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SEC Pays Over N30bn Unclaimed Dividends

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  • SEC Pays Over N30bn Unclaimed Dividends

The Securities and Exchange Commission said over N30bn had so far been paid to investors in the Nigerian capital market from the backlog of unclaimed dividends.

A statement by the management of SEC on Monday in Abuja said that the commission had also extended the free e-Dividend enrollment to June 30.

It stated that the measure was to further reduce the unclaimed dividends profile and curb its growth in the country.

It recalled that SEC, with a view to ensuring all investors benefited from the free E-Dividend programme, committed to pay the cost of enrollment throughout the year 2016.

It stated that the move resulted in the enrolment of about 48 per cent of investors for the e-dividend payments.

It said, “Arising from this exercise, over N30bn which was hitherto unclaimed, have so far been credited to respective bank accounts of investors.

“Therefore, the advantage of the e-dividend is not only to enable investors to collect subsequent dividends electronically but it allows all accrued dividends be credited to investors’ bank accounts.

“The commission has, however observed with concern, the challenges being experienced by investors in the course of the e-Dividend registration.

“It therefore commits to further defray the cost of registration till June 30th, 2017, to enable investors continue to enjoy the free registration.”

It stated that at the expiration of the free registration period, dividend warrants would no longer be issued but would be replaced with electronic payments.​

It explained that the decision underscored the commission’s strong focus on market development and enhancement of investor confidence.

“All investors in the Nigerian Capital Market are, therefore, advised to take advantage of this extended grace period by approaching their Bankers or Registrars for enrolment before the deadline.

E-dividend payment platform was introduced to address the rising incidence of unclaimed dividends in the Nigerian capital market.

“It is also expected to address the lingering problem of unclaimed dividends, which the market had sought solution for the past 20 years.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Banking Sector

Wema Bank To Rewards ALAT Users for Referrals

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Wema ALAT Investors King

According to the statement released by the Wema Bank, titled “Wema Bank Rewards ALAT Users for Referrals throughout 2021”. The Bank said that ALAT users nationwide with active accounts who have done at least three transactions in the last six months and also referred other users will be rewarded with cash prizes.

The statement reads; “At the beginning of this year, ALAT launched its earn on the go campaign, allowing members of its Trybe to not only earn money on the app but also stand a chance to win one of the three grand prizes at the end of the year.

“For the duration of this campaign, all ALAT users with an active account, who have carried out at least 3 transactions in the last 6 months will be given a unique referral code.

“This code is used to track the number of referrals made from a single account, whereby a customer receives one thousand Naira for every successful invitation to join the ALAT Trybe.

“While referrals are ongoing, we will be tracking all our users’ progress and by December reward the top three referrers with prizes worth over seven hundred thousand Naira.

“The first-place winner will receive the grand prize worth N350,000, while the second place and first runner up, will get a prize worth N200,000.00, and finally in the user that makes it to third place will be giving a prize worth N150,000.00.

“To reward the efforts of all participating users, a quarterly raffle draw will be held twice in the year, where twenty people from the list of top hundred referrers will stand a chance to win Ten thousand Naira each”.

Alat by Wema was founded in 2018 and is the first fully Digital Bank in Nigeria, providing banking services through our Andriod, iOS, and Web apps to over a hundred thousand users in Nigeria.

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Banking Sector

Unity Bank Forecasts N380.815 Million Profit for Q3 2021

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Unity bank - Investors King

Unity Bank Plc on Friday predicted profit after tax of N380.815 million for the third quarter (Q3) ending September 30, 2021.

This represents a decrease of N162.3 million year-on-year when compared to the N543.14 million recorded in the same quarter of 2020.

The lender projected gross earnings of N10.890 billion for the quarter while interest income was expected to hit N7.204 billion.

Interest expense was estimated at N5.351 billion for the period. Unity Bank puts net revenue from funds at N1.853 billion in Q3 2021.

Other incomes were expected at N3.686 billion and impairment for credit loss was projected at N885.663 million in the quarter under review.

The bank forecasts net operating income at N4.653 billion and puts operating expenses at N4.237 billion.

Profit before tax was projected to hit N416.191 million in the quarter, below the N590.4 million achieved in the same quarter of 2020.

Unity Bank’s Cashflow Projections for the Third Quarter Ending September 30, 2021 (₦)

Net cash provided by operating activities 1,720,815,055

Net cash flow provided by/(used) in investing activities (260,034,996,531)

Net cash flow from operating and investing activities (258,314,181,476)

Net cash used in financing activities 258,694,996,531

Net increase/(decrease) in cash and cash equivalents 380,815,055

Cash and cash equivalents, beginning of period 107,494,314,017

Cash and cash equivalents, end of period 107,875,129,072

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Ecobank Raises US$350 Million Tier 2 Sustainability Notes

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Ecobank - Investors King

Ecobank Transnational Incorporated (“ETI”), a Lomé based parent company of the Ecobank Group listed on Nigerian Exchange Limited, announced it has successful raised US$350 million Tier 2 Sustainability Notes.

This represents the first ever Tier 2 Sustainability Notes by any financial institution in Africa.

The lender disclosed in a statement signed by Adenike Laoye, Group Head Corporate Communications/Chief of Staff to the Group Chief Executive Officer, Ecobank.

According to the bank, the Tier 2 issuance is the first to have a Basel III-compliant 10NCS structure outside of South Africa in 144A/RegS format and will be listed on the main market of the London Stock Exchange. The bond, which matures in June 2031, has a call option in June 2026 and was issued with a coupon of 8.75 percent with interest payable semi-annually in arrears.

The lender said an equivalent amount of the net proceeds from the notes will be used by ETI to finance or re-finance, new or existing eligible assets as described in ETI’s Sustainable Finance Framework, available at https://ecobank.com/group/sustainability-financeframework on which DNV has issued a Second Party Opinion.

Speaking on the issuance, Ade Ayeyemi, Group Chief Executive Officer of ETI, stated: “This is a landmark issue for Ecobank, and indeed the success of this first Sustainable Tier 2 issuance is testament to our clear strategy, solid positioning across the pan-African banking space as well as our deliberate and long term focus on sustainable initiatives. We are particularly pleased with the diverse orderbook which reflects the confidence investors have in Ecobank to deliver on our commitment to sustainable financing.”

Investor interest for this Sophomore Eurobond issue was global, including United Kingdom, United States, Europe, the Middle East, Asia and Africa, achieving a 3.6x oversubscribed orderbook, of over US$1.3 billion at its peak.

The transaction was anchored at the start by Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”), a Dutch development bank, with a committed US$50 million order. The notes saw significant demand from asset managers from Europe on opening (including the UK) demonstrated by a number of large tickets.

Overall, investor interest was global including accounts from the United States, the Middle East, Africa and Asia.

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