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Ecobank to Pay $40 Million in Final Dividend for 2021 Financial Year

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Ecobank - Investors King

Following a 334% increase in profit after tax for the financial year ended 2021, shareholders of Ecobank have approved a total sum of $40 million as the final dividend for the year.

In a statement obtained by Investors King, shareholders of the leading financial institution will be paid $0.0016 per ordinary share (translating to $40 million), subject to appropriate withholding tax and approval. The final dividend will be paid only to shareholders whose names appear in the Register of Members at the close of business on 3 June 2022.

According to Ecobank, the Register of members will be closed from 6 -10 June 2022. While dividend will be paid electronically on 6 July 2022 to shareholders whose names appear on the Register of Members as of 3 June 2022 and have completed the e-dividend registration and mandated the Registrar to pay their dividends into their bank accounts.

Therefore, the lender encourages shareholders to complete the e-dividend registration form using the E-Dividend Mandate Activation Form link. The form is also available on the website of the Registrars, www.gtlregistrars.com. Please complete and submit to the Registrar or their respective banks.

However, Ecobank advised shareholders with unclaimed, yet to be presented for payment or returned for validation, dividend warrants and share certificates to complete the e-dividend registration form or contact the Registrar.

Speaking on the dividend approval, Company Secretary, Madibinet Cisse, “We are pleased to inform our shareholders and the public that the Board of ETI, at its meeting of February 25, 2022, approved the Ecobank consolidated audited accounts for the year ended December 31, 2021 subject to relevant regulatory approvals.

“The Board also recommended the payment of a dividend of USD0.16 cents per share is a total amount of circa USD40 million. The relevant resolutions will be presented for shareholders’ approval at the upcoming Annual General Meeting of ETI.”

He further stated that “The details of the audited accounts will be published upon approval of relevant regulators. Consequently, the closed period which commenced from January 1, 2022, will continue until 24 hours after the Audited Accounts for the year ended December 31, 2021, are released to the Stock Exchanges on which Ecobank Transnational Incorporated is listed.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Dividends

Otedola Set to Pocket N15.728 Billion as Geregu Declares N20 Billion Dividend

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Dividend - Investors King

Billionaire Femi Otedola, Chairman of Geregu Power Plc, stands to earn N15.728 billion in dividends for the 2023 financial year following Geregu’s announcement of a final dividend of N8.00 per ordinary share.

With 2.5 billion outstanding shares issued by the organization, the total dividend amounts to N20 billion.

Otedola, who holds a 78.64% stake or 1.966 billion shares in the company, will receive a N15.728 billion dividend payout.

Geregu revealed that the final dividend will be disbursed to shareholders listed in the Register of Members as of the close of business on February 27, 2024.

The Register of Shareholders is scheduled to close on February 28, 2024, with dividends to be paid out on March 28, 2024.

Shareholders who have not completed the e-dividend registration process are urged to download the Registrar’s E-Dividend Mandate Activation Form and submit it to the Registrar or their respective banks.

Furthermore, shareholders with outstanding dividend warrants and unclaimed share certificates are advised to complete the e-dividend registration process or reach out to the Registrar for assistance.

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Dividends

Nigerian Exchange Group Delivers on Shareholders’ Demands with Interim Dividend

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Nigerian Exchange Group- Investors King

The Nigerian Exchange Group Plc has announced its intention to pay an interim dividend of 25 kobo per ordinary share of 50 kobo each.

This translates to N491.029 million when multiplied by the company’s outstanding shares of 1,964,115,918.

This development stems from an emergency board meeting held in July, where the company decided to embrace the electronic distribution of dividends, a move aligned with its demutualisation of 2021.

The decision to declare an interim dividend comes in response to a resounding call from shareholders during the annual general meeting in July when shareholders expressed their desire for a dividend payout, prompting the Nigerian Exchange Group to take proactive action.

Commenting on the dividend announcement, the Chairman, NGX Group, Umaru Kwairanga, said, “The announcement of the dividend will send a signal to our shareholders the company has a listening and responsive board following the request at the last annual general meeting. We hope to continue enjoying the support of our valued shareholders as NGX Group seeks to execute on its strategy to create sustainable growth in the medium to long term.”

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Dividends

Unclaimed Dividend in Nigeria Hits N190 Billion, SEC Takes Reform Measures

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Dividend - Investors King

Dayo Obisan, the Executive Commissioner in charge of operations at the Securities Exchange Commission (SEC), disclosed that unclaimed dividends in Nigeria have reached N190 billion.

Obisan made this announcement during the post-Capital Market Committee (CMC) press briefing, held on Friday following the CMC meeting convened on August 24, with a press briefing on August 25.

During the briefing, Lamido Yuguda, the Director General of SEC, shed light on the significant reforms currently underway within the commission.

He stated, “What we are currently doing in the Capital Market are reforms on custody, derivatives, trading, commodities exchange, in-house reforms (regulators) making them more efficient and technology-friendly, crowdfunding, and global advisors.”

Yuguda also emphasized the gravity of the unclaimed dividends issue, attributing it to problems such as identification issues, multiple subscriptions, and the frequent change of company names.

In response, he announced, “We are now tightening our Know Your Customers (KYC) requirements so that all information needed will be fully captured, and these unclaimed dividends will be a thing of the past.”

Addressing concerns about companies listing dollar bonds, Yuguda expressed confidence, stating, “I don’t see any problem with dollar bonds; any bond should be an obligation that is backed by the commitment to pay both principal and interest on the bond.”

In line with the SEC’s commitment to serving investors effectively, Yuguda shared the commission’s intentions to offer products that cater to investor needs. As a result, the Capital Market master plan has undergone revisions.

He commented, “The capital market has a ten-year master plan from 2015-2025. We conducted a midterm review of the plan, which has been instrumental in our achievements, and we continue to build on these successes in 2023.”

These developments reflect the SEC’s dedication to fostering a robust and investor-friendly capital market environment, with a keen focus on addressing the issue of unclaimed dividends and enhancing regulatory efficiency.

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