Dividends

Ecobank to Pay $40 Million in Final Dividend for 2021 Financial Year

Published

2 years ago

April 2, 2022

Following a 334% increase in profit after tax for the financial year ended 2021, shareholders of Ecobank have approved a total sum of $40 million as the final dividend for the year.

In a statement obtained by Investors King, shareholders of the leading financial institution will be paid $0.0016 per ordinary share (translating to $40 million), subject to appropriate withholding tax and approval. The final dividend will be paid only to shareholders whose names appear in the Register of Members at the close of business on 3 June 2022.

According to Ecobank, the Register of members will be closed from 6 -10 June 2022. While dividend will be paid electronically on 6 July 2022 to shareholders whose names appear on the Register of Members as of 3 June 2022 and have completed the e-dividend registration and mandated the Registrar to pay their dividends into their bank accounts.

Therefore, the lender encourages shareholders to complete the e-dividend registration form using the E-Dividend Mandate Activation Form link. The form is also available on the website of the Registrars, www.gtlregistrars.com. Please complete and submit to the Registrar or their respective banks.

However, Ecobank advised shareholders with unclaimed, yet to be presented for payment or returned for validation, dividend warrants and share certificates to complete the e-dividend registration form or contact the Registrar.

Speaking on the dividend approval, Company Secretary, Madibinet Cisse, “We are pleased to inform our shareholders and the public that the Board of ETI, at its meeting of February 25, 2022, approved the Ecobank consolidated audited accounts for the year ended December 31, 2021 subject to relevant regulatory approvals.

“The Board also recommended the payment of a dividend of USD0.16 cents per share is a total amount of circa USD40 million. The relevant resolutions will be presented for shareholders’ approval at the upcoming Annual General Meeting of ETI.”

He further stated that “The details of the audited accounts will be published upon approval of relevant regulators. Consequently, the closed period which commenced from January 1, 2022, will continue until 24 hours after the Audited Accounts for the year ended December 31, 2021, are released to the Stock Exchanges on which Ecobank Transnational Incorporated is listed.”

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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, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Dividends

Zenith Bank to Pay N109.88bn Dividends to Shareholders for 2023

Published

3 weeks ago

April 9, 2024

Samed Olukoya

Zenith Bank, one of Nigeria’s leading financial institutions, is set to distribute dividends totaling N109.88 billion to its shareholders for the 2023 financial year.

The announcement was made as part of the bank’s annual report filed with the Nigerian Exchange Limited on Monday.

The dividends amount to N4.00 per share. This includes a final dividend of N3.50 per share and an interim dividend of N0.50 per share paid earlier in the year.

The proposed dividends are subject to approval by shareholders at the next Annual General Meeting (AGM) and are payable from the retained earnings accounts as of December 31, 2023.

Throughout the fiscal year, Zenith Bank’s gross earnings surged by 125.50 percent to N2.13 trillion compared to N945 billion in the previous year.

The increase in gross earnings contributed to the bank’s impressive profit after tax, which increased to N676.91 billion, an increase from N223.91 billion recorded in 2022.

This positive performance was driven by the increase in interest and similar income, which rose to N1.14 trillion from N540 billion.

However, the bank experienced a decline in net income on fees and commission, dropping to N109.31 billion from N132.79 billion in 2022, indicating a 17.68 percent decrease.

This decline was attributed to an increase in fees and commission expenses, which grew to N68.21 billion from N24.42 billion in the previous year.

Also, Zenith Bank disclosed various operational expenses incurred during the year, including insurance premiums paid to Zenith General Insurance Limited and Prudential Zenith, as well as payments for information technology services rendered by Cyberspace Network.

Dividends

SEC Steps Up Efforts to Reduce Unclaimed Dividends in Capital Market

Published

2 months ago

March 8, 2024

Samed Olukoya

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.

Dividends

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

Published

2 months ago

March 5, 2024

Samed Olukoya

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.