FSDH Holding Company Holds First-Ever AGM, Posts ₦5.8Billion Profit

FSDH Group recently held its first Annual General Meeting under its new financial holding structure. The new structure 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, Mr. Hakeem Belo-Osagie, Chairman of FSDH Holding Company Limited shared that 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% in 2020 if the pandemic is not contained and the Federal Government/CBN led stimulus measures are not fully implemented. 

Mr. 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. ‘’We wanted to empower each business to focus strictly on its respective core operations, while allowing the Holding Company guide the Group in pursuing an expanded business model, through both organic and inorganic approaches. As an institution founded in the middle of a crisis, FSDH Group has succeeded by being innovative, and consistently being ready to take measured risks. We intend to continue to expand our businesses meaningfully, and in this regard, there are some strategic initiatives underway that will materially change the outlook of the Group.’’

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. 

For the year ended 31 December 2019, the Group closed with total assets of ₦125billion, posted gross earnings of ₦25.6billion which is 10% above the ₦23.25billion reported in 2018, and recorded a PBT of ₦5.8billion. Based on this performance, shareholders at the meeting approved a dividend of 50kobo per share for the financial year ended.

Mr. Belo-Osagie thanked all the customers, employees and regulators across the Group for their essential support especially in these difficult times, and the board for taking on the new level responsibility of keeping the Holding Company focused on guiding the Group to attain market leadership in the various sectors that it plays.