Data from the annual report of the Bank of Industry reveal a total of N6.79 billion was spent as staff salary for the period ended December 2016, compared to N5.5 billion the year before. As such, the bank increased its payroll by a whopping 23% even as the country facing a crushing recession.
The Bank of Industry is a Nigerian government-owned entity that offers development loans at concessionary interest rates to small and large-scale industries regarded as priority areas by the government.
According to its 2016 annual report, the bank had in its payroll about 335 employees, compared to 318 the year before. Based on this, the average salary per employee comes to a whopping N20 million in 2016 alone. This is one of the highest we have seen in the financial services industry and for government-owned entities.
A breakdown of their staff salary also reveals about 141 (42%) of the staff earn above N9 million while about 291 (86%) of the customers earn about N4 million and above.
*As at 2015
When compared to some of Nigeria’s top commercial banks, the Bank of Industry appear miles ahead in terms of total staff salary cost per employee. However, it just falls short of CBN and NSIA which compensate better per employee. AMCON did not reveal its staff cost in 2016.
The employees of the bank also enjoyed about N1.2 billion in training and capacity building a figure that is 119% higher than what was reported the year before.
The annual report also reveals the directors of the company incurred an emolument of about N107.7 million for the period under review, compared to N80.6 million the year before. Waheed Olagunju is the Bank’s acting CEO. The Bank just has about four executive directors and three non-executive directors.
BOI also claims that it does not have any executive compensation, however it does admit that it incurred about N794 million in Key management compensation compared to N607 million in 2015.
The Bank of Industry also reported its employees currently owe about N652.6 million in mortgage loans.
The employees of the bank also appear to justify their pay as the bank also reported a profit after tax of N14.5 billion for the period ended December 2015, representing a 67% drop in profits compared to the N44.6 billion profit posted a year earlier. It is important to add that the N44 billion profits made in 2015 was mostly due to an income fof N37.4 billion earned from the sale of its stake in WAMCO Nigeria Plc.
Bank of Industry’s annual report may have been much better in 2016 where it not for a spike in its operating expenses. The company reported an operating expense of N8.5 billion compared to N5.3 billion the year before suggesting a 60% increase. A closer look reveals an expense of N1.2 billion classified as “Business Development”, a significant increase from the N118 million incurred for the same expense line in 2015. We also observe a ,major increase in motor running and business travelling expense from N769 million to N1.49 billion in 2016.
What BOI does
The Bank’s mandate includes the provision of financial assistance for the establishment of large, medium and small projects as well as expansion, diversification and modernization of existing enterprises; and rehabilitation of ailing industries. The Bank also manages dedicated funds and through its subsidiaries, provides business advisory services, trusteeship, leasing, insurance brokerage, etc.
Africa Prudential proposes dividend of N1 billion for shareholders
Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.
The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.
This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.
According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.
The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.
The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.
What you should know
- Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
- Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.
Dangote Sugar proposes N18.2 billion as final dividend for 2020
Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders.
The Board of Directors of Nigeria, Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders for the period ended 31st December 2020.
This announcement was contained in the audited financial statement of the leading integrated sugar company.
In line with the statement of the Board of DSR, the approval of this proposed dividend at the forthcoming Annual General Meeting will see Dangote Sugar pay out a final dividend of N1.50 for each of the outstanding 12,146,878,241 ordinary shares of the company, held by its shareholders.
The proposed dividend is 36.36% higher than the final dividend of N1.1 per share (N13.36 billion) the sugar company paid its shareholders in 2019.
What you should know
- Dangote Sugar Refinery declared in its audited statement for the period ended 31st December 2020 that its profit for the year climbed to N29.8 billion, from N22.4 billion in 2019.
- According to these figures, DSR’s earnings per share for 2020 are pegged at N2.45. Hence, with a dividend of N1.50 per share, Dangote Sugar is set to payout 61.2% of its profits for 2020.
- At the close of trading activities on the floor of the Nigerian Stock Exchange today, shares in Dangote Sugar Refinery declined by 0.83% to close lower at N17.85.
- At this price, the dividend yield of Dangote Sugar shares is 8.40%.
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