Dividends

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

Published

1 month ago

August 26, 2023

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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Nigerian Exchange Group Delivers on Shareholders’ Demands with Interim Dividend

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FBN Holdings to Pay N17.947 Billion in Dividends to Shareholders for 2022 FY

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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Dividends

Nigerian Exchange Group Delivers on Shareholders’ Demands with Interim Dividend

Published

1 month ago

August 31, 2023

Temitayo Olukoya

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.”

Dividends

FBN Holdings to Pay N17.947 Billion in Dividends to Shareholders for 2022 FY

Shareholders of First Bank of Nigeria Holdings Plc have approved a final dividend payment of 50 kobo per 50 kobo share for the 2022 financial year.

Published

4 months ago

June 5, 2023

Samed Olukoya

Shareholders of First Bank of Nigeria Holdings Plc have approved a final dividend payment of 50 kobo per 50 kobo share for the 2022 financial year.

This translated to N17.947 billion if multiplied by 35.895 billion FBN Holdings issued shares.

The bank grew its gross earnings by 6.32% to N805.128 billion in the year under review and recorded a profit before tax of N157.902 billion. While profit after tax dipped by 9.87% to N136.173 billion in 2022.

The company has announced that the register of shareholders will be closed from August 9 to August 10, 2023.

On August 16, 2023, FBN Holdings will pay shareholders whose names appear on the Register of Members as at August 8, 2023 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

However, shareholders who are yet to complete the e-dividend registration are advised to download Meristem Registrar’s E-Dividend Mandate Activation Form, which is also available on their website. Shareholders are advised to complete and submit the Registrar or their respective banks.

Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar.

Operating expenses rose by 23.35% to N218.481 billion in the period under review from N177.130 billion in 2021.

In the audited financial statement released on the Nigerian Exchange Limited, net interest income expanded by 59.15% to N363.249 billion from N228.242 billion achieved in 2021.

Dividends

Sterling Financial Holdings Company Plc Announces Dividend Payment Following Successful Share Transfer and Delisting of Sterling Bank

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

Published

4 months ago

May 31, 2023

Samed Olukoya

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.