Fidelity Bank’s shareholders have sanctioned a new compensation package of N60 million for the chairman for the fiscal year 2024.
This information was revealed in a document titled ‘Resolutions from the 36th Annual General Meeting’ submitted to the Nigeria Exchange Group.
According to the resolution, each non-executive director will receive an annual payment of N40 million.
The bank stated that this resolution will stay in effect for future years until it is reviewed at a subsequent annual general meeting.
The resolution read:
It would be recalled that following the strong performance of its stocks in 2023, the NGX upgraded Fidelity Bank Plc from a low-priced stock to a medium-priced stock.
The directors of Fidelity Bank have proposed a final dividend of 60 kobo per share to shareholders for the 2023 financial year, marking a 20% increase compared to last year’s dividend.
Last year, TimesNow.com.ng reported that Fidelity Bank acquired Union Bank United Kingdom (UBUK), a Union Bank of Nigeria subsidiary, in a deal reportedly worth N8.2 billion.
Since the acquisition, the 35-year-old institution has been in talks to purchase at least five banks as it expands its operations across Africa.
Fidelity Bank posted an impressive 120.1% growth in Profit Before Tax from N17.9 billion at the end of Q1 2023 to N39.5 billion for Q1 2024.
Gross earnings increased by 89.9% yoy to N192.1 billion from N101.1 billion in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% you).
In related news, TimesNow.com.ng reported that MTN Nigeria Plc has set an annual remuneration for the chairman of its Board of Directors and directors.
While the chairman will receive an annual salary of N54.120 million, the directors were approved for an annual salary of N36.285 million.
Mrs. Uto Ukpanah, the Company Secretary of MTN Nigeria, announced this in the resolution from its Annual General Meeting (AGM) sent to the Nigerian Exchange Ltd. (NGX) in Lagos.
Source: TimesNow.com.ng
