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Flour Mills Shareholders Approve N2.03bn Dividend Payout

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  • Flour Mills Shareholders Approve N2.03bn Dividend Payout

The shareholders of Flour Mills of Nigeria Plc have approved a dividend payout of N1 for every ordinary share of 50 kobo, amounting to a total of N2.032bn, for the 2017 financial year.

The Chairman, John Coumantaros, said at the company’s Annual General Meeting that in spite of the challenging socio-economic environment, revenue grew by four per cent to N389bn, while profit before tax rose to N14bn from the N10bn recorded in 2016.

He said the profit after tax went down by six per cent to N9.2bn primarily due to the effect of deferred tax adjustment, following the company’s exit from pioneer status.

According to him, the strong performance of the company is in line with its strategy to continuously create value for stakeholders.

Coumantaros said, “Following the approval given by the shareholders at the 2015 Extraordinary General Meeting of the company to raise up to N40bn of additional equity by way of a rights issue, the rights issue was oversubscribed.

“The receipt of the net proceeds of approximately N39.2bn in March 2018 will significantly impact on the company’s financials and improve the capital structure, leverage and the health of the balance sheet.”

He added that the additional capital would be applied to repay part of the existing debts and other financial obligations, provide working capital support and help to strategically position the company for sustainable growth.

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.

Finance

How to Self-register For COVID-19 Vaccine in Nigeria

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COVID-19 Vaccine Self-registration Process in Nigeria

Following the delivery of the 3.92 Million AstraZeneca vaccine to Nigeria on the 2nd of March, Nigeria’s Primary Health Care Development Agency (NPHCDA) has launched an online self-registration portal for COVID-19 vaccine registration.

How to register

Nigerians who want to self-register for the AstraZeneca vaccine can visit the NPHCDA’s portal for registration.

What do you need to fill the form?

To fill the vaccination form, you need your basic information: full name, contact phone number, email address, date of birth, sex, a form of ID, a residential address including states, LGA of residence, and ward of residence.

You are also required to select your preferred vaccination site from the listed available vaccination site in your area and upload a photograph. The form asks if you work in the health sector and if you have any medical conditions or a history of allergies.

Finally, you are required to type in a code and this completes your registration process.

You should receive a message that your registration has been completed. You will also be issued a vaccination ID. The message goes thus:

“Registration Completed! Your Vaccination ID is: XXXX

Your data is successfully received.

Thank you for taking the time to fill the form, you will receive an SMS and email shortly containing your Vaccination No. and other instructions.”

Who is eligible to receive the vaccination?

Healthcare workers top the list of people who will receive the vaccine first. Away from them, the NPHCDA said it will prioritize “frontline workers – the military, police, oil and gas workers, customs workers, and strategic leaders.”

Under the COVID-19 Vaccine Global Access (COVAX) scheme,  Nigeria will be the third African country to receive a vaccine, after Ghana and Ivory Coast.

It is reported that the vaccine will be administered without charges and the country is expected to receive a total of 16million free doses from COVAX in the coming months.

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Finance

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

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Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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