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Home Markets Equities Dividends

306 shareholders approve FirstHoldCo’s final dividend of 60 kobo 

Izuchukwu Okoye by Izuchukwu Okoye
May 22, 2025
in Dividends, Equities, Markets
First Bank
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A total of 306 shareholders of FirstHoldCo. voted in favor of the approval of a final dividend of 60 kobo per 50 kobo ordinary share at the company’s 13th Annual General Meeting held on the 22nd of May 2025.

This reflects a strong 99.37% shareholder approval, with only 0.63%—equivalent to just two shareholders—voting against the dividend proposal.

According to the company, the final dividend is subject to withholding tax and will be paid to qualifying members before the close of business on Friday, the 23rd of May 2025.

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Also at the General Meeting, a resolution was passed to fix the remuneration of the company’s auditor, KPMG, for the period extending to the next Annual General Meeting.

Additionally, shareholders voted to receive the audited financial statements for the year ended 31st December 2024, along with the reports of the Auditors, Board Appraisers, and the Audit Committee thereon.

What to know: 

The approved final dividend of 60 kobo per share amounts to N25.12 billion, a notable increase from the N14.36 billion declared for FY 2023.

  • Based on the current share price of N24.75, this represents a dividend yield of 2.42%.
  • The final dividend corresponds to a payout ratio of 3.79%.
  • The company has a price-to-earnings (P/E) ratio of 1.49x, which is below the industry average of 2.29x, suggesting that the stock may be undervalued relative to its peers.

Q1 performance: 

The Group reported an interest income of N625.2 billion in the first quarter of 2025, reflecting a 40.15% increase from N446.1 billion recorded in Q1 2024.

  • Loans and advances to customers accounted for the largest portion, totaling N364.1 billion, followed by investment securities at N222.3 billion.
  • Retained earnings on the balance sheet grew to N1.2 trillion, up from N1.1 trillion in the previous year, marking a 14.81% increase.
  • Net fee and commission income stood at N64.1 billion, compared to N52.3 billion in Q1 2024.
  • The Group also posted a foreign exchange gain of N80.4 billion, recovering strongly from a loss of N98.5 billion reported in the same period last year.
  • Despite higher operating expenses, the Group reported a robust operating profit of N186.6 billion.

Speaking at the 13th Annual General Meeting, Chairman Olufemi Otedola reflected on the company’s performance and hinted at an even more generous dividend next year, saying:

“Considering how much I have invested in this institution, I want you to be patient. A better final dividend—above 60 kobo—is coming.”


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Tags: Annual General MeetingFemi OtedolaFirstholdco dividend payout 2024FirstHoldco Plc
Izuchukwu Okoye

Izuchukwu Okoye

Okoye Izuchukwu is a financial market writer and trader with extensive expertise in both Nigerian and international markets. With a keen eye for market trends and a passion for insightful analysis, he translates complex financial concepts into engaging content. By combining practical trading experience with thorough research, Okoye offers valuable perspectives that empower readers to make informed decisions in the ever-evolving world of finance.

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