bank would acquire 50,000 new customers and as well dispenses 20,000 new loans every month.

Earlier, the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema, said the exchange would ensure continuous introduction of value added services and products to satisfy yearning investors.

Onyema who was represented by Ade Bajomo, NSE Executive Director, Market Operations, said that it would leverage on global best practices to restore investor confidence. He said that the exchange would strengthen its strategies to increase investors’ participation level in the market.

Onyema, however, urged the bank to ensure strict adherence to post-listing requirements by ensuring prompt release of information in the market. He urged FCMB to leverage on culture of excellence, innovation and efficient service delivery to ensure maximum returns to all its stakeholders.