First HoldCo to pay 60% of annual profit as dividends
78 billion First HoldCo shares, lifts stake to 26% “Over the last two years, we have undertaken difficult but necessary actions to strengthen governance, clean up the balance sheet, restore confidence, rebuild capital, and reposition the group for long-term growth,” Mr Otedola said in the Thursday statement.
The move offers succour to shareholders who had to endure the last financial year without dividends—the first time in many years—after a massive bad-loan loss provision obliterated much of the cash that could have gone into rewarding shareholders.1 billion, while after-tax profit jumped to ₦526.
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