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Business News

Fidelity Bank Plc proposes dividend of 20 kobo to its shareholders

Fidelity Bank Plc has proposed a dividend payment of 20 kobo per 50 kobo share, subject to shareholders’ approval and appropriate withholding tax.

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Fidelity Bank customers went on Twitter rampage to demand better service, Fidelity Bank: Write-back Supports Earnings Growth, Fidelity Bank: Earnings beat estimates; Pre-tax Profit soars 29% y/y, NIGERIA| FIDELITY BANK: Regulatory-induced fee cut, surge in OPEX halt profit growth

Fidelity Bank Plc has proposed a dividend payment of 20 kobo per 50 kobo share, subject to shareholders’ approval and appropriate withholding tax.

This was disclosed in a notification sent by the bank to the Nigerian Stock Exchange. The notice stated that the register of shareholders would be closed from April 20 to 24, 2020.

CBN / Fidelity Bank

Date of payment: The dividend, which is subject to withholding tax, will be paid to shareholders whose names appear on the register of members at the close of business on the 17th of April 2020.

Earlier in the year, Fidelity Bank Plc announced its unaudited financial reports for the period ended December 31st, 2019.

[READ MORE: Seplat Petroleum to pay final dividend of $0.05 per share)

Gross Earnings: The Company’s gross earnings for the period stood at N217.3 billion, indicating a 15% increase compared to N188.8 billion that was reported during the comparable period in 2018.

Net Interest Income: There was a 12% increase in net interest income which stood at N82.1 billion. During the comparable period in 2018, the company’s net interest income was N73.3 billion.

Profit before income tax for the period is N32.3 billion, compared to N25 billion that was recorded in 2018. This represents a 29% increase.

In the same vein, profit for the period increased by 28.5% to N29.5 billion, compared to N22.9 billion profit earned by the company in 2018.

[READ ALSO: Zenith Bank fetes shareholders with dividend payout of N87.9 billion)

About Fidelity Bank Plc: Fidelity Bank Plc. began operation in 1988 as Fidelity Union Merchant Bank Limited. In 1999, it converted to a commercial bank and changed its name to Fidelity Bank Plc. It became a universal bank in February 2001, with a license to offer the entire spectrum of commercial, consumer, corporate and investment banking services.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Spotlight Stories

Tip Jar, Twitter’s new giveaway feature that lets users send money to you

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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US Elections: Twitter, Facebook suspend several news accounts

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

READ: Facebook is creating an audio chat product similar to Clubhouse

You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

Hotflex

READ: Does YouTube stand a chance against TikTok?

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Twitter has tested several features and more will be rolled out soon.

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Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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