Sterling Financial Holdings Company Plc has announced dividend payments to shareholders after the completion of a transformative scheme.

The announcement comes as a result of the Court Ordered meeting held on September 19, 2022, which approved the Scheme of Arrangement between Sterling Bank Plc and its shareholders.

Under the scheme, Sterling Bank Plc transferred its 28,790,418,124 fully paid-up ordinary shares of 50 Kobo each to Sterling Financial Holdings Company Plc (Holdco), establishing Holdco as the sole shareholder of the Bank.

This development also led to the delisting of the Bank’s shares from the Daily Official List of the Nigerian Exchange Limited (NGX) on April 6, 2023.

The Bank, now re-registered as a private company at the Corporate Affairs Commission (CAC), is preparing for its Annual General Meeting scheduled for Today, May 31, 2023.

As part of the process, the Bank will be paying a dividend of 15 kobo per ordinary share of 50 kobo each to Sterling Financial Holdings Company Plc, which is entitled to the dividend as the sole beneficial shareholder.

Following the receipt of the dividend from the Bank, Sterling Financial Holdings Company Plc will issue its Interim accounts and distribute the received amount as Interim Dividend to the shareholders listed in the Register of Members as of the close of business on May 19, 2023.

The company has assured shareholders that the obligation to pay the 15 kobo dividend will be fully discharged in accordance with the terms and conditions outlined.

To keep shareholders informed about the progress, Sterling Financial Holdings Company Plc has committed to providing updates on the dividend payment date no later than June 20, 2023.

The company secretary, Temitayo Adegoke, stated in the announcement that the dividend distribution would be executed in line with the disclosed terms and conditions.

Stanbic IBTC Holdings PLC, a leading financial institution in Nigeria and Africa, has approved N2 per ordinary share of 50 kobo for its shareholders at the just concluded 11th Annual General Meeting. 

The financial institution made the announcement after a unanimous approval of the dividend recommendation by the Board of Directors.

Shareholders present at the meeting, held at the Orchid & Lantana Halls in EKO Hotel & Suites, Victoria Island, Lagos, expressed their satisfaction and gratitude for the company’s commitment to rewarding their trust and loyalty.

The declared dividend of Two Naira per share will be payable on Friday, May 26, 2023. Shareholders whose names appear in the Register of Shareholders as of the close of business on Monday, April 3, 2023, will be eligible to receive this rewarding payout.

Mrs. Sola David-Borha, Chief Executive of Stanbic IBTC Holdings PLC, expressed her satisfaction with the outcome of the Annual General Meeting and emphasized the company’s commitment to creating value for shareholders.

She said, “We are pleased to declare a generous dividend, reflecting our strong financial position and confidence in our business model. This dividend declaration is a testament to the trust our shareholders have placed in us, and we remain committed to delivering sustainable growth and attractive returns.”

The dividend declaration also reflects Stanbic IBTC Holdings PLC’s confidence in its future prospects. By rewarding its shareholders, the company seeks to further strengthen the bond with its investor community and attract more investors who recognize its commitment to long-term value creation.

Guaranty Trust Holding Company Plc has received approval from its shareholders for the audited financial statement of the bank for the year ended December 31, 2022.

The approval was granted during the institution’s second annual general meeting held on Thursday, May 11, 2023.

Shareholders have given their consent to the management’s decision to distribute a final dividend of N82.407 billion based on the company’s profit after tax for the reviewed period.

To accomplish this, the bank will pay N2.80k per 50 kobo ordinary share, resulting in a total dividend of N3.10 for the year and N91.2 billion in total payment for the year.

The dividend payment is subject to appropriate withholding tax deductions and will be exclusively disbursed to shareholders listed on the company’s register of members as of the close of business on May 1, 2023.

In its 2022 financial year, Guaranty Trust Holdings Company (GTCO) reported a profit before tax of N214.2 billion, indicating a 3.3% decrease from the N221.5 billion recorded in the previous year, ending in December 2021.

Despite the challenges faced, the group’s balance sheet has remained robust, with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively. The Capital Adequacy Ratio (CAR) has also remained strong, closing at 24.1%.

Speaking to shareholders, the Chairman of GTCO, Mr Hezekiah Oyinlola, said. “As I reflect on 2022, I recall the challenges we faced at every turn and the prospects that became significant milestones in our journey towards creating a robust yet agile institution.

“As we look across our burgeoning GTCO universe, we take pride in the concrete outcomes of our diligent efforts and unyielding dedication towards expanding our influence and strengthening our position as a leading provider of financial services in Africa.