Banking Sector

Wema Bank Plc Announces Dividend Declaration and Director Appointments at 2022 AGM

Wema Bank Plc recently held its highly anticipated Annual General Meeting (AGM) on May 31, 2023, in a fully electronic format.

Published

4 months ago

June 5, 2023

Samed Olukoya

Wema Bank Plc recently held its highly anticipated Annual General Meeting (AGM) on May 31, 2023, in a fully electronic format.

During the meeting, several crucial resolutions were presented and subsequently passed, marking significant milestones for the bank.

One of the most notable resolutions was the declaration of a dividend. The shareholders unanimously approved a dividend payout of 30 kobo per ordinary share of 50 kobo each. The dividend, stemming from the bank’s profits in the Financial Year ended December 31, 2022, will be paid to members on the company’s register as of May 9, 2023, after the deduction of the appropriate Withholding Tax.

Also, the AGM witnessed the ratification of a new Director’s appointment. Mr. Tunde Mabawonku was unanimously appointed as an Executive Director of the bank, bringing his wealth of experience and expertise to the organization.

In addition, the AGM addressed the re-election of Directors retiring by rotation. Shareholders unanimously voted for the re-election of Mr. Abubakar Lawal, Mr. Adeyemi Adefarakan, and Prince Olusegun Adesegun as Non-Executive Directors on the Bank’s Board.

Another significant resolution passed at the AGM involved the authorization of Directors to determine the remuneration of the auditors. The shareholders unanimously empowered the Board of Directors to fix the fees payable to the Bank’s Auditors.

Additionally, the election of members of the audit committee was a vital aspect of the AGM. The shareholders elected Professor Oyelakin Samuel Awobode, Mr. Ogbonna Joe Anosikeh, and Mrs. Omobola Esther Osijo as the shareholders’ representatives to the Bank’s Statutory Audit Committee.

Meanwhile, Mr. Abubakar Lawal and Mrs. Bolarin Okunowo were chosen as the Board’s representatives on the Committee.

Lastly, the AGM approved the directors’ fees for the financial year ending December 31, 2022. The Directors’ annual fee was fixed at N62,000,000.00, with the Chairman receiving N9,500,000.00 and Non-Executive Directors each receiving N7,500,000.00. Additionally, a sitting allowance of N300,000.00 was approved for the Chairman and N250,000.00 for other directors for the 2023 financial year. These fees reflect the bank’s commitment to fair and competitive compensation for its leadership team.

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Samed Olukoya

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

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Banking Sector

Access Holdings Posts 52.6% Profit for the First Half of the Year

Parent Company of Access Bank Celebrates Remarkable Financial Performance in H1’23

Published

1 day ago

September 26, 2023

Investors King

Access Holdings Plc, the parent company of Access Bank, has reported a 58.9 percent surge in gross revenue to N940.3 billion for the first half of 2023.

The financial services giant also recorded remarkable growth in Profit Before Tax (PBT) and Profit After Tax (PAT) at 71.4 percent and 52.6 percent, respectively, culminating in N167.6 billion for PBT and N135.4 billion for PAT during the same period.

These financial milestones were unveiled as part of Access Holdings’ Audited Consolidated and Separate Financial Statements for the period concluding on June 30, 2023.

The driving force behind this unprecedented growth can be attributed to a potent combination of factors. A 63.0 percent growth in interest income and a 51.9 percent increase in non-interest income fueled the surge in gross revenue.

Access Holdings also witnessed a 35 percent year-to-date growth in customer deposits, capping the first half of 2023 at an impressive N12.5 trillion. This remarkable achievement encompassed all business segments, reinforcing the Group’s status as Nigeria’s largest financial institution by total assets.

The company’s total assets grew by 39.0 percent year-on-year to N20.9 trillion while shareholders’ funds surged by 40.6 percent to N1.7 trillion.

These astounding figures underline the Group’s ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services.

Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, commented on the company’s positive performance, saying, “Our growth plans for the African continent remain firm and clear, driven by the strong long-term growth prospects and trade opportunities seen across many of the countries.”

He went on to emphasize the company’s commitment to its 5-year cyclical strategy, stating, “Our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity among all stakeholders.”

Banking Sector

Central Bank of Nigeria Postpones 293rd Monetary Policy Committee Meeting

Published

6 days ago

September 22, 2023

Investors King

The Central Bank of Nigeria (CBN) has announced the postponement of its 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for September 25th and 26th, 2023.

Dr. Isa AbdulMumin, the bank’s Director of Corporate Communications, released a statement on Thursday confirming the decision.

In the statement, Dr. AbdulMumin stated, “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting, which was initially planned for Monday and Tuesday, September 25th and 26th, 2023, respectively. A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”

While the CBN did not provide an official reason for the postponement, some industry experts suggest it may be related to the pending approvals for the newly appointed governor and deputy governors of the bank.

President Bola Tinubu recently nominated Yemi Cardoso as the potential head of the CBN. Additionally, Tinubu has endorsed the nominations of four new deputy governors for the apex bank, who are expected to serve for an initial term of five years, pending confirmation by the Senate.

The nominated deputy governors are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello. However, the appointment of the CBN governor is contingent upon Senate confirmation, which is currently on a yearly recess.

The CBN assures stakeholders and the public that the rescheduled MPC meeting date will be communicated promptly as soon as it is confirmed.

Banking Sector

Currency in Circulation Surges by N1.7 Trillion Amidst Rising Cash Transactions

Published

6 days ago

September 22, 2023

Investors King

The currency in circulation in Nigeria has surged by N1.7 trillion, driven by a surge in cash transactions.

According to data obtained from the Central Bank of Nigeria (CBN), as of the end of August, the currency in circulation rose to N2.7 trillion.

This substantial increase in currency in circulation comes after a 235.03 percent dip to N982.1 billion as of the end of February 2023 from N3.29 trillion at the close of October 2022, primarily due to the naira redesign policy spearheaded by the CBN.

However, the currency in circulation began its steady ascent once the policy concluded. Cash that had been previously withdrawn from circulation to promote electronic payments was reintroduced into the economy, contributing to this significant boost.

The data obtained from the CBN reveals that a whopping N2.3 trillion was removed from circulation during this period.

The CBN defines currency in circulation as all legal tender currency in the hands of the general public and within the vaults of Deposit Money Banks, excluding the central bank’s vaults.

The CBN further elucidated its methodology, stating that it employed an “accounting/statistical/withdrawals & deposits approach” to calculate the currency in circulation in Nigeria. This approach meticulously tracks the movement of currency in circulation on a transaction-by-transaction basis.

Under this methodology, each withdrawal made by a Deposit Money Bank at one of CBN’s branches results in an increase in currency in circulation (CIC), while each deposit made by a DMB at one of CBN’s branches leads to a decrease in CIC.

This surge in currency in circulation reflects the evolving landscape of financial transactions in Nigeria and underscores the importance of flexible monetary policies in facilitating economic growth and stability.