FBNH gets merchant bank licence for Kakawa Discount House

The Group Chief Executive Officer, FBN Holdings Plc, Mr. Bello Maccido, on Thursday said a subsidiary of the group, Kakawa Discount House Limited, has been given a merchant banking licence by the Central Bank of Nigeria.

According to Maccido, the central bank approved the licence on Tuesday, five months after Kakawa Discount House applied for it.

The FBN Holdings CEO spoke at FBN groups Annual General Meeting, which was held in Lagos.

“To have a merchant banking licence will be beneficiary to the shareholders medium to long-term,” he said, adding that the licence would boost dividend payment to shareholders in the future, especially as FBN Holdings had in 2014 increased its holding in Kakawa Discount House to 100 per cent from 46 per cent.

Source: Punch