By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Bello Maccido, group chief executive officer (GCEO), of FBN Holdings Plc, said on Thursday a subsidiary of the group, Kakawa Discount House Limited, has been granted a merchant banking licence by the Central Bank of Nigeria (CBN).

Maccido disclosed this at the third annual general meeting (AGM) of FBN Holdings in Lagos Nigeria, “Central Bank approved the licence on Tuesday, five months after Kakawa Discount House applied for it,” he said.

According to him, to have a merchant banking licence will be beneficiary to the shareholders medium to long-term, “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 percent from 46 percent,” Maccido added.