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Zenith Bank to Pay N9.419 Billion in Interim Dividend for H1 2022

Zenith Bank has announced an interim dividend of N9.419 billion for all shareholders of the bank

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Following a positive first half (H1) of the year’s performance, Zenith Bank has announced an interim dividend of N9.419 billion for all shareholders of the bank.

The lender announced in a statement signed by Michael Osilama Otu, Esq, Company Secretary and General Counsel for Zenith Bank.

According to the bank, it will pay an interim dividend of 30 kobo for every share of 50 kobo to all shareholders whose names appear in the Register of Members as at the close of business on the 6th day of September 2022.

The amount translates to N9.419 billion if 31,396,493,786 issued shares of Zenith Bank is multiply 30 kobo.

Zenith Bank will close the register of shareholders on September 7, 2022 to enable the registrars prepare for payment of dividends.

Therefore, payment will be paid electronically to shareholders whose names appear on the Register of Members as at September 6, 2022 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts. Please note that GDR holders will be paid after this date.

However, 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 the website of the Registrars, www.veritasregistrars.com.

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.

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Dividends

SEC Steps Up Efforts to Reduce Unclaimed Dividends in Capital Market

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The Securities and Exchange Commission (SEC) has intensified its efforts through a series of strategic initiatives and investor clinics across various regions.

The latest endeavor took place in Yobe State, where the SEC, in collaboration with the Gombe State Investment and Property Development Company, organized a three-day investors clinic.

Mr. Danladi Mohammed, the Head of the SEC Zonal Office in Kano, disclosed that the initiative aimed to address concerns related to unclaimed dividends and enlighten investors on crucial matters such as e-dividend and dematerialization of shares certificates.

The clinic also served as a platform to handle inquiries and complaints from shareholders in Yobe State and its environs.

Unclaimed dividends in the Nigerian capital market reached a staggering N190 billion by August 2023, prompting regulatory authorities to take decisive action.

The SEC views reducing unclaimed dividends as a key objective outlined in the Capital Market Development Master Plan 2015 to 2025.

The initiative aligns with the SEC’s commitment to fostering investor confidence and ensuring market integrity.

It reflects the Commission’s dedication to fulfilling its mandate of regulating and developing the Nigerian capital market to meet international standards.

The SEC’s Director-General, Lamido Yuguda, emphasized the importance of investor education and engagement in addressing the challenge of unclaimed dividends.

Through investor clinics and proactive measures, the SEC aims to empower investors to claim what rightfully belongs to them and enhance transparency and efficiency in the capital market ecosystem.

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Dividends

Nigerian Exchange Group Shareholders to Receive N1.5bn Dividends Amid Profit Surge

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Nigerian Exchange Group- Investors King

The Nigerian Exchange Group (NGX) has announced a N1.5 billion dividend for its shareholders following a remarkable profit surge.

In the statement released by NGX’s Head of Marketing & Corporate Communications, Clifford Akpolo, the company recorded a robust profit after tax of N5.2 billion for the financial year ending December 2023.

The company’s audited financial statements disclosed a 57.4% increase in gross earnings to N11.8 billion, attributed to strong performances in core revenue streams and other income segments.

Transaction fees surged by 52.6%, driven by heightened trading activities, while listing fees and rental income rose by 42.2% and 41.8%, respectively.

Strategic investments also contributed significantly to a 5.4% boost in treasury investment income. Other income, representing 29.7% of gross earnings, witnessed a remarkable surge of 163.6% to N3.504 billion.

The NGX board proposed a final dividend of N1.5 billion, translating to 75 Kobo per share, in addition to an interim dividend of N495.53 million at 25 Kobo per share paid earlier in August 2023.

Dr. Umaru Kwairanga, Chairman of NGX Group, affirmed the company’s commitment to maximizing shareholder value, while CEO Temi Popoola expressed satisfaction with NGX’s operational performance and emphasized the company’s trajectory of growth and innovation in the upcoming fiscal year.

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

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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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