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Heritage Bank Eyes Fresh Capital Injection

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  • Heritage Bank Eyes Fresh Capital Injection

The Managing Director/Chief Executive Officer of Heritage Bank, Mr Ifie Sekibo, has disclosed that the bank is anticipating fresh capital injection from investors.

This, according to him, would boost the bank’s capital and support it drive to intervene in the real sector of the economy.

Sekibo, however, declined to disclose the identity of the investors as well as when the funds would get to the financial institution.

The Heritage Bank boss said this yesterday, while speaking in an interview on the sidelines at the Vanguard Economic Submit, organised by Vanguard Newspapers in Lagos.

He also said the bank would in no distance time be listed on the Nigerian Stock Exchange (NSE).

Responding to a question on when the bank would be listed on the stock exchange, Sekibo said: “I want to predict a good prediction. For that matter it would not be this year. But it would definitely be listed on the stock exchange especially because we are expecting new investors and one of their core expectations is that we would list within the nearest future, so we would list on the NSE.

“There may be mergers and acquisitions happening and I’m happy to see them. Yes, investors are coming in and they are happy with our returns and we are one of the companies that has returned good results in the financial institution space. So investors are always happy with the type of returns we make.”

Earlier, while giving his keynote address at the event, the founder/ Chairman FATE Foundation, Mr. Fola Adeola, said the present government’s anti-corruption drive was a failure and urged the federal government to come up with policies to enhance human development in the country.

Adeola added: “Crookedness has become synonymous with our national brand. Transparency international ranked us 148 out of 180 countries in the world in 2017 index. In 2012 we were ranked 121 and with the way we are fighting corruption, we must consider that our fight is both toothless and ineffective so far and we should rethink our approach.

“Our policy priorities must be entire and mutually compelling. I also believe our leaders must prioritise the development of people and do so with an investment mentality.”

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

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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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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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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