- Our Shareholders can Receive Dividend in Naira – ETI
Ecobank Transnational Incorporated Plc says its shareholders in Nigeria can still receive their dividend in naira as earlier announced in 2016.
This came after some shareholders of the company, at a capital market stakeholders’ forum held at the Nigerian Stock Exchange, reported difficulties faced by them in their quest to get the naira equivalent of their dividend, which is originally paid in dollars.
Responding to an inquiry made by our correspondent on the true position of the bank with respect to the dollar-denominated dividend payouts to ETI shareholders, the bank said, “We wish to state that from September, 2016 shareholders were advised that their dollar-denominated dividend warrants should be presented at Ecobank branches to get naira equivalent, if they so desire.
“For cash payment (either in naira or dollar) of dividend warrant; the individual and corporate customer must provide the required valid means of identification.
“For cash payment, there would be a limit to pay out in line with the Central Bank of Nigeria Cash-lite policy. For individuals, it is N500,000 and for corporate, it is N3m. The exchange rates advised by Ecobank treasury at the time of payment shall apply.”
For dividend amount above the stated figure, the bank said customer should either open an account and the warrant paid into the account based on the preset conditions or be issued a draft. If the customer opts for payment via draft (naira only), the draft, it explained, must be issued using the name on the dividend warrant.
“We advise all our shareholders who have outstanding dividend claims to visit GTL Registrars Limited or make inquiries as to how to claim these dividend via its online platform.”
