First HoldCo Plc has reported a record profit of N3.2 trillion for the 2024 financial year, marking a 105.7% year-on-year growth, as the Group held its 13th Annual General Meeting (AGM) on Wednesday at the Oriental Hotel, Lekki, Lagos.
Group Chairman, Mr. Peter Olufemi Otedola, CON, while addressing shareholders, directors, and stakeholders, described the past year as one of “global headwinds and local resilience,” citing inflationary pressures, monetary policy shifts, and geopolitical instability that affected global growth. He noted that global GDP in 2024 stood at 3.2%, slightly below the pre-pandemic average of 3.6%, while global trade expanded by 3.7% to $33 trillion.
Despite the challenging environment, Otedola said First HoldCo’s performance reflected the strength of its diversified operations and strategic adaptability.
“Our top-line numbers reflect the strength and resilience of our business. We delivered the highest earnings in our history,” Otedola said.
The Board proposed a dividend payout of N25.13 billion, translating to 60 Kobo per 50 Kobo ordinary share, in accordance with Section 426 of the Companies and Allied Matters Act (CAMA). The proposed dividend is subject to shareholders’ approval and applicable withholding tax.
However, the announcement sparked concerns among some shareholders who believe the dividend payout falls short of expectations, given the company’s profit surge.
One shareholder, Mrs. Bisi Bakare, openly challenged the payout structure, insisting that the time had come for First HoldCo to reward investors more significantly.
“We deserve better. With the kind of results declared, a minimum of N100 per share should be the target,” Bakare stated.
She also raised concerns over cybersecurity threats, urging the Board to unveil a clear strategy to safeguard digital operations. Additionally, she pointed to ongoing foreign exchange challenges, saying they must be tackled more effectively to protect the company’s bottom line.
Dr. Umaru Faruk, another shareholder, referenced penalties paid to the Central Bank of Nigeria (CBN), warning that regulatory lapses could erode future earnings. He urged the Board and management to enhance compliance measures to avoid such liabilities.
In his remarks, Mr. Wale Oyedeji, Group Managing Director, acknowledged the complex global and local terrain in which the company operated over the past year.
“The last twelve months were marked by volatility, uncertainty, and disruption—both globally and domestically. From geopolitical tensions in the Middle East to FX fluctuations and high energy costs at home, 2024 tested every aspect of business resilience,” Oyedeji said.
He credited the Group’s performance to prudent risk management, innovation, and a firm commitment to value creation. According to him, First HoldCo successfully leveraged its diversified portfolio to drive profitability, even under adverse market conditions.
Oyedeji also reaffirmed the Group’s commitment to sustained growth and shareholder value.
“We remain focused on delivering strong financial results and improving shareholder returns. We’re aligned with national aspirations to become a $1 trillion economy by 2030, and First HoldCo will play a significant role in that journey.”
The 13th AGM offered both a celebration of progress and a critical reflection on the company’s trajectory. As First HoldCo positions itself for the future, shareholder demands for greater dividend rewards and operational vigilance remain top of the agenda.
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