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Shareholders task CBN on insider-related credit policies
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CBN
Shareholders of First Bank of Nigeria Ltd. have tasked the Central Bank of Nigeria (CBN) on policies that would guard against insider-related borrowings by bank directors in the industry.
They disclosed this in an interview with Newsmenon Friday in Lagos, while reacting to the apex bank’s action on FirstBank.
Dr Farouk Umar, President, Association for the Advancement of the Rights of Nigeria Shareholders said that 90 per cent cause of bank failure was due to non-performing loans related to insider credit.
Umar said the apex bank should come up with policies that would prevent directors from borrowing from the banks they acted as directors in order to protect shareholders and depositors.
Shareholders of FCMB Group Plc have restated their confidence in the financial institution to sustain its impressive performance and deliver more value.
The shareholders gave the commendation at the eight Annual General Meeting (AGM) of the Group held Wednesday, in Lagos.
They also unanimously approved the payment of a dividend of N2.97 billion, translating to 15 kobo per ordinary share for the year ended December 31, 2020, as against 14 kobo per share the previous year.
The AGM was held virtually due the prevailing COVID-19 pandemic and streamed live to shareholders of the financial institution.
The FCMB Group is a holding company divided along three business groups: commercial and retail banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Corporate & Investment Banking (The Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) and Investment Management (FCMB Pension