Business News
Shareholders praise Zenith’s dividend payout, demand more involvement
Shareholders have lauded Zenith Bank Plc for its dividend payout after the tier-1 lender declared a final dividend of 280 kobo for FY 2018.
Shareholders have lauded Zenith Bank Plc for its dividend payout after the tier-1 lender declared a final dividend of 280 kobo for FY 2018.
Zenith Bank, earlier in the year, proposed an interim dividend of 30 kobo per share. The February announcement of an additional dividend of 250 kobo per share brought the total dividend for the year to 280 Kobo.
This is more than the total dividend of 270 Kobo per share paid in 2017. And shareholders considered were excited by the improvement.
But they want to more more involved – During the bank’s 28th Annual General Meeting (AGM) which held on March 18 and was covered by Nairametrics, the shareholders said while they are pleased with the Dividend Payout. However, they want to be more involved in the activities of the bank.
According to Mr Abraham Onyema, a shareholder, the dividend offered to them is reasonable. He added that the management is perfect as it is.
“I think it’s (Dividend) reasonable. The bank made a profit of six Naira plus per share and they offered us two Naira eighty Kobo, I think it’s reasonable.
“I think I’m okay with the (financial) performance. The bank is a pacesetter, I can say Zenith Bank is the number one bank in Nigeria in terms of its performance and dividend payout. This is the bank that pays the highest dividend this year.”
Also, Mr Lawrence Ogidi, another shareholder of Zenith Bank Plc, said the involvement of shareholders should go beyond the AGM. He also tasked the management to improve on its performance rather than relent on it.
“I think the bank should get the shareholders more involved in the activities of the organisation, not just when it’s time for AGM. Carry us along right from the onset, let us know what is actually happening right inside the bank. Because without the shareholders, the bank can not stand.”
Zenith Bank’s financial performance
Jim Ovia expressed joy over the result – Just like the bank’s shareholders, the Chairman of Zenith Bank, Jim Ovia was ecstatic about the financial result the tier-one bank pulled in 2018. He said with the global and domestic factors that affected the growth of businesses in the financial sector, Zenith Bank continued with its impressive track record.
The growth in the bank’s finances was linked to the ability of Zenith Bank to fully exploit the opportunities within the banking sector environment.
“clearly, the results are, once again, a reflection of the exceptional financial health of the bank and the group.”
Financial result breakdown
Total deposits – Zenith Bank had recorded total deposits of N3.69 trillion for the year ended December 31, 2018, representing a 7 per cent increase over the previous year’s figure of N3.43 trillion.
Profit-Before-Tax – The company’s profit-before-tax rose by 16 per cent, from N199 billion in 2017 to N231 billion in 2018.
Profit-After-Tax – Zenith Bank’s Profit-After-Tax was N193 billion in 2018, increasing by 11 per cent, from N173 billion in 2017.
Total Assets – Meanwhile, the Total Assets of Zenith Bank was said to have grown by 6 per cent from N5.59 trillion to N5.95 trillion.
Shareholders’ fund – The Shareholders’ fund increased by 0.5 per cent, from N812 billion to N816 billion.
Gross Earnings – Zenith Bank recorded a decline by 15.4 per cent from N745 billion in year 2017 to N630 billion in 2018.
Dividend – Zenith Bank declared and paid an interim dividend of 30 Kobo per share in the course of 2018, proposing a final dividend of 250 Kobo per share. The total dividend for the year ended December 31, 2018 amounts to 280 Kobo per share as against 270 Kobo per share paid in 2017.
Coronavirus
COVID-19 Update in Nigeria
On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,062 confirmed cases.
On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 10,526 samples across the country.
To date, 58,062 cases have been confirmed, 49,606 cases have been discharged and 1,103 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 494,577 tests have been carried out as of September 25th, 2020 compared to 484,051 tests a day earlier.
COVID-19 Case Updates- 25th September 2020,
- Total Number of Cases – 58,062
- Total Number Discharged – 49,606
- Total Deaths – 1,103
- Total Tests Carried out – 494,577
According to the NCDC, the 213 new cases are reported from 17 states- Lagos (51), Plateau (51), FCT (29), Rivers (18), Ondo (12), Oyo (9), Osun (8), Gombe (7), Ogun (7), Kaduna (5), Enugu (4), Edo (3), Jigawa (3), Kano (3), Benue (1), Delta (1), Sokoto (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,174, followed by Abuja (5,644), Plateau (3,373), Oyo (3,248), Edo (2,620), Kaduna (2,389), Rivers (2,305), Delta (1,801), Ogun (1,796), Kano (1,737), Ondo (1,620), Enugu (1,289), Ebonyi (1,038), Kwara (1,028), Abia (881), Gombe (864). Katsina (848), Osun (826), Borno (741), and Bauchi (692).
Imo State has recorded 566 cases, Benue (481), Nasarawa (449), Bayelsa (397), Jigawa (325), Ekiti (317), Akwa Ibom (288), Niger (259), Adamawa (237), Anambra (234), Sokoto (162), Taraba (95), Kebbi (93), Cross River (87), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Coronavirus
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.
COVID-19 Update in Nigeria
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
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦465/$1
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