Paragraph 1: Dividend Declaration and Financial Performance
First HoldCo Plc, a prominent player in the Nigerian financial landscape, recently concluded its 13th Annual General Meeting (AGM), announcing a substantial dividend payout for the 2024 financial year. Shareholders are set to receive a total dividend of N25.13 billion, translating to N0.60 per 50 kobo ordinary share, subject to applicable withholding tax. This significant dividend announcement comes on the heels of an impressive financial performance by the company, which reported a remarkable 106% surge in gross earnings for the year ended December 31, 2024, reaching N3.21 trillion compared to N1.56 trillion in the previous year. This robust financial performance underscores the company’s strong market position and its ability to generate substantial returns for its investors.
Paragraph 2: AGM Proceedings and Approvals
Beyond the dividend declaration, the AGM served as a platform for reviewing and approving several key aspects of the company’s operations. The audited financial statements for the 2024 financial year were presented and subsequently ratified by the shareholders. Furthermore, reports from the directors, auditors, board appraisers, and audit committee, providing comprehensive insights into the company’s governance and performance, were also approved. This transparent approach reinforces First HoldCo Plc’s commitment to sound corporate governance practices and accountability to its stakeholders.
Paragraph 3: Auditor Remuneration and Management Compensation
The AGM attendees also addressed matters concerning the remuneration of the company’s external auditor, KPMG Professional Services. The directors were granted the authority to determine the appropriate remuneration and expenses for KPMG for the upcoming year, ensuring a fair and transparent process for compensating the auditing firm. In addition to auditor remuneration, the AGM addressed the compensation of the company’s management team. Details regarding the remuneration packages for the management were disclosed and subsequently approved by the shareholders, demonstrating a commitment to transparency and accountability in executive compensation practices.
Paragraph 4: Audit Committee Appointments
A key development at the AGM was the reconstitution of the statutory audit committee, a crucial body responsible for overseeing the company’s financial reporting and internal control systems. The meeting confirmed the appointment of five new members to the audit committee: Hauwa Umar, Mathew Akinlade, Christopher Ogba, Peter Aliogo, and Julius Omodayo-Owotuga. These new appointments bring a wealth of experience and expertise to the committee, further strengthening the company’s corporate governance framework.
Paragraph 5: Financial Performance Analysis
The reported 106% increase in gross earnings for 2024 signifies a remarkable achievement for First HoldCo Plc. This impressive growth trajectory highlights the company’s ability to capitalize on market opportunities and effectively manage its operations. While the specific drivers of this growth remain undisclosed in the provided information, it’s evident that the company has implemented successful strategies to achieve such a significant increase in its top line. Further analysis of the financial statements would provide a deeper understanding of the underlying factors contributing to this outstanding performance.
Paragraph 6: Significance and Future Outlook
The outcomes of the 13th AGM mark a significant juncture in First HoldCo Plc’s journey. The substantial dividend payout reflects the company’s commitment to rewarding its shareholders, while the robust financial performance underscores its strong market position. The reconstitution of the audit committee with experienced professionals further strengthens the company’s governance framework. Looking ahead, First HoldCo Plc appears well-positioned for continued success, although future performance will depend on various factors, including market conditions and the company’s strategic initiatives. The information provided by The PUNCH offers a valuable snapshot of the company’s current state and its recent achievements.
