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Business News

Stanbic IBTC Holdings to issue scrip dividend

The shareholders of Stanbic IBTC Holdings Plc have the choice to receive scrip dividend from the declared result of full year 2019.  

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Stanbic IBTC Holdings Plc

The shareholders of Stanbic IBTC Holdings Plc, the holding firm for Stanbic IBTC Bank Plc and its other subsidiaries have the choice to receive scrip dividend from the declared result of full year 2019.

This action is to be effected following the approval by the Board of Director of Stanbic IBTC Holdings Plc.

This was announced in a notification by Stanbic IBTC Holdings Plc, which was signed by the Company Secretary, Chidi Okezie, and sent to the Nigerian Stock Exchange (NSE) on March 26, 2020.

The press statement, which was sent to the NSE, states, “Stanbic IBTC Holdings Plc, once again wishes to advise our esteemed shareholders that in line with the authority granted to Directors by shareholders at the 6 August 2015 Extra Ordinary General Meeting, 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’).

“Where a shareholder elects to receive the whole or a part of his or her dividends by way of new ordinary shares, then such script dividend 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 date for the payment of such dividends (‘Qualifying Shareholders’).”

Stanbic IBTC

[READ MORE: BOC Gases Nigeria Plc proposes N0.30k dividend)

The announcement further stated that the qualification date for the N2.00 dividend, which was recommended by the Board of Directors, was Wednesday, March 18, 2020. The approval is to be gotten at the 8th Annual General Meeting of the company which has been scheduled to hold on Wednesday, June 17, 2020.

According to the statement, shareholders, who wish to receive their N2.00 dividend by way of new ordinary shares, can either download the scrip dividend election form from the company’s website or contact the Registrars, First Registrars and Investor Services Limited.

However, Shareholders who elect to receive their dividends in cash, are not required to take any action as they will have their bank accounts credited on dividend payment date.

About Scrip Dividends: They are new shares of issuer’s stock that are issued to shareholders instead of cash dividend. A company declaring scrip dividend gives the shareholders the option to either receive the dividend in cash or to receive additional shares.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Business News

    Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

    The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

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    Now that oil is recovering, when will naira recover?

    The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

    Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

    According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

    India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

    The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as Oilprice.com showed.

    India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

    An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

    India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

    Bottom line

    This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

    The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

    A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

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    Business

    Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

    The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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    The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

    This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

    What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

    “Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

    Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

    Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

    The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

    What you should know

    Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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