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Shareholders Commend FCMB’s performance in 2014; Approve N25 kobo Dividend

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  Shareholders of FCMB Group Plc have unanimously approved the payment of a cash dividend of 25 kobo per ordinary share, for the year ended December 31, 2014. The approval came at the 2nd Annual General Meeting (AGM) of FCMB Group Plc held in Lagos on Thursday, April 23, 2015.

 

Commenting on the development and the financial statements of the Group, the Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, commended the Board and Management of FCMB Group Plc for the performance and dividend payment, despite the particularly challenging operating environment for banks in 2014. He added that, ‘’the increase in the Group’s profit from N16b in 2013 to N22b in 2014 is commendable. It is a clear signal that things are looking up. We are also happy that FCMB has emerged as a strong player in retail banking and from what we have seen so far, we are optimistic that the Bank will continue to wax stronger’’.

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On his part, the National Chairman of Shareholders’ Trustees Association of Nigeria, Alhaji Mukhtar Mukhtar, said, ‘’theresult is very wonderful, despite the very harsh economic environment. The FCMB has been able to give us a wonderful result. We are very satisfied. The 22k dividend is very encouraging. Profit after tax has gone up, total assets has increased. We are very impressed with the result. I congratulate the current executive management of the Bank for a job well done’’. On the refreshed corporate identity of FCMB, Alhaji Mukhtar described the move as welcome development that will help the Bank become more visible and connect better with customers.

 

Speaking at the AGM, the Chairman of FCMB Group, Dr. Jonathan Long, stated that the Group, which comprises First City Monument Bank Limited, FCMB Capital Markets Limited and CSL Stockbrokers Limited, ‘’has achieved a strong and sustained growth over the past three years’’, adding that during the past year, the Group continued the profitable development of its core banking, capital markets and stock-broking businesses’’. Mr. Long assured that with the implementation of the Group’s supervisory structure, ‘’we are confident that this will help us to consolidate the gains made over the past years and face the economic challenges which we are confronted in 2015’’.

 

The Managing Director of FCMB Group Plc, Mr. Peter Obaseki, noted that, “the Group is on track to deliver on its promise to its various shareholders’’. He continued by explaining that the Financial Holding Company structure adopted by FCMB in 2013 has given, ‘’opportunity for us to diversify our revenue sources and minimise our exposure to the risks inherent in some of the businesses in our portfolio of investments’’. Mr. Obaseki stated that despite regulatory and macro-economic challenges, ‘’our future outlook is bright, our capital base remain strong, the bank’s strategies are yielding results and we will focus more improving contribution to revenue from the non-banking businesses, especially in the wealth management space’’.

 

Also speaking, the Group Managing Director/Chief Executive of First City Monument Bank Limited, Mr. Ladi Balogun, pointed out that the Bank made considerable progress on the priorities it set out last year, including accelerating market share in retail banking, primarily through consumer finance; enhanced investment in customer experience as a means of growing customer base and containment of operating expense. ‘’Our capital positioned strengthened over the year. We successfully raised N26 billion tier 2 capital which helped us maintain a reasonable capital adequacy ratio, at 19 percent. We remain well placed to meet expected future growth requirements’’, he said.

 

Mr. Balogun disclosed that following the Bank’s renewed focus on retail banking, ‘’we acquired 500,000 customers in 2014. We also supported 278,518 borrowing customers during the year with loan disbursements which demonstrates the broad impact we are having on the economy’’. According to him, the Bank also provided greater convenience for its retail customers by rolling out 245 new ATMs, just as it migrated more customers to alternate channels.

 

On the future outlook, he said that among other priorities, ‘’our e-banking and cards business will be a key focus area for non-interest income growth to replace COT, bring greater convenience and consistency of experience to our customers. We will continue to moderate our operating expenses and cost of risk by consolidating our risk acceptance criteria in an increasingly high-risk environment, while focusing increasingly on deposit growth’’. The GMD/CEO of First City Monument Bank told the shareholders that, ‘’we are very much on course to build a dominant retail banking business well diversified across lending, savings deposits, bancassurance and payments. Overall, we are confident this progress and momentum will be sustained, as we continue to grow our market share through service excellence and improve our efficiency ratios’’.

 

The audited accounts of FCMB Group Plc for the year ended December 31, 2014 showed a stellar performance. The Group’s total assets grew by 17 per cent to N1.2trillion, deposits rose by 6% to N755billion. All the Group’s subsidiaries achieved progress during 2014 with FCMB Capital Markets Limited recording a profit before tax of N1 billion, an increase of 145% compared to that of 2013, while CSL Stockbrokers Limited witnessed a 127 per cent surge in profit before tax to N377million.

 

First City Monument Bank Limited, the banking subsidiary of the Group, also sustained the soundness of its balance sheet and credit standing.  Going by the 2014 financial statements, the recorded a 26% improvement in profit before tax from N17.8 billion in 2013 to N22.5billion in 2014. Net revenue was up by 16.7% to N96.1 billion in 2014. This was driven mainly by a stronger growth of 13 percent in interest income as against the 2 percent reduction in the corresponding interest expense. Overall, the Bank’s balance sheet grew by 15 percent from N998.71 billion in 2013 to N1.15trillion in 2014. The banks earnings per share (EPS) increased by 38 percent to 112k in 2014 from 81k in 2013. Return on average equity (ROAE) increased to 14.58 percent in 2014 from 11.61 percent in 2013, while the return on average assets (ROAA) jumped to 2.05 percent in 2014 from 1.67 in 2013.

 

Recently, the Bank opened another chapter in its evolution as it unveiled a refreshed corporate identity. Its colours of black and gold which spoke to an exclusive audience have been replaced by a vibrant combination of purple and yellow, speaking to a broader audience. The logo has also been modified to be slightly less formal and more contemporary, yet retaining a distinctly FCMB feel. At the unveiling of the refreshed corporate identity, Mr. Balogun said that, ‘we have reached a tipping point in our evolution, and we feel we are now ready to wear a new look that is reflective of not only where we are, but also where we are going. In doing this, we have set ourselves a long term vision to be the premier financial services group of African origin.  The diversity of our business is bringing greater resilience and strength. Steadily this strength is revealing itself in our financial performance’’.

 

He further explained that, ‘’at FCMB we believe that our future is intertwined with the collective future of our customers. We do not believe that we can succeed if you do not. Hence, we will reinforce our position of being an inclusive lender. We will support sectors that will drive the prosperity of the markets in which we operate. We will bring greater accessibility to a broad range of financial services. We are optimistic about the future and determined, whatever the challenges, to make this happen for the benefit of all stakeholders’’

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Dana Airline: How Long Should We Pamper Death? …Why FG should completely ban Dana Airline from flights operations ~By Oluwaseun Fabiyi

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Dana Airline: How Long Should We Pamper Death? ...Why FG should completely ban Dana Airline from flights operations ~By Oluwaseun Fabiyi

Dana Airline: How Long Should We Pamper Death?
…Why FG should completely ban Dana Airline from flights operations
~By Oluwaseun Fabiyi

 

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Every means of transportation poses its own risk and hazards, however, some pose graver risk, especially when the right steps are not taken in the right direction. The fear and the attendant disaster that comes with air crashes are graver than one could imagine. This is why all must be adequately put in place, to avoid unnecessary distrust.

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Dana Airline: How Long Should We Pamper Death?
...Why FG should completely ban Dana Airline from flights operations
~By Oluwaseun Fabiyi

It is no longer news that Dana Airlines experienced yet another flight mishap recently, when one of its aircrafts; with registration number 5N BKI skidded off the runway, at the Murtala Muhammed International airport in Lagos, on Tuesday 23rd of April, 2024, after reportedly returning from Abuja that fateful morning. To say that, the incident was a serious safety concern and threat; that requires swift response, is to say the least.

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One must commend the Honourable Minister Of Aviation and Aerospace Development, for his promptness in grounding all Dana Air’s operations within the country. Such should be the alacrity of nations, who have zest and intelligence for the safety of her citizens.

Without much ado, Many Nigerians must have come to a point where they doubt the integrity and technological reliability of Dana Airlines. This is not farfetched from the lackadaisical attitude of the air operator, and certain antecedents that say no otherwise.

Let me take you just a little down the memory lane! Bethnews Media can still recall very vividly, how Dana Airlines wrecked a gruesome havoc on my neighbourhood some 13 years ago,when one of its aircrafts crashed, around Toyin/Balogun Iju-Road claiming the lives of One Hundred And Fifty-nine (159) persons and destroying several persons homes and means of livelihood.

On that fateful Sunday afternoon of June 3, 2012, at about 2:00pm. Publiser of BethNews Media, Oluwaseun Fabiyi had just returned from church, and because of the hot weather, I sat at the balcony after my meal, only to see an aircraft that swung across my rooftop, as if to perch on it. Gripped with fear, since we had never seen a plane flown so low in our area, we decided to follow up.

Myself and others understood that, all was not well the the aircraft that just past, especially seeing it with that very black fume, and preceded by a very scary screeching and deadly roar. Before we could say Jack Robinson, it happened, a Dana Airlines aircraft had just crashed! Everywhere around Toyin Balogun street, off Iju Ishaga road, was already in disarray. Everyone scampered for safety in the unfortunate community.

When an occurrence of this magnitude occurs, sometimes it is excusable to attribute it unforeseen hitch(es), however, such excuses are hardly tenable in airspace operations, since most of the flight activities are strictly monitored via utmost sophistication and near-perfect technical accuracy.

Few months after the Lagos state government had organised a mass burial for the victims of the unfortunate controversial Dana air mishap,the operator was suspended, and directed to show kind gestures to families and businesses affected.

Guess what! Dana Airlines is alleged to have refused, to show concerns, nor put any mechanism in place, to alleviate the sufferings of those who lost lives, properties and millions to the crash. Rather, they clamoured to resume operations.

Surprisingly but not strangely, Nigeria Civil Aviation Authority (NCAA) heeded Dana Airlines’ plea,to resume operations. Nigerians must understand and also remember that, the Dana air crash of 3rd June, 2012 remains the deadliest; after that of 1973,where 193 died in Kano.

Imagine what would have happened again, if the last incident resulted in a crash aground or mid air. God forbids, like we always say in Nigeria’s parlance! However, the reality is that, God wouldn’t forbid, if we leave what God has given us abilities to avert back to God. It doesn’t work that way!

As a matter of urgency, Dana Airline needs to be completely ban from flights operations, since crashes and air mishaps are becoming regular and normal occurrence in their services to Nigerians. We can’t continue to handle the safety of the populace with laxity and levity.

As far as I and many Nigerians are concerned,if the authorities involved continue to play politics, Dana Airline would continue to underestimate Nigerians for long, and the outside world wouldn’t take us seriously.

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Dana Airline’s Troubled History of Scandals and Safety Concerns

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Dana Airline’s Troubled History of Scandals and Safety Concerns

 

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In the turbulent skies of Nigeria’s aviation industry, Dana Airline has become synonymous with controversy and scandal. From regulatory violations to financial mismanagement, the airline’s history is marred by a litany of transgressions that have raised serious questions about its commitment to safety and integrity.

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One of the most alarming issues plaguing Dana Airline is the recurrent violation of flight crew duty regulations. Reports have surfaced indicating pilots flying over their allowed hours, raising concerns about fatigue and compromised safety standards. Such breaches not only endanger passengers but also erode trust in the airline’s operational integrity.

Financial misconduct further tarnishes Dana Airline’s reputation, with instances of fake telexes being sent to suppliers and staff to deceive them into making payments. In one egregious case, an engine was reclaimed by a lessor due to non-payment, only for Dana Airline to find the supplier bankrupt upon attempting to settle the freight costs. This pattern of defaulting on payments extends across all suppliers and includes the non-payment of staff salaries, painting a picture of financial instability and irresponsibility.

Safety is paramount in aviation, yet Dana Airline’s management has been accused of prioritizing profit over passenger welfare. Instances where the Managing Director overrules safety protocols set by management, coupled with weight and balance miscalculations due to cargo and excess baggage fraud, underscore a disturbing trend of negligence.

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Moreover, the airline’s questionable practices extend to its maintenance operations, where falsified records and quick fixes by Indonesian personnel have compromised safety standards. The turnover of directors in the maintenance department reflects the dire financial constraints preventing proper maintenance procedures.

The lack of proper financial management and qualified personnel exacerbates Dana Airline’s woes, with the Chief Financial Officer’s association with Dana Group, under scrutiny for financial fraud, raising further red flags. Suppliers coerced into lying about amounts due during audits and the circumvention of regulatory payments only add to the company’s litany of transgressions.

Despite previous groundings and regulatory scrutiny, Dana Airline has persistently managed to evade accountability, with reports of political influence being used to circumvent regulatory actions. However, a thorough financial audit, if conducted, would likely reveal the airline’s precarious financial position, potentially rendering it unfit to operate.

In conclusion, Dana Airline’s track record of scandals and safety breaches raises serious doubts about its commitment to passenger safety and regulatory compliance. Unless substantive changes are made to address the underlying issues plaguing the airline, its continued operation poses a significant risk to the flying public.

 

Dana Airline's Troubled History of Scandals and Safety Concerns

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Fidelity Bank Commends Air Peace’s Performance

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Fidelity Bank Commends Air Peace’s Performance

 

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Fidelity Bank Commends Air Peace’s Performance

. Celebrates Airline For The Commencement of the Lagos-London Route

LAGOS – Fidelity Bank Plc has commended Air Peace’s performance since it commenced flight operations about 10 years ago.

 

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Fidelity Bank Commends Air Peace’s Performance

Dr. Nneka Onyeali-Ikpe, the Managing Director, Fidelity Bank Plc gave the commendation over the weekend in Lagos during a special event organised for the airline by the bank to celebrate Air Peace for the milestone of commencement of direct flights from Lagos to London.

According to Nneka Onyeali-Ikpe, who doubled as the host at the event, the airline has upheld the principles of financial discipline and good corporate governance since inception, while it has also been very loyal to the bank.

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She expressed delight that the bank had the airline as one of its major clients since inception, stressing that the Bank was celebrating the airline’s milestone of launching direct flight service to London and other developments it would attain in the future.

The event, which held at the Civic Center, Victoria Island, Lagos, had in attendance several bank Managing Directors, stakeholders in the aviation sector, media personalities and well-wishers of both brands.

Speaking at the event, an elated Dr. Allen Onyema, the Chairman, Air Peace, observed that it was not rosy for the airline to attain its status and expressed gratitude to the flying public, the various aviation stakeholders, the media and the government for the continued support since it launched in 2014.

He specifically acknowledged the pivotal role played by Engr. Ben Adeyileka, the former Acting Director-General, Nigeria Civil Aviation Authority (NCAA), in helping the airline secure its Airline Operator Certificate (AOC).

He further commended Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

“I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution. Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity,” he said.

He reiterated that Air Peace was set up primarily to create employment, not for profitmaking, stressing that the motivation behind the business was to empower Nigerians economically.

“Air Peace was not borne out of the intent to profiteer, but to create jobs. Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation”, he remarked.

He restated the airline’s belief in the Nigerian project, maintaining that supporting the airline meant supporting the growth of the Nigerian economy.

Onyema further craved for the support of all Nigerians on the Lagos-London route, which it opened on March 30, 2024.

He explained that the airline needed to sustain the route, stressing that this could only be done through support from Nigerians.

He said: “For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

“Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos. From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer.”

He pledged that the airline would continue to fully adhere to the standard of safety and lauded the management and staff of Air Peace for their efforts in realising the London dream.

 

 

 

 

 

 

 

 

 

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