Business News
StanbicIBTC explains its new multi-year “scrip dividend” plans to its to shareholders
Stanbic IBTC, in a press release dated Tuesday 29th August, 2017 disclosed that shareholders have a choice of receiving dividends declared by the Company, up to year 2020, either in cash or may elect to receive their dividends as new ordinary shares in the Company (“scrip dividend”).
This is in line with the authority granted to directors by shareholders at the 06 August 2015 Extra Ordinary General Meeting, and as published in the Notice of its 5th Annual General Meeting of Stanbic IBTC Holdings PLC, dated 10 August 2017.
In this regard, the release stated that shareholders who wish to receive his or her dividends by way of new ordinary shares must make this known to the company’s registrar not later than seven working days prior to any dividend payment date.
Such scrip dividend according to the Company, shall only be allotted after receipt of any required regulatory approval and shall apply to shareholders whose names were on the Register of Members as at the qualification dates for the payment of such dividend (“Qualifying shareholders”).
It further stated that with respect to the 5kobo dividend being recommended by directors for approval at the 5th Annual General Meeting of the company, holding on Tuesday 12th September, 2017 the reference price for determining the scrip dividend allotment is N18.20k
According to the release signed by Chidi Okezie, the Company Secretary, the reference price to be used in determining any scrip dividend allotment shall be the volume weighted average price (VWAP) of the Company’s shares on The Nigeria Stock Exchange (NSE) for the five business days commencing on the day the ordinary shares are first quoted ex-dividend.
Shareholders, who wish to receive their 5 kobo dividend by way of new ordinary shares are to download the Scrip Dividend Election form from the Company’s website or obtain a copy of the form from the Company Secretary or other relevant Officials and then submit the form to First Registrars Limited who are registrars to the bank.
Shareholders who however elect to receive their dividends in cash, are not required to take any action as they will have their dividend warrants or bank accounts (in the case of shareholders with the appropriate e-dividend mandate) sent/credited on the dividend payment date.
Coronavirus
BREAKING: Lagos launches N5 billion support fund for 2,000 low-cost private schools
The Governor said the facility will benefit low-cost schools with amounts ranging from N500,000 to N5 million.
Lagos State government has launched a N5billion support fund to help reduce the impact of Coronavirus pandemic on low-cost private schools in the state.
This was disclosed by the Governor of the state, Babajide Sanwo-Olu via his Twitter handle on Friday.
According to him, the educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March.
He said, “With access to funding for privately owned schools and vocational training centres in the state, we are confident that this programme, under the partnership between First Bank Nigeria and Lagos State Education Trust Fund (LSETF) will help accelerate a sustainable return to learning and skills acquisition.”
Today, I launched a N5bn support fund to help reduce the impact of #COVID19 on low-cost private schools in Lagos. The educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March. #EducationMeetsFunding pic.twitter.com/PrKjLhxBXq
— Babajide Sanwo-Olu (@jidesanwoolu) September 25, 2020
He explained that the facility will benefit 2,000 low-cost schools with amounts ranging from N500,000 to N5 million.
“As a responsible Government, we are obligated to provide interventions that would enable learners in schools study in line with the new normal,” the Governor Sanwo-Olu added.
The Chief Executive Officer, First Bank Nigeria, Dr Adesola Adeduntan, said “With this partnership, we are sure that registered educational institutions in Lagos State will have access to funds at subsidised interest rates to meet their needs as they reopen at this auspicious time.”
Business News
Paga Group relocates to the UK
Oviosu announced that he is very excited about moving to and working with the UK government.
Paga Group has redomiciled from Mauritius to the United Kingdom (UK). The group is the holding company for its operations in Nigeria, México, Ethiopia, and the UK.
This was disclosed by the Chief Executive Officer and founder, Paga, Tayo Oviosu on Friday.
The Paga Group has redomiciled to the UK 🇬🇧!
The Paga Group is the holding company for our operations in all countries – Nigeria, México, Ethiopia, and the United Kingdom.
Very excited about this move and look forward to working with @tradegovuk to promote trade with the UK!
— Tayo Oviosu (@oviosu) September 25, 2020
Why it matters: The company took the decision due to bureaucratic challenges it faced last year.
He said, “The laws and courts of Mauritius are not very fast-moving, and the rules are difficult. I’ve had one court case that was eventually thrown out after a year.
“In the UK it would have been thrown out immediately, and the person would have had to pay us for our lawyer fees.
“Basically, not an easy place to do business. It is more painful than useful. I say stick to good ol’ America or UK or Netherlands or Luxemburg. Where you know there are professionals, and the legal system works.”
Oviosu said he is very excited about the move, looks forward to working with the UK government to promote trade with the UK.
The Paga Group has raised $34.7 million in funding so far, according to Crunchbase.
Appointments
Stanbic IBTC Holdings Plc appoints Sola David-Borha as Non-Executive Director
Sola David-Borha has been appointed as a non-Executive Director to the board of Stanbic IBTC Holdings Plc.
BREAKING: Lagos launches N5 billion support fund for 2,000 low-cost private schools
Paga Group relocates to the UK
Nigerian Stocks fire up on all cylinders, investors gain N173.62 billion
Stanbic IBTC Holdings Plc appoints Sola David-Borha as Non-Executive Director
WHO endorses emergency use of China’s COVID-19 vaccine
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦465/$1
Naira stabilizes across forex markets, as BDCs get another round of dollar allocation
N4.16 billion unpaid lottery revenue recovered by EFCC
Ethereum’s investors gain 9% in 1 day
matt banks
August 30, 2017 at 8:56 am
Thanks for this info.
@Nairametrics if you were a shareholder will you opt-in the scrip shares or stick to cash?