FirstBank Shareholders encouraged to move with the times
Category: Investors NewsBeat
May 31, 2012 / Temple ASAJU / PROSHARE WEB TVNEWS
The Group managing Director of First Bank Nigeria Plc, Bisi Onasanya has called on aged shareholders to embrace the electronic annual reports system now being employed by public companies. He says changes in global trends has necessitated the regulatory directives for banks and companies to report their financials in compliance with the International Financial Reporting Standards (IFRS).
Onasanya, explaining the dynamics of the times and its implication on shareholders added that “given the board of First Bank, age diversity is indispensable - it is a representation of all generations”. The GMD noted further that “The days of paper-based reports are effacing and aged shareholders are encouraged to move with the new trends.”
In response to matters relating to corporate strategy for buinding the franchise, he disclosed that in 2012, “the financial institution is increasing its number of branches by 135 more business offices across the federation and expects that this will ease the pressure on the existing branches due to the increase in consumers/customer-base of over 6.3 million people”.