The FSDH Group recently held its first Annual General Meeting under its new financial holding structure.
For the year ended December 31, 2019, the Group closed with total assets of N125 billion, posted gross earnings of N25.6 billion, which was 10 per cent above the N23.25 billion reported in 2018.
In addition, a statement from the company disclosed that it recorded a profit before tax N5.8 billion in the review period.
Based on the performance, shareholders at the meeting approved a dividend of 50kobo per share for the financial year ended.
The new structure had birthed FSDH Holding Company Limited in 2019, a non-operating financial holding company regulated by the Central Bank of Nigeria (CBN) and now parent company to diverse financial institutions with remarkable footprints in the banking, asset management, stockbroking & financial advisory, and pension fund administration sectors of the economy.
In his address, the Chairman of FSDH Holding Company Limited, Mr. Hakeem Belo-Osagie, said the Group has set out with the ambitious vision of becoming Africa’s leading ﬁnancial asset aggregator with a smart Pan-African footprint, and a mission to improve outcomes for customers and subsidiaries while delivering value for shareholders.
He addressed the slowdown in the Nigerian and global economies as a result of the Covid-19 pandemic, stating that the restriction of economic activities and social distancing policies combined with the oil price crash, will lead to diminishing growth for the Nigerian economy.
Citing FSDH Research report projections, he stated that the economic growth may decline by 5.9 per cent in 2020 if the pandemic is not contained and the federal government/CBN led stimulus measures are not fully implemented.
Belo-Osagie pointed out that low investor confidence as a result of dollar shortage, and the volatility of equity markets all reinforce the need for the FSDH Group restructuring.
In line with the overall Group restructuring, the Chairman specified that the employment of Mr. Funso Doherty as the new chief executive officer of its pensions business, Pensions Alliance Limited, and the appointment of Mr. Tolu Osinibi to lead its FSDH Capital Limited subsidiary were strategic hires made early in the current financial year.