Stanbic IBTC has announced a proposed interim dividend of N1.50 per ordinary share of 50 kobo each for the first half (H1) of 2024. This amounts to a total payout of N25,913,996,000.

Subject to regulatory approval and deduction of withholding tax, the dividend will be paid to shareholders whose names appear on the Register of Members as of the close of business on Wednesday, 18 September 2024.

The Register of Shareholders will be closed from Thursday, 19 September 2024, to Thursday, 25 September 2024.

Shareholders can expect to receive their dividends electronically on Monday, 30 September 2024, provided they are registered on the Register of Members as of Wednesday, 18 September 2024, and have completed the e-dividend registration process, ensuring that their dividends are directly deposited into their bank accounts.

Shareholders who have not yet completed the e-dividend registration are encouraged to download the Registrar’s E-Dividend Mandate Activation Form from the First Registrars website: https://firstregistrarsnigeria.com/download-forms/, complete it, and submit it to the Registrar or their respective banks.

By Ifiok Bassey

From the inception of the President Bola Tinubu administration, the fact was not lost on many Nigerians that the road to economic recovery wasn’t going to be an easy one – certainly, not in the state the new administration met it.

If expectations for something of a miracle were high, it was perhaps due to the urgency of the attention the situation required.  About 15 months down the road, it cannot be said that there is nothing to encourage the belief that the country is on the right track.

If anything, there is something to talk about the president’s vision, boldness and political will to take tough decisions, but with the certainty of achieving positive outcomes.

Feelers coming out regarding the $500 million Federal Government of Nigeria Domestic Bond offer that ran from August 19 to 31 2024 indicate an overwhelming response with strong possibility that it may have been significantly oversubscribed, far exceeding initial expectations, underscoring the strong confidence that Nigerians both individual and institutional investors have in the Nigerian economy and the leadership of President Bola Tinubu administration.

The bond is expected to boost Nigeria’s foreign reserves and help in stabilization of the exchange rate. It would add fillip to the success already recorded through several measures that include the “willing buyer”, “willing seller” of the Central Bank of Nigeria.

Without doubt, this is a bold attempt by the administration to think outside the box in the effort to source for foreign exchange without resorting to borrowing, and a clear demonstration of Tinubu’s leadership.

It has been an added advantage that the president has Mr. Wale Edun, Minister for Finance and Coordinating Minister for the Economy – a man who has brought his wealth of experience to bear on his assignment – as the driver of this initiative.

Edun has leveraged on his international background as an investment and finance expert in the way he has handled the administration’s economic policies. This is evident in the manner he has pioneered this novel transaction.

The outcome of the exercise resonates with the optimism he expressed at a roadshow in Lagos to unveil the bond a few days before its commencement.

The minister had expressed hope of a positive response by investors because of its attraction, which include low risk, high return, as well as safety and security, considering it would be listed on the FMDQ and the Nigerian Exchange Limited.

Edun also hinged his optimism on the successes already recorded with the administration’s economic policies, believing the bond offer would go the same way.

“We are already seeing success with the combination of monetary and fiscal policies, which is attracting foreign portfolio investments (FPIs),” the minister had said.

“Additionally, foreign direct investments are starting to increase, particularly in the oil and gas sector. More foreign exchange leads to higher reserves and a stronger exchange rate, which can reduce inflation and, consequently, interest rates. This creates opportunities for borrowing, investing, increasing productivity, creating jobs, and reducing poverty.”

By attracting substantial investment through the bond offering, the government is also reinforcing its fiscal strategy aimed at reducing reliance on external borrowing while promoting domestic investment. This approach is designed to create a more sustainable economic environment, where increased reserves, a stable exchange rate, and lower inflation can lead to long-term growth and prosperity.

The success of the domestic bond offer has opened a new vista for African financial markets to focus on domestic and diaspora sources for mobilization of resources for the much-needed development of the continent. This is necessary against the background of the unpleasant outcomes some countries have had in the attempt to get foreign funding for their developmental needs.

In Nigeria, the dollar-denominated bond has proved to be another veritable source of raising funds for Nigeria by Nigerians all over the world, as it was open to them as well, apart from Nigerians resident in the country who have domiciliary accounts, foreigners residing in the country, and institutional investors. With the success recorded in the exercise, there may be need for another bond of this nature in the life of the current administration.

The bond is going to usher in a win-win situation for everyone – the government, investors and Nigerians, generally. It is going to provide a source of funding for the government’s social development initiatives in several sectors such as healthcare and education, as well as infrastructural projects that would benefit all Nigerians.

Bassey, a public affairs commentator, lives in Uyo

Zenith Bank Plc, Nigeria’s leading financial institution, has announced an interim dividend of N1 per every 50 kobo shares held in the company.

Only shareholders whose names appear in the Register of Members as of the close of business on the 13th of September 2024 will be paid.

The register of shareholders will be closed on September 16, 2024 while September 13th remains the qualification date.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as of September 13, 2024 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

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.