LAGOS - Shareholders of Afribank Nigeria Plc celebrated a good financial year with praises for the Board and Management for the high level of efficiency, good returns and rewards declared by the Bank during its 2007/2008 financial year which ended March 31st, 2008.
Shareholders commended the Bank for using =N=39.52billon Shareholders’ Funds in the financial year to post profit before tax of =N=15.11billion and Gross earnings of =N=49.19billion. The performance translated to a 38.4% return on its Shareholders’ as against the current industry standard of 18%.
The Bank also at the AGM outlined strategies to sustain its fast pace growth and assured shareholders and other stakeholders of better performance and rewards in the current year.
The Bank had declared cash dividend of cash dividend of fifty (50) kobo one (1) share bonus for every three (3) for the last financial years to the admiration of shareholders.
Sir Sunny Nwosu, National Co-ordinator, Independent Shareholders Association, praised the Board of the Bank for its focused strategy and restructuring initiatives which have transplanted to growth and superior performance.
Mr. Gbenga Idowu, National Co-ordinator, Shareholders’ United Front Association, praised the Board of the Bank for the passion and creative thinking and staff loyalty for the progressive performance indices of the Bank and for the ambitious dividend policy of the Bank.
Mr. Boniface Okezie, President of Progressive Shareholders Association, thanked the Bank for rewarding shareholders generously by including shareholders who bought the Bank’s shares during its last Public Offer in December 2007 in the dividend and cash reward this year.
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