First HoldCo Plc has announced a total dividend payout of N25.13 billion for the financial year ending December 31, 2024. The decision was approved at the company’s 13th Annual General Meeting (AGM), as disclosed in a filing to the Nigerian Exchange Limited.
According to the statement, the approved dividend translates to N0.60 per 50 kobo ordinary share and is subject to withholding tax. The company’s secretary, Adewale Arogundade, confirmed that shareholders at the AGM also adopted the audited financial statements for the 2024 fiscal year, alongside reports from the directors, auditors, board appraisers, and audit committee.
The meeting further resolved that the company’s directors will fix the remuneration and expenses of its appointed auditor, KPMG Professional Services, for the financial period ending at the close of the next AGM.
The shareholders also approved the remuneration package for the company’s managers and confirmed the appointment of new members to the statutory audit committee. The newly appointed members include Hauwa Umar, Mathew Akinlade, Christopher Ogba, Peter Aliogo, and Julius Omodayo-Owotuga.
The dividend approval comes on the back of a robust financial performance by First HoldCo Plc. The company reported a 106 per cent increase in gross earnings for the year ended December 31, 2024, rising to N3.21 trillion from N1.56 trillion in 2023.
This significant jump in earnings reflects the group’s improved operational efficiency, expansion strategy, and resilience in navigating Nigeria’s challenging macroeconomic environment.
The performance places First HoldCo among the top-performing financial services holding companies in Nigeria, reaffirming investor confidence in its leadership and long-term outlook. The company’s ability to declare a dividend despite economic headwinds also demonstrates its strong capital base and sustained profitability.
Market analysts say the dividend payout and earnings growth are likely to improve investor sentiment and position the stock for increased activity on the Nigerian Exchange in the coming months.
First HoldCo Plc, which emerged from the restructuring of First Bank of Nigeria, operates as a non-operating financial holding company overseeing subsidiaries across commercial banking, insurance, and asset management services.
