The shareholders made their position known at the bank's 23rd Annual general Meeting, AGM, in
A breakdown of the infractions showed that the bank paid a fine of N2 million for the delay in refunding a customer the sum of
It was fined N4 million for promoting two senior management personnel without the approval of the
The bank also paid penalty of N1.99 million for withholding a customer's funds for 26 days after the promoters of the customer had written to inform the bank that they were no longer interested in a facility.
Speaking at the AGM,
"The board should be careful not to waste shareholders' funds in meeting CBN sanctions,"
He also described as worrisome the N7.4 billion spent by the bank on advertising and promotions during the period under review.
The shareholders, however, approved the payment of 30k dividend proposed by the bank.
They also authorised the board and management to float rights issue of
He said that advertising was part of business and should not be neglected if the bank wanted to remain in business.
"We might go back to where we are coming from if we are not careful," he said.
He, however, assured the shareholders that dividends would be paid annually.
The bank posted gross earnings of N181.2 billion against N138.8 billion achieved in 2012.
Profit after tax stood at N28.5 billion compared with N22.1 billion recorded in 2012.
Most Popular Stories
- National Retail Federation Reduces Sales Forecast
- Xavier Gutierrez Appointed to Bank Board
- Long-term Strengths Emerge in U.S. Economy
- Hispanic Leader Goes the Extra Mile
- Honda' s Accord Plug-in Hybrid Is a Fuel Miser
- Weekly Jobless Claims Drop to Lowest Level in 8 Years
- Naya Rivera and Ryan Dorsey Are Married
- Menendez: No Arms for Iraq Without Intel
- Self-Induced Abortions Rise After Texas Closes Clinics
- Amazon Fire Phone Improves on Familiar: Review