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Business News

Access Bank, GTB and 48 other companies declare N578.114bn dividends

Fifty companies that have held their AGM for 2018 business year, have so far declared a total of N578.114 billion dividends for payment to shareholders.

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Dividends

Fifty companies, including financial institutions that have held their Annual General Meetings (AGM) for the 2018 financial year, have so far declared a total of N578.114 billion dividends for payment to shareholders.

Dangote Cement Plc paid the highest dividend of N16 per share, which translated to N272.640 billion.

The Breakdown: Guaranty Trust Bank Plc paid N80.84 billion dividend, Zenith Bank Plc paid a total of N78.491 billion dividend, Nestlé Nigeria Plc paid N30.517 billion, Access Bank Plc paid N17.772 billion, and Stanbic IBTC Holdings Plc paid N15.361 billion.

Nigerian Breweries Plc, Dangote Sugar Refinery Plc, Seplat Petroleum Development Company Plc, FBN Holdings, Cement Company of Northern Nigeria Plc, Total Nigeria Plc, Fidelity Bank Plc, 11 Plc, and Okomu Oil Palm Plc paid N14.634 billion, N13.212 billion, N10.641, N9.333 billion, N5.257 billion, N4.753 billion, N3.187 billion, N2.975 billion and N2.862  billion, respectively.

FCMB Group Plc paid N2.773 billion, Nascon Allied Industries Plc paid N2.650 billion, Julius Berger Nigeria Plc paid N2.640 billion, Custodian Investment Plc paid N2.059 billion, CAP Plc paid N2.031 billion, United Capital Plc paid N1.8 billion, and Transnational Corporation of Nigeria Plc paid N1.219 billion.

More Details: Wema Bank Plc, Transcorp Hotels Plc, and Africa Prudential Plc paid N1.157 billion, N1.140 billion and N1 billion, respectively.

Other companies paid dividends in nine digits, while one company― The Initiates Plc ― paid in six digits (N444,990).

Why this matters: This is a positive development for the shareholders of these companies because the whole essence of investing in a company is to receive dividends as at when due.

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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.

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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.

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.

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    Reviews

    Review of the V bank version 3.0: Nigeria’s first intelligent digital banking app

    V Bank has upgraded its application to offer new services to its users and improve operational efficiency.

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    Review of the V bank version 3.0: Nigeria's first intelligent Digital banking App

    Nigeria’s fully digital bank, V Bank, a product of VFD microfinance bank Launched March 8, 2020, has upgraded its application to offer new services to its users and improve operational efficiency.

    The new VBank app will enable users to securely access their accounts to automate recurring bills, manage multiple cards from different banks, send and receive funds using a unique QR code, track spending, generate virtual cards for online payments, buy airtime and data, fix deposits and make free transfers, all within a sleek, responsive and easy-to-use interface.

    This review explains how to download and use the new V bank version 3.0 app. During the review, we took into consideration the design, user experience, usability, new features of the App, and how it functions well.

    The device used for the review: Apple iPhone Xsmax

    Getting started with V bank

    These are the following information required for successfully registering as a user on the V bank app:

    • Sign Up by downloading the V bank app and creating your account
    • Input your BVN-linked phone number on the app and date of birth
    • Take a photo with a white background to Validate your identity
    • Verify your identity by inputting your BVN number on the app or use your existing bank account.
    • Finally, a signature for validation and a four-digit pin password.

    What’s New on the V bank App?

    The new app, version 3.0 comes with some new cool features that are rather unique. Let’s talk about all the new features and our experience while setting up and performing different transactions.

    New V bank Interface

    After you log in or sign up, the first thing you see is the V bank dashboard and it is pretty cool. The UI and interactions are super neat. The use of colours and components under the analytics section is simple and clean. This is perfect!!

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    New V bank interface

    Send and receive money using Proximity payments and QR payment features

    V bank users can now send or receive money easily through the proximity or QR payment features. You can pay or receive money from a nearby V bank app user using the proximity payment feature. Click on the proximity payment icon and start searching for a nearby user to pay while receiving payment wait for the user to start searching.

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    Recipients using the proximity payment feature must have their phones at close range.

     

    Stanbic 728 x 90

    Another interesting way you can make a transfer easily is by scanning the QR code of the user receiving the payment.

    To receive a payment, each user must generate a QR code which will be used to scan while making a transfer.

    The QR payment feature is actually unique as it enables users to make or receive payments from near and far locations. The only requirement is to have the QR code to scan for payment.

    QR Code

    Intelligent Mobile Top-up feature

    We always want to send airtime or data to people as a surprise and most times we have the mobile number but don’t know the network provider. The new V bank app comes with an intelligent mobile top-up feature that detects each network provider automatically with just the phone number. You don’t need to call the recipient asking for his network provider, the app does that for you.

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    Airtime top-up

    Cardless Withdrawal

    It is not always convenient and secure to carry a wallet or purse with ATM cards. You can make a careless withdrawal without your ATM cards using the V bank app by generating a code. The app also helps you in locating the nearest ATM locations for your careless withdrawal. This feature is convenient and more secure.

    Transfer funds to multiple recipients at once

    Imagine how tired Don Jazzy will feel after paying each follower that won his giveaway separately. It actually is exhausting but the V bank eliminates that stress with the new multiple beneficiary feature. You can send money with just one transaction to up to 5 people.

    Multiple transfer feature

    Track your spending

    The Analytics dashboard shows a beautiful interface with total inflow (payment made) and total outflow (Amount withdraw or debited). This gives you a clear pictorial overview of your income and expenses.

    app

    Under categories, users can track their spending such as online/POS, utility, mobile, family. work, lifestyle, food, utility, transport, and more on a monthly basis. This feature enables you to Identify bad spending habits and make adjustments to improve your finances.

    Overview of income flow, expenses, and budget

    Manage Multiple cards from different accounts

    One of the App’s latest features is managing multiple cards from different accounts.

    We requested a new virtual card which cost 500 Naira ($1) for a new one and it expires in three years. You can also request and activate V bank physical card using the app. The new feature enables users to add ATM cards from different bank accounts on the app and all the debit cards can be managed using the V bank app under the cards section.

    Managing your cards section

    Automate Recurring Transactions

    The new feature allows users to automate recurring transactions weekly, monthly, or on a yearly basis depending on the type of service requested. You can easily schedule payment for your DSTV bill on a monthly basis.

    Other features you would be interested in

    • Make free transfers i.e there are no hidden transfer/ transaction fees.
    • You can open a target savings account, fixed deposit account, or a joint account using the V bank App.
    • Request a loan
    • Chat with a customer care representative using the app
    • Earn money when you invite your friends
    • Become a Veelager and earn profit

    Final thoughts

    The new version of V bank is well designed for both new and existing users of digital banking. The app enables users to easily navigate and perform seamless transactions. The design interface and user experience make it a great option for anyone looking for a perfect digital bank.

    With the rise of technology, everything is possible with just a few clicks on the mobile phone. In the next version, we expect to see a voice-activated virtual assistant feature on the app.

    The new V bank 3.0 app comes with innovative and sophisticated digital banking features which will help V bank users manage their money effectively, spend wisely and perform transactions easily with guaranteed security.

    VBank 3.0 is available as V by VFD on the Play Store and Apple store. For more information, visit vbank.ng

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    Business

    CBN includes sugar, wheat on FX restriction list

    The CBN is set to include sugar and wheat in the forex restriction list.

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    CBN forex restrictions on food itemsCBN approves new cheque standard for banks

    The Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list.

    The plan was disclosed by the apex bank via its verified Twitter handle in a statement credited to the CBN governor, Godwin Emefiele.

    The tweet stated: “Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them. #Emefiele.”

    It would be recalled that over the years, the CBN has been reviewing its list of restricted food items to include more items, with the most recent being the addition of maize, a widely-consumed staple food in the country.

    What you should know

    • The CBN governor, Mr Godwin Emefiele, had earlier (on Thursday) given this hint while on an inspection visit to the proposed $500 million sugar processing facility in Nasarawa state, belonging to Dangote Sugar.
    • In 2015, the CBN listed 41 items that had been placed on its FX restriction list citing that the move was necessary to conserve the nation’s foreign reserve and boost local production of the items on the restriction list.
    • Some of the items which made the 2015 list are margarine, poultry and eggs, rice, and cement.
    • In 2020, the apex bank included maize in its FX restriction list as it directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
    • Nairametrics had also earlier explained in its publication following the new policy shift, that the government’s premise for deciding to restrict FOREX on food is faulty, especially since Nigeria has not attained full food security and the agricultural sector is still struggling.

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