Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business News

Wema Bank Plc declares 3 kobo per ordinary share dividend

Having recorded N3.3 billion profit in 2018 FY, Wema Bank Plc has declared a 3 kobo per ordinary share.

Published

on

Wema Bank

Wema Bank Plc has declared a final dividend of 3 Kobo per ordinary share for the financial period ended Monday, December 31, 2018.

The dividend payment is subject to appropriate withholding tax and approval. Payments will be made to shareholders whose names appear in the Register of Members as at the close of business on Friday, April 26, 2019.

The dividends will on Monday, May 13, be electronically paid to the shareholders who have
completed the e-dividend registration and mandated the Registrar to pay their
dividends directly into their Bank accounts.

Understanding dividend 

A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.

Distribution to shareholders may be in cash (usually a deposit into a bank account) or the issuance of further shares, otherwise known as shares repurchase. But this is usually if the company has a dividend reinvestment plan.

In other words, a dividend is allocated as a fixed amount per share with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense; rather, it is the division of after-tax profits among shareholders.

A look at the company’s results

Wema Bank Plc, in its financial results for the period under review, recorded Gross Earnings of N71 billion against N65 billion in the previous year.

The company’s profit before tax stood at N4.8 billion in 2018 against N3 billion in 2017. Profit after tax stood at N3.3 billion in 2018 against N2.3 billion in 2017.

Deal book 300 x 250
Sigma Pensions

About Wema Bank

Wema Bank Plc was established on May 2, 1945, as a private limited liability company (under the old name of Agbonmagbe Bank Limited).

The bank is Nigeria’s longest surviving indigenous Bank. It was granted a commercial banking license and commenced banking activities during the same year. Wema Bank converted to a public limited liability company in 1987. In 1990, the bank was listed on the Nigerian Stock Exchange (NSE). 

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Billionaire Watch

How young Elon Musk started and sold 3 businesses for $1.9bn before Tesla

We look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla.

Published

on

Elon Musk needs $20 billion wealth gain to clinch world's richest man title

Success is never an accident. It is most times the result of many years of hard work and consistent effort. Elon Musk is popular today for his electric car company Tesla and his space project SPACE X. But long before these, he was already a multi-millionaire and had founded 3 successful companies which he sold for a collective $1.9bn.

The purpose of this article is to paint a clear picture of what it takes to be among the top 1% of any field. It takes years of consistent hard work to get there. Elon Musk is the perfect example of an individual with a very strong work ethic. His story below will prove that to you.

This article will briefly look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla. Let’s go!

READ: Blue Origin Vs Space X: Bezos and Musk’s subtle battle for supremacy

Blaster ($500)

A 12-year-old Elon Musk facing bullying in high school and a not so friendly dad taught himself how to code. According to the Inc. Magazine, he mastered BASIC a general-purpose coding language making use of a commodore PC he acquired himself. He later that year, sold the code for his PC game Blastar to a PC magazine for approximately $500.

This was his first business endeavour which he started and sold.

READ: Tesla investor sues Elon Musk for causing problems with his tweets

ZIP 2 ($340m)

After the sale of Blastar for $500, Elon Musk and his brother Kimbal took a $28,000 seed money from their dad and started another internet venture, Zip 2. They rented an office and slept in it because they couldn’t afford a house.

Hotflex
Sigma Pensions

Zip 2 was a web software startup that created online city guides for newspapers. The software was patronized by the New York Times and other notable media companies.
Elon Musk and his brother Kimbal sold Zip 2 to PC giants Compaq for $340m. The year was 1999 and Elon Musk was 28 years old.

READ: Reinvestment: The powerful strategy used by the 2 richest men in the world

X.com/PayPal ($1.5bn)

Elon Musk continued on his journey of starting companies and selling them. He took $10m out of his earnings from the Zip 2 deal and joined the internet boom.

He founded x.com an online platform he envisioned to be the future of internet banking. In 2000 X.com merged with a Fintech startup, Confinity, founded by Peter Thiel, another would-be billionaire. Both companies combined to become what we know as PayPal today. Elon musk was named CEO of PayPal and had the highest number of shares in the company.
In 2002 PayPal was acquired by eBay for a whopping $1.5bn.

READ: Elon Musk gains $25 billion in a day, as Tesla surges by 20%

Stanbic 728 x 90

What you should know

Elon Musk has often stressed the need to be consistent and have strong work ethics. In a graduation ceremony by the USC Marshall School Of Business, Elon Musk shared his opinion on work ethics according to CNBC.

You need to work super-hard. Work hard every waking hour,” Musk said in 2014.

“If you do the simple math, and say if somebody else is working 50 hours [a week] and you’re working 100, you’ll get twice [as much] done in the course of a year as the other company.”

We hope this Monday article will inspire you to work harder and strive to get more work done in record time.

Continue Reading

Business News

CAC sets 3-hour time line for company registration in 2021

The CAC is prioritising the reduction of the registration circle for new companies to just 3 hours before the end of the year 2021.

Published

on

CAC, Corporate Affairs Commission selects NIPOST as official courier partner

The Corporate Affairs Commission (CAC) has said that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just 3 hours before the end of the year 2021.

This is coming after CAC had in November 2020, announced the implementation of new technology that will change the face of business registration including allowing customers to print their certificates with verifiable QR code from anywhere in the world.

This disclosure was made by the Registrar-General of the commission, Garba Abubakar, at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador-Designate to the Kingdom of Spain, Ademola Seriki.

READ: CAC to register companies within 48 hours, approve business name same day

In order to achieve this target, the Registrar-General said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.

Abubakar noted that the challenges of the Covid-19 pandemic had adversely hampered CAC’s delivery timeline.

He, however, pointed out that CAC was resolutely committed to serving its customers despite being forced to operate with less than 50% of its workforce.

READ:  CAC registration: 100,000 business names registered for free so far

Sigma Pensions

While bidding farewell to Seriki, the Registrar-General said he received the news of his appointment with mixed feelings as CAC was going to miss his tremendous support and guidance.

Also speaking at the event, the Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.

READ: CAC re-validation: payment accreditation is one-off

In case you missed it

  • The CAC recently announced the upgrade of its website and online registration portal to include features, which allow for the automation of some selected services and processes, in line with the Federal Government’s mandate of improving the ease of doing business in Nigeria.
  • The selected services and processes include Electronic search of company records, Upgraded Companies Registration Portal for Pre-incorporation filings and Post incorporation filings.

 

Stanbic 728 x 90

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.