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List of Dividends announced so far in 2020 (September)

List of Dividends announced so far in 2020 (September)

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Dividends announced on the Nigerian stock exchange

As audited accounts start to trickle in, companies will propose dividend payments to their shareholders as recommended by their respective boards of directors. It is also important to track these announcements to know who is eligible to collect the dividend, when it will be approved and when it will be paid. Dividend payment also affects share prices.

This page will be updated from time to time.

READ ALSO: Updated: Gender Balance, looking at the board composition of top banks on the NSE

Legend

Date Announced – The date the company announced dividends evidenced by a corporate action published on the website of the NSE.

Qualification date – Shareholders who own shares as of this date will receive dividends. If you buy shares and want to receive dividends make sure it is at least three days before this date. Shares get transferred to you on the basis of the T+3 rule (the date you bought plus 3 working days).

GTBank 728 x 90

Payment date – This is when the dividend will be paid to you, either via post (dividend warrants) or direct credit to your bank accounts (e-dividend).

Calculate Dividends

Closure of Register – Only shareholders who own shares listed in their register before this date will be paid dividends.

GTBank 728 x 90

You can also scroll sideways to view the rest of the columns if using a mobile phone.

READ MORE: How to read stock market tables

2020 Dividends from companies quoted on the Nigerian Stock Exchange

CompanyDPSDate AnnouncedBonusClosure of RegisterAGM DatePayment DateQualification date
Access Bank PlcN0.25k3rd September 2020Nil18th September 2020Nil28th September 202017th September 2020
11 Plc (Updated)N8.2528th May 2020Nil30th Sept - 5th Oct 202014th October 202015th October 202029th Sept 2020
Zenith bank PlcN0.30k3rd September 2020Nil17th September 2020Nil22nd September 202016th September 2020
Guaranty Trust Bank PlcN0.30k2nd September 2020Nil16th September 2020Nil21st September 202015th September 2020
Stanbic IBTC Holdings PlcN0.40k2nd September 2020Nil16th - 23rd September 2020Nil30th September 202015th September 2020
Learn Africa PlcN0.05k1st September 2020Nil5th - 9th October 202015th October 202016th October 20202nd October 2020
United Bank for AfricaN0.17k1st September 2020Nil16th September 2020Nil23rd September 202015th September 2020
Tripple Gee & Company PlcN0.055k12th August 2020Nil1st - 4th September 202016th September 202022nd September 202031st August 2020
Lasaco Assurance PlcN0.05k14th August 2020Nil1st September 202015th September 202022nd September 2020
Linkage Assurance PlcNil26th June 20201 for every 4 shares20th - 24th July 202013th August 2020NA17th July 2020
Smart Products Nigeria PlcN0.10k30th June 2020Nil27th - 31st July 202027th August 20203rd September
University Press PlcN0.15k10th June 20201 for every 13 shares25th September 20205th November 20205th November 2020
AIICO InsuranceNil10th June 20201 for every 13 shares29th June - 3rd July 2020To to be communicatedNA25th June 2020
Red Star Express PlcN0.35k28th August 2020Nil21st - 25th September 20208th October 202015th October 202018th September 2020
Consolidated Hallmark Insurance PlcNil4th August 20201 for every 14 shares19th - 25th 202026th August 2020Nil18th August 2020
Custodian Investment PlcN0.10k29th July 2020Nil24th - 28th August 2020Nil1st September21st August 2020
SFS Real Estate Investment TrustN7.30 17th August 2020Nil7th - 11th September 2020Nil25th September 20204th September 2020
Northern Nigeria Flour Mills PLCN0.15k13th August 2020Nil25th - 28th August 20208th September 202010th September 202024th August 2020
Honeywell Flour millsN0.04k5th August 2020Nil17th - 23rd September 202030th September 202030th September 202016th September 2020
Presco Plc (Updated)N2.00k3rd June 2020Nil20th - 22nd July 20202nd September 20204th September 202017th July 2020
Cornerstone InsuranceNil4th August 20207 new shares for every 30 existing shares13th -17th August 2020NANA12th August 2020
Flour Mills of NigeriaN1.4k29th July 2020Nil17th August - 21st August 202010th September14th September 202014th August 2020
MTN Nigeria PlcN3.50k29th July 2020Nil17th August 2020NA24tb August 202014th August 2020
Cutix PLCN0.12K29th July 2020Nil16th - 20th November 202027th November 202030th November 202013th November 2020
C & I Leasing PLCN0.20k30th June 2020Nil14th - 16th July 202023rd July 202031st July 202013th July 2020
McNichols Consolidated Plc (Revised)N0.03k1st April 2020Nil2nd - 6th July 202030th July 20207th August 20201st July 2020
Dangote Sugar Refinery PlcN1.10k8th June 2020Nil22nd June 20209th July 2020within 48hrs after AGM19th June 2020
Jaiz bankN0.03k9th June 2020Nil29th June - 3rd July 202016th July 202016th July 202026th June 2020
UAC of Nigeria Plc (UPDATED)N0.10k20th April 2020Nil19th - 22nd May 202015th July 202016th July 202018th May 2020
Prestige Assurance PlcNil4th June 20202 New shares for every 11 existing shares22nd - 26th June 202030th June 2020N/A19th June 2020
Trans-Nationwide Express PlcN0.03k1st June 2020Nil6th - 10th July 202016th July 202020th July 20203rd July 2020
Nigeria Aviation Handling Company PLCN0.30k28th May 2020Nil1st - 3rd July 202016th July 202016th July 202030th June 2020
Skyway Aviation Handling Co. PlcN0.16k1st June 2020Nil17th - 23rd June 202030th June 202030th June 202016th June 2020
Glaxo SmithKilne Consumer Nig. PlcN0.55k22nd May 2020Nil23rd June - 2nd July 202023rd July 202024th July 202022nd June 2020
Airtel Africa0.0313th May 2020Nil6th July 2020Not applicable24th July 2020NA
Caverton Offshore Support Group PlcN0.20k22nd May 2020Nil16th June 202025th June 202025th June 202015th June 2020
Nigerian Breweries Plc (Revised)N1.51k20th May 2020Nil5th-11th March 202023rd June 202024th June 20204th March 2020
BUA CementN1.75k19th May 2020Nil28th Sept - 2nd Oct 202022nd October 202023rd October 202025th September 2020
NASCON Allied Industries PlcN0.40k13th May 2020Nil15th - 16th July 202027th July 202029th July 202014th July 2020
Total Nigeria PlcN6.7113th May 2020Nil5th - 11th June 2020to be announced24hrs after meeting4th June 2020
Cadbury Nigeria PlcN0.49k13th May 2020Nil25th - 29th May 202024th June 202025th June 202022nd May 2020
May and Baker PlcN0.25k13th May 2020Nil27th - 29th May 20204th June 20208th June 202026th May 2020
NPF Microfinance Bank PlcN0.20k11th May 2020Nil17th - 22nd June 202030th June 202030th June 202016th June 2020
Okomu Oil Palm PlcN2.0023rd April2020Nil19th - 22nd May 202028th May 202029th May 202018th May 2020
Lafarge Africa PlcN127th April 2020Nil4th - 8th May 20203rd June 20203rd June 202030th April 2020
Wema Bank PlcN0.04k23rd April 2020Nil7th - 12th May 202018th May 202018th May 20206th May 2020
Union bank of NigeriaN0.25k13th April 2020Nil27th - 30th April 20206th May 20206th May 202024th April 2020
FBN HoldingsN0.38k6th April 2020Nil21st - 22nd April 202027th April 202028th April 202020th April 2020
Lafarge Africa PlcN1.00k6th April 2020Nil4th - 8th May 202026th May 202026th May 202030th April 2020
Ikeja Hotel PlcN0.023rd April 2020Nil2nd - 8th July 202030th July 20207th August 20201st July 2020
NEM InsuranceN0.15k1st April 2020Nil4th - 8th May 2020to be announcedto be announced30th April 2020
FCMB Group PlcN0.14k31st March 2020Nil15th - 17th April 202028th April 202028th April 202014th April 2020
Beta Glass Nigeria PlcN1.67k30th March 2020Nil15th - 19th June 20202nd July 20203rd July 202011th June 2020
Capital Hotel PlcN0.05k26th March 2020Nil20th - 24th April 202027th May 20203rd June 202017th April 2020
Sterling bank PlcN0.03k26th March 2020Nil5th - 8th May 202020th May 202020th May 20204th May 2020
Boc GasesN0.30k26th March 2020Nil8th - 10th June 202025th June 202026th June 20205th June 2020
Fidelity Bank PlcN0.20k23rd March 2020Nil20th - 24th April 202030th April 202030th April 202017th April 2020
Seplat Petroleum Dev. Company Plc0.0523rd March 2020Nil13th May 202028th May 20204th June 202012th May 2020
Julius Berger Nig. PlcN2.75k13th March 20200.0021st to 3rd June 202018th June 202019th June 202029th May 2020
Nigeria Energy Sector Fund (NESF)N75.0010th March 2020Nil20th March 20206th April 202019th March 2020
Access Bank PlcN0.40k6th March 2020Nil15th April 202030th April 202030th April 202014th April 2020
Nestle Nig PlcN45.00k28th February 2020Nil18th - 22nd May 20202nd June 20202nd July 202015th May 2020
Stanbic IBTC Holdings PlcN2.005th March 2020Nil19th - 26th March 202030th June 202018th June 202018th March 2020
Guaranty Trust Bank PlcN2.50k2nd March 2020Nil19th March 202030th March 202030th March 202018th March 2020
United Bank of AfricaN0.80k2nd March 2020Nil16th - 20th March 202027th March 202027th March 202013th March 2020
Transcorp PlcN0.01k28th February 2020Nil18th - 23rd March 202025th March 202027th March 202017th March 2020
MTN Nigeria PlcN4.97k28th February 2020NilFebruary 16, 19008th May 202019th May 202017th april 2020
Transcorp Hotels PlcN0.07k28th February 2020Nil13th-17th March 202024th March 202026th March 202012th March 2020
United Capital PLCN0.50k18th February 2020Nil9th-13th March 202024th March 202026th March 20206th March 2020
Infinity Trust Mortgage Bank PLCN0.035K30th January 2020Nil9th-13th March 20207th May 202014th May 20206th March 2020
Zenith bank PlcN2.50k21st February 2020Nil10th March 202016th March 202016th March 20209th March 2020
Africa Prudential PlcN0.70k25th february 2020Nil9th-13th March 202023rd March 202023rd March 20206th March 2020
Dangote Cement PlcN16.0025th february 2020Nil26th May 202015th June 202016th June 202025th May 2020
January 1, 1970

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150 Comments

150 Comments

  1. Azubogu Adaeze Ebele

    March 25, 2019 at 9:21 am

    When is oando paying dividend?

    • Emmanuel Abara Benson

      March 25, 2019 at 9:53 am

      Hello Ebele, how are you?

      Many people are asking the same question. In the meantime, we all wait and see.

    • Ukwubuiwe, A.J.

      August 4, 2020 at 12:00 pm

      The question, when is Oando paying dividend has remained unanswered till dated. Please let us know when it will be paid.

  2. Anonymous

    March 25, 2019 at 10:38 am

    Comment: OANDO IS NOT PAYING DIVIDEND ANY TIME SOON THEY HAVE HUGE NEGATIVE RETAINED EARNINGS.

    • Anietie okon edem

      November 6, 2019 at 6:58 am

      I have not received dividend for over 5 years. Pls what should i do to recover all my arrears.

      • Anonymous

        November 26, 2019 at 11:35 pm

        Process e-dividend and you will always receive it automatically.

      • Anonymous

        November 26, 2019 at 11:37 pm

        Do e-divided na

      • Anonymous

        March 9, 2020 at 10:45 am

        If you haven’t received your dividend. Two things are involved. Either you have not given a mandate for your dividend to be paid into your bank account or you do not have a CSCS Account yet. Locate a Broker so you could be put through.

      • Simon

        March 17, 2020 at 8:04 pm

        Get to your bank and get the mandate form from all your registrars then contact your broker for transfer form then submit transfer form to your broker and mandate form to your bank

      • Tarunkantichakraborty

        April 3, 2020 at 7:34 pm

        Whether ICICI MULI ASSET FUND WILL GIVE DIVIDENT FOR ARIL2020

    • Mark Ani

      March 26, 2020 at 3:01 pm

      What I do to dematerialise my share certificates? Please get me a good stock broking firm with an office in Calabar.

    • Micah Nwaokocha

      March 31, 2020 at 1:34 pm

      When is First Bank Plc paying dividend

      • Anonymous

        April 27, 2020 at 4:25 pm

        28th april

  3. ThankGod Cliff Wosu

    March 25, 2019 at 12:35 pm

    Pls how can i get access to the list of the announced participants

    • Irokanjo chika Fidelis

      April 21, 2020 at 11:57 am

      Those of us who did not receive our dividend warrant from zenith bank because we did not fill the e- mandate form on time, what do we do to get it paid?

      • Anonymous

        April 28, 2020 at 1:16 pm

        Do your E-dividend stuff and /or contact Zenith bank registrar (ie Veritas registrars). Visit the Veritas registrars website for more details and guidance.

  4. Obozuwa

    March 26, 2019 at 8:47 am

    Have not received mine too from Nigerian brewery since last two years

  5. Eden

    March 27, 2019 at 8:40 am

    Yes, this is absolutely a commonly used strategy. Back up the truck whenever the prices of dividend aristocrats are depressed, and reinvest dividends.

  6. Anonymous

    March 27, 2019 at 12:35 pm

    Oando plc. Please remember we invested our money. Kindly pay dividend

    • Adekunle Adenigbagbe

      April 15, 2020 at 2:46 am

      Dear Nairametics. Please i seems not to understand the differences between Closure of registrar and qualification date. Kindly shed more light. Thanks.

  7. Kingso

    March 27, 2019 at 6:25 pm

    When is share price devalued? Is it before or after payment date?

    • Anonymous

      August 22, 2019 at 8:58 am

      Is after payment.

  8. Anonymous

    March 28, 2019 at 12:05 am

    When is GTB paying the final dividend of 2018 FY?

  9. Adeoye David

    March 28, 2019 at 6:07 pm

    ETI had not paid divident for awhile. Why?

    • Ademola

      February 19, 2020 at 1:18 pm

      Ucap’s 50k dividend per share is 22% of my cost per share. I love downtrends & pull backs😎.

      I hope FUGAZ will follow suite…

      • Joseph Okpoye

        April 21, 2020 at 8:32 pm

        Ucap could do better

  10. Okedairo Shefiu Ayodele

    March 29, 2019 at 2:30 pm

    Please I want to be received mail anytime companies want to pay dividends

    • Shefiu Ayodele Okedairo

      March 17, 2020 at 12:34 pm

      Please I want to be receiving email alert whenever companies want to pay dividends

  11. Anonymous

    April 9, 2019 at 10:58 am

    Please what is the easiest way to register for e dividend payments. I have not receive some of my dividend

    • Onome Ohwovoriole

      April 9, 2019 at 11:16 am

      Search for the registrar of the company in question and fill the required e dividend form.

    • david

      September 14, 2019 at 2:47 pm

      talk to your broker to give you dividend mandate form to fill and he will then submit it on your behave to your stock company registrar.

    • Adebayo Olayinka

      March 6, 2020 at 6:00 pm

      How can l get a broker that would advice me on secondary market dangote shares?

  12. Ademola Adejumobi

    April 9, 2019 at 3:23 pm

    Is it true that NSE or whatever body is in charge has lifted ban on payment of dividend by letter till the end of 2019? When is First bank paying dividend?

    • Onome Ohwovoriole

      April 10, 2019 at 4:23 pm

      No it has not. First Bank is yet to release its 2018 full year results. The bank has however promised to do so on or before the 30th of April, 2019.

  13. Dr Ilemobayo Ajimisinmi

    April 10, 2019 at 8:00 am

    Bemused games being played by registrars,cscs,companies, biometrics, account numbers of share holders are in their keep, keep tossing hapless share holders to& fro like a yooyoo?

  14. Ogochukwu

    April 10, 2019 at 10:13 am

    how do i get my dividends from Japaul Oil & Maritime Services Plc, bought their shares in 2007.

    • Onome Ohwovoriole

      April 10, 2019 at 4:21 pm

      Good Afternoon. You would have to contact the company’s registrars to find out if Japaul has paid dividends since then.

    • Modupe

      August 14, 2020 at 9:59 pm

      Japaul oil have not given dividend, I went their this July 2020 to collect my daughters dividend I was told the company didn’t make profit.

  15. Olowookere Philip

    April 10, 2019 at 11:53 am

    Please, can someone tell DAAR Communication to explain why it has refused to pay dividends all these years. This should not be a way rich people should continue to defraud the public. Enough of this 419 by DAAR Communication. By

    • david

      September 14, 2019 at 2:49 pm

      Because they are not making profit all these years. check their balance sheet and see, they are on a losing streak.

  16. Victor Ugwu

    April 10, 2019 at 4:40 pm

    When is First bank holdings declaring their own bonus or divided?

    • Onome Ohwovoriole

      April 10, 2019 at 6:08 pm

      Good Evening. FBN Holdings will release its results on or before the 30th of April, 2019

  17. SHAIBU, ADIZETU . A

    April 10, 2019 at 10:12 pm

    When is Japaul Oil and Stanbic IBTC holding their AGM’S.

  18. Akinola-ige abimbola olayemi

    April 11, 2019 at 11:24 am

    Please when is Gtb paying dividend for year 2018

  19. Anonymous

    April 12, 2019 at 8:15 pm

    Good evening ONOME. Pls, what is happening to Courtiville Business Solutions Plc. Is it that they have decided not to be paying dividend to their shareholders after making PAT or what? They should pls let us know…. and also let them know that they should start doing that no matter how small it is..

  20. Anonymous

    April 12, 2019 at 8:20 pm

    Please Nairametrics, when are we expecting dividend payment from Standard Alliance Insurance plc. I thought they said they used 2018 for shares reconstruction and will definitely pay dividend by 2019.

    • Alfred Akuki

      April 15, 2019 at 11:56 am

      The company is yet to release its results for FY2018.

  21. Anonymous

    April 12, 2019 at 8:23 pm

    Pls when is Unity and Union Bank Plc declare dividend?

    • Alfred Akuki

      April 15, 2019 at 11:55 am

      We will let you know once they declare a dividend.

  22. Anonymous

    April 12, 2019 at 8:25 pm

    Pls ONOME, when is Lafarge gonna declare dividend? Reply…

    • Alfred Akuki

      April 15, 2019 at 11:54 am

      Hi, unfortunately, Onome doesn’t work at Lafarge Africa or have such information kindly wait till the company declare a dividend. Once they do we at Nairametrics (including Onome) will be quick to inform you. Thank you.

  23. Anonymous

    April 15, 2019 at 6:45 pm

    Good evening Alfred. Pls why has Courtiville Business Solutions Plc not declared dividend 4 some years now, when and where is their AGM date.

    • Alfred Akuki

      April 16, 2019 at 11:58 am

      A company will only pay dividend when they make money and as for their AGM, once they come out with the information will let you know with an article.

  24. Anonymous

    April 18, 2019 at 7:00 pm

    Good evening Alfred. How many times in a year can a company declare dividend?

    • Emmanuel Abara Benson

      April 18, 2019 at 7:09 pm

      Hi there. Alfred isn’t here right now…

      Note that most Nigerian companies typically pay dividends once every year. Some also do pay what they like to call “bonus dividend”.

      Meanwhile, elsewhere, companies can pay dividends to shareholders every quarter. What this means is that you could get paid four times in a year. But then again, this seldom happens in Nigeria.

      Have a good night.

    • Alfred Akuki

      April 19, 2019 at 4:16 pm

      In addition to Emmanuel said, some companies in Nigeria pay an interim dividend and a final dividend. As for bonus, it is at the company’s discretion.

  25. Akinsola Samuel .O

    April 22, 2019 at 10:55 pm

    Any information on universal insurance company pls.
    May i know the current registrar and the functioning email address?

    • Alfred Akuki

      April 23, 2019 at 2:53 pm

      Hi Akinsola, you will have to contact Universal Insurance directly.

  26. Felicia O. Kalu

    April 23, 2019 at 11:03 am

    invested my money in ubn shares but has not received

  27. Felicia O. Kalu

    April 23, 2019 at 11:13 am

    When will ubn declare it’s dividend like other companies?

    • Alfred Akuki

      April 23, 2019 at 2:52 pm

      Hi Felicia, Union Bank will notify the investing public once they declare a dividend. Though the bank has not declared dividend for long.

  28. MR ACHA LAWRENCE

    April 24, 2019 at 12:22 pm

    FGN SHOULD LOOK INTO SHARE MATTER TO STOP CONRRUTION. OVER 6YRS WAMA BANK DID NOT PAY MY SHARE .

  29. Anonymous

    April 26, 2019 at 7:25 am

    Good morning, please where is the location for Aiico insurance AGM?

  30. Felix Offiong

    May 3, 2019 at 11:27 am

    Greatings all! I have NSE stock portfolios online with Nigerian Stockbrokers but dispite submitting the E-DIVIDEN MANDATE forms (Zenith, GTB, Access Bank) . No payment has been made, same with Access-Diamond Banks merger cash consideration. Please does anyone have this experience or solution? Kindly hint. Thanks

    • Felix Offiong

      May 6, 2019 at 6:24 pm

      Thank you so much!

  31. Anonymous

    May 3, 2019 at 11:34 pm

    Hi Felix. Where did you submit your e-dividend mandate form? If it’s @ d bank (ZENITH where I did mine), they scanned the e – dividend mandate forms filled immediately to the registrars & within one week, I got SMS from them. Some registrars even called me to clerify certain things. I suggest you either go do it again @ d your bank or registrar’s offices & make sure all your data are correct. I promise you, you’ll be credited & even with all your outstanding dividend.

    • Felix Offiong

      May 6, 2019 at 6:24 pm

      Thank you so much for.

  32. Anonymous

    May 3, 2019 at 11:37 pm

    Again Felix, Make sure you attach your passport photo..

  33. Felix Offiong

    May 6, 2019 at 6:26 pm

    Am very grateful and I’ll do as you say. Thanks.

    • Me

      July 30, 2019 at 8:29 pm

      It’s commendable that Nairametrics directly responds to comments. Keep it up

      • Alfred Akuki

        July 31, 2019 at 9:39 am

        We make it a priority to do so. Thanks for trust us.

  34. Felix Offiong

    May 6, 2019 at 6:38 pm

    Also please any ideas about the Access-Diamond Merger cash consideration.? The Registrar ( United Securities) said that they have sent the account on the e-mandate details to NIBSS platform for confirmation and that was over a month ago. Up till now, nothing. Wondering if anyone here has received the cash consideration or have similar experience. Please kindly relate. Thank you.

  35. Anonymous

    May 7, 2019 at 9:00 pm

    Hi Mr Felix. Just try do your e – mandate first as I’ve told u. If NIBSS confirms you, UNITED SECURITIES will credit your account for DIAMOND BANK consideration from ACCESS BANK. I still advice you, go to the registrars office if you have time, do your e – mandate & also tell them about the merger cash consideration. If your work does not give u time, or u’re not in LAG, do it @ d bank, call the registrars office, they ‘ll still attend to you OK. Your money is intact. So don’t panic alright..

    • Felix Offiong

      May 9, 2019 at 9:56 pm

      Thanks for the very helpful tips. Be blessed.

  36. Anonymous

    May 7, 2019 at 9:06 pm

    Good evening Alfred and Emmanuel. Pls, has COURTIVILLE BUSINESS SOLUTIONS declared or about to declare dividend? I noticed their shares are going up.

  37. Anonymous

    May 31, 2019 at 10:08 pm

    Lafarge Africa ought to drop their FYE 2018 result today based on their communication to NSE. Is there a reason why the result is not out??

  38. Jacob Aigbokhan

    June 11, 2019 at 6:22 pm

    Please why is Presco’s report not out yet?

  39. Greatwood

    June 12, 2019 at 1:31 am

    Please has anyone heard or received GSK dividend from GTL Registrars?
    GSK had their AGM on 23rd of may and dividend to be paid on 24th of same month but their registrar GTL is neither paying the dividend nor responding to investors email.
    I emailed gtl on 27th of may and days after till today, they dont want to respond to me and they have not paid my dividend.
    Is there any problem?

  40. Anonymous

    June 18, 2019 at 2:17 pm

    Good day, has Honeywell declear Dividend for the year2019?

  41. Anonymous

    June 18, 2019 at 2:26 pm

    Has Wapic declear Dividend for the year 2019 and when and where is the location for AGM?

  42. Martin Ikpong

    June 20, 2019 at 11:49 am

    Please send me the details.

  43. Pa. Olu. Ajayi

    July 3, 2019 at 2:55 am

    Onome, the services, (informative and educative ) being rendered by you and team of Experts on this Nairametrics platform is highly commendable. You should keep it up.

  44. Anonymous

    July 5, 2019 at 3:37 pm

    Greetings,
    Please does anyone know if MUTUAL BENEFITS ASSURANCE PLC has declared any dividend for year ended 2018? Please kindly inform.
    Thank you.

  45. Odufeso Olalekan

    July 28, 2019 at 5:32 am

    Good day, the VAT not extended, please how dose it affect investors like me putting token, ist charges from the 5percent or I will b charge separately after 5percent charges? Kindly enlighten me please. Waiting for ur response thanx.

  46. Ola Ilesanmi

    July 30, 2019 at 5:03 pm

    Kindly help me to ask Wema Bank why the dividends of investors are not PAID up till now after a decade and a half year of insolvent
    Ola Ilesanmi

  47. Ola Ilesanmi

    July 30, 2019 at 5:26 pm

    I have a number of shares of NACHO and Legacy Funds but Cornerstone Registrars refused to remit my dividends to my bank account .
    I am aware of formalising e-dividend formalities which I have done as at when it commenced .
    It is equally important to note that same registrar pays my dividends in FCMB , LAFRAGE WAPCO , as well as ancient Skye bank .
    It is absolutely worrisome that the registrars in question don’t pick calls or reply mails put across their portals . They the Registrars in question have been behaving as such when they they were called City Securities , I am a clients to First Registrars , United Securities , Veritas Registrars , African Registrars , GTL Registrars ,Meristem Registrars etcatera who give normal and regular responses as requested .
    Nairametrics , you are wonderful and helpful

    • Alfred Akuki

      July 31, 2019 at 9:37 am

      Hi Ola, sorry for the experience you have had with your registrar. I will advise you to visit their office and get things sorted out.

  48. Ola Ilesanmi

    July 30, 2019 at 5:33 pm

    I made a mistake of name in my last two posts .
    I actually mean CARDINAL STONE REGISTRARS formally called City Securities not Corner Stone
    Please .
    Thanks to Nairameyrics

  49. Ola Ilesanmi

    July 31, 2019 at 11:35 am

    Kindly help me to ask Wema Bank why the dividends of investors are not PSID up till noe after a decade and half year of insolvent
    Ola Ilesanmi

  50. Ola Ilesanmi

    July 31, 2019 at 11:59 am

    Alfred Akuki
    Thanks may God bless you mightily .
    Have I paid for your prompt reply ? No !
    That’s the best modern business methodology to address issues .
    I put this across in order to share my experience with Cardinal Stone Registrars .
    My issues predated era of mandate e-dividend . If not for the interest I have for a few companies I have with cardinal stone registrars , I got things sorted out with cardinal stone registrars after the Securities and Exchange Commission compelled them to do the needful .
    They are recalcitrant and very careless with investors commitment .
    I will not visit them .
    I will drag them to the Securities and Exchange Commission or Investment Tribunal and I will win them with apology from them .
    I certainly owe Naira metrics Ltd a lot of indebtedness of commendable appreciations . Thanks a great deal
    Ola

    • Alfred Akuki

      July 31, 2019 at 6:05 pm

      Hi Ola, it gives us great joy that we were able to render assistance to you.

      • Soji

        February 25, 2020 at 5:18 pm

        Pls, if I want to know the what of my shaers, how can I go by it? and in case I want to sell it,how do I do it?

  51. Jacob Aigbokhan

    August 3, 2019 at 9:27 pm

    Please presco said they will pay dividend on the 29th and yet I have not received mine, just want to know if they actually paid anybody any dividend?

  52. Anonymous

    August 9, 2019 at 5:07 pm

    Please any information about linkage Assurance Plc dividend payout for FYA 2018?

  53. Ubong Mkpesit

    August 15, 2019 at 3:19 pm

    Hi, Nairametrics. Thanks for the good work you people are doing. Please I need a mobile number or email of any of your staff I can communicate with for some business discussions. Thanks.

  54. Okunlola Toyin

    August 21, 2019 at 7:57 pm

    GT Bank and Zenith Bank just declared an interim dividend this august and it has not been included in your compilation.Thank you for the good work you have done.

  55. Ola Ilesanmi

    August 27, 2019 at 12:10 pm

    I don’t actually know what investors will return as gains as from next January if an investor pays
    1.statutory Charges on equities subscribed @ 3.9% per transaction
    2. VAT on investment 5% per transaction
    3. VAT ( the percentage yet to be declared by IFRS ) on online transactions within or outside the country . One should understand that dividends are now transmitted electronically .per dividend
    4 . You are going to pay stamp duty of #56.5 per lodgement
    5. A minimum charge of #50 for ATM maintenance .monthly .
    A HYPOTHETICAL EXAMPLE
    Company : Timber PLC
    Cost per unit : #4
    Buying 1000 units is equal to #4000
    TRANSACTION
    Brokerage charge at 3.9%= #156
    VAT on investment at 5% = #200
    VAT on dividends say at 5%#200
    Stamp duty charge at #56.5
    ATM monthly service at #50
    TOTAL. #656.5
    DIVIDEND DECLARED THE COMPANY
    .45kobo per share translating to #(.45×1000units) ÷ 100 = #450
    Therefore an investor’s is equal to -#246.5 !
    Even if you have your name in Forbes as a captain of industries , the above is still outside infrastructural maintenance , tariffs , EPA , staff salary etcetera that is if the above example is to be in multiple of millions , billions , trillions say for a multi national company .
    DO WE REALLY HAVE ECONOMIC THINKERS / PUNTERS IN NIGERIA ?

    • Joseph

      March 6, 2020 at 8:12 am

      This analysis is wrong and can be misleading.
      Brokerage charge is 1.35% of total value, while VAT is not computed on total value but on the brokerage charges.
      Using your illustration for Timber PLC, the transaction would look like this:
      Brokerage charges (1.35%) = #54
      VAT on brokerage (7.5% on Charges) = #4.05
      Stamp duty (0.075%) = #3
      Sec Fees (0.3%) = #12
      Total = #77.35
      ATM monthly service is not an NSE charge
      With a dividend of #450 and VAT of 10% being deducted = #405
      Hence, you have #327.65 profit from this #4000 investment.
      Your last comment isn’t necessary at all.
      All the best!

      • Chuks Okaonye

        April 14, 2020 at 12:31 pm

        Well, I may not be good in maths but I know when I’m making money and certainly know my numbers.. revenue, gross profit and net profit.

        I have invested about N40 million naira in our stock market since year 2001… Mainly in the banking sector. As of today, that money is remaining about 17 million naira including all the dividends received.

        Nigeria stock market is rigged and a scam to say the least.

        Likewise, the $60,000 I invested in mutual funds in USA in year 2001, today is worth almost $550,000 ..

        Anybody who have money for investment should invest in developed economies.

        • Adekunle Adenigbagbe

          April 15, 2020 at 3:14 am

          Wow. This really got to him. So sorry for your lose Mr. Okaonye. I just started my career in the financial sector with an 100k salary and i am just contemplating on the environment to invent and saw your timely comment, i will make further research and i hope I don’t make a wrong investment. Thank you once again for the comment. I wish you the best.

  56. IBRAHEEM ADAM ABDULLAH

    October 7, 2019 at 9:13 pm

    Everyday oando is the largest company in Africa. but of to now no any dividend or bonus many years ago.

  57. Fatai

    October 30, 2019 at 8:10 pm

    Pls when register say ur dividend is send to cscs and I did not buy the share from second market I buy the share at public offer pls what can I do

  58. Debby

    December 28, 2019 at 10:09 am

    Please when is Nigerian Brewries paying dividends for the end of the year?

  59. Fortune

    January 12, 2020 at 9:29 am

    How can I receive my dividend without going through the registrars?

  60. Ikechi Iroegbu

    January 15, 2020 at 7:51 pm

    I love the way people respond to other people question. that is so so nice please guys keep the good info going.

  61. Abimbola

    January 17, 2020 at 9:08 am

    You can call the registrars (check for their number via their website) and ask them if you can submit your form to them via email. You can also confirm if your bank is still accepting forms for upload for the same purpose.

  62. Chinelo Ugwu

    February 18, 2020 at 4:46 pm

    Please release the list of dividends to expect this year. I always look forward to it.

  63. Chinelo Ugwu

    February 19, 2020 at 5:11 pm

    Thank you so much for responding. I appreciate.

  64. Azubogu Adaeze Ebele

    February 23, 2020 at 2:27 pm

    Is Oando progressing now or not

  65. Azubogu Adaeze Ebele

    February 23, 2020 at 2:46 pm

    Am feeling very bad about Oando for not giving dividend despite there promise last year to pay dividend this year if they are not forth coming with dividend pls let us know on time so I pull the money I invested there.

  66. Gemstone

    February 26, 2020 at 2:48 am

    I trust zenith bank they are d highest so far in banking industry followed by Gtbank…i must que in for this year although I be ashawo.i fuck and dumb meaning I buy get my dividend n sell…I just dey wait for baba NESTLE

  67. El Et

    February 28, 2020 at 11:44 am

    Thanks for the awesome resource placed on this page. Please the list does not scroll over to pages 2 to 6 so we are unable to really take advantage of the good work here shown. Many thanks

  68. Mr ojukwu Charles.

    March 2, 2020 at 4:01 pm

    Please my question is on IGI insurance. I invested during their private placements and till date I have not heard from them. Does it mean I have lost my money. Even up till now it has not been quoted in the stock exchange.

  69. _OKON GLORY EFFIONG

    March 3, 2020 at 12:52 pm

    for many years now. i have not being receiving divined from Access Bank.. i need help. i need their E-divined form.so as to file and submit on line.

  70. BEN

    March 4, 2020 at 11:50 am

    HELLO, ITS MY FIRST TIME HERE, I HOPE TO GET A GOOD RESPONSE TO MY QUESTIONS.

    PLEASE WHY IS VITAFOAM NOT CAPTURED IN THE ABOVE LIST OF COMPANIES THAT DECLARED DIVIDEND IN 2020

  71. Mayor

    March 4, 2020 at 1:08 pm

    Pls team, the above did not capture Vita foam released results. Thanks.

  72. BEN

    March 4, 2020 at 1:12 pm

    Dear Mr. Ola Ilesanmi;

    I LIKE YOUR ANALYSIS OF CHARGES ON STOCK TRANSACTIONS ABOVE, PERHAPS IT CAN BE PRESENTED IN FORM OF COMPLAINT AND FORWARDED
    TO SEC FOR CONSIDERATION AND NECESSARY ACTION.

  73. Joseph

    March 6, 2020 at 6:04 am

    Vitafoam is missing in the list

  74. Anonymous

    March 6, 2020 at 9:22 am

    I am no longer happy with Oando the way they are treating their shareholders, for some years now they have not paid dividend despite this they built gigantic headquarters in Victorian Island and the CEO is one of the highest paid executive in Nigeria today. The SEC should look into this matter, otherwise we the shareholder will take appropriate action o

  75. Anonymous

    March 6, 2020 at 9:42 am

    Oando had not paid dividend for some years now, shareholder seemed to be short changed On record oando within these periods built a giangatic head office in Victoria Island, on record the CEO is one of the highest paid in the in Nigeria today if is no making return why engaged in these spendings.I suggest the SEC should investigate this matter otherwise we the shareholders will take it up through legal processes.

  76. Anonymous

    March 6, 2020 at 5:32 pm

    Oando , has refused to pay dividends for the past five years. I see them investing and building up new branches. They should let us know..the money I invested as a shareholder..is still mine

  77. Ademola Akinsola

    March 9, 2020 at 1:25 pm

    Nairametrics previously quoted 0.25k as Access Bank plc 2019 proposed dividend, it was later changed to 0.40k after the company officially released their FY report.

    Nairametrics, where was the initial “misleading” quote gotten.

  78. Edu Oladapo

    March 10, 2020 at 10:29 am

    @Ademola Akinsola, Access Bank declared 25k as interim dividend while 40k for final dividend for FY2019

  79. SAMUEL EHIMEN ABHULUIMEN

    March 11, 2020 at 1:16 pm

    GOOD AFTERNOON EVERYONE,
    PLS, I WANT TO BUY TOTAL NIGERIA PLC SHARES AND I DONT HAVE A STOCK BROKER. HOW DO I GO ABOUT IT PLS ?
    THANK
    SAMUEL

    • Obata

      March 18, 2020 at 7:32 pm

      Download wealth.ng app and buy from there

  80. KALU, O A

    March 19, 2020 at 11:45 am

    I paid N5,000.00 to buy Alstates Trust Bank shares. The bank folded up and my money was not refunded. What do I do? DAAR communication did an IPO many years ago.I bought the shares. Up till now no dividends. Absolutely disgusting.

  81. Emmanuel Olusegun Akerele

    March 21, 2020 at 10:59 am

    No good things work in Nigeria, I bought UBA shares many years back from secondary market through Marriot Securities & Broker Ltd, I perfected everything, I mean, I did all documentation and even registered my CSCS Account through the company, now, when it is time for me to receive my dividend, Prudential, the company in charge of UBA now told me that they don’t have my signature, so, I have to get a form and sign it in my bank which I did and return it to them with #1,500 which I said I can’t afford. Please, is there any means to solve this issue? It’s because am thinking of notifying Nigeria Stock Exchange and other regulatory bodies. Emmanuel Olusegun Akerele.

    • Anonymous

      April 28, 2020 at 2:26 pm

      Hello Mr. Akerele

      The stock market actually works in Nigeria irrespective of some challenges which can actually be resolved. Signature confirmation is necessary if your signature becomes irregular or was not sent to the registrar along with other details at the time you bought the shares. Don’t forget you bought through your broker (secondary market) and you had no account with Africaprudential registrars previously so they need to identify you properly. There are some charges for some registrar services. So I don’t think there is need to report the registrar to anyone. Just confirm your signature with your bank and pay the prescribed fees to get the dividend and subsequent ones in the future.
      Thank you.

  82. AYATASUA GEORGE

    March 23, 2020 at 12:47 pm

    Emmanuel Olusegun Akerele, currently you don’t need since your hold to panic your stocks are intact,your broke Marriot Securities would have guided u properly, i believe the registrar is claims irregular signature which you have to regularize it with your bank, you can get paid or you simply apply for change in signature but which would demand for the old one that you aren’t sure of. Simply get your signature regularized with you bank.

  83. Okweri Moses Jonah

    March 25, 2020 at 7:29 am

    When is First Bank Nigeria plc, likely to hold their AGM for 2019 financial ending. As share holder,based on their performance do we expect dividend payments

  84. Adegboyega Adedeji Olaoluwa

    March 25, 2020 at 8:25 am

    Sir/Ma,
    I have not received any dividend for the past 10years. Kindly help out

  85. Anonymous

    March 26, 2020 at 4:26 pm

    Why nothing heard about ECOBANK dividend for this long?

  86. Joseph pwajok

    March 28, 2020 at 7:58 am

    UBA could not pay their shareholders yesterday 27 of March 2020 their dividend. Please, when are they paying what’s due?

  87. Joseph pwajok

    March 28, 2020 at 8:09 am

    You guys are doing a very good work, God bless you for the good information you are passing. The corona virus pandemic has so affected global economy and it’s my believe that solution will come soon by the grace of God.

  88. Anonymous

    April 4, 2020 at 12:39 am

    hello please its over 10 years i bought my shares i need help … how do i go about it thanks

  89. Anonymous

    April 5, 2020 at 7:54 am

    For the past seven years. I haven’t gotten any of my dividend from all the stocks I bought. What do I do? I even opened CSS account and still nothing.

  90. Stan

    April 5, 2020 at 9:04 am

    Hi guys,
    You are doing a fantastic job, kindly keep it up.
    Please update your dividend payment day for some companies who have not complied with the stated dates.
    For example, UBA and it’s affiliates.
    Please how can I contact INVESTMENT and ALLIED COMPANY

  91. OLUFUNKE OYELEYE

    April 5, 2020 at 8:01 pm

    Good evening, please when last did japaul oil declare dividend?

  92. Seye

    April 7, 2020 at 12:13 am

    Can we reconfirm the dates

  93. Iliyasu Isah Muhammad

    April 9, 2020 at 12:09 pm

    I’m invested my money in Habib bank plc, since 2008, I have not receive any dividend yet. What is wrong please.

  94. Jafaru Samuel O

    April 10, 2020 at 2:09 pm

    Good day. Some of us who are investors in UACN are worried over the delay in the release of the company’s audited 2019 accounts. The shares have been falling due to the delay

  95. Michael Adeyemi Onaderu

    April 14, 2020 at 5:03 am

    Is there any archive where I can trace shares I have with Nigerian companies? I misplaced my stock file.

  96. Jacintha

    April 22, 2020 at 7:52 pm

    Please I would like to know if you must purchase shares with the T+3 rule or you can purchase anytime before the qualification date??

  97. Eleruweere muflihat Ajoke

    April 24, 2020 at 9:09 am

    I have some share with, first bank,union and some others but I don’t hear anything from them for the past 10..12years ago now,how can you help me

  98. Anonymous

    April 25, 2020 at 12:08 am

    Please i need a reliable stockbroker with name and email address thanks

  99. Akorede Samson

    April 28, 2020 at 11:43 pm

    I want to buy stock for a very long time for my kids any likely recommendations on any stocks that may still be in existence for the next 25years. Please I humbly await your response.

    Thanks

    Samson

  100. Edoho aniekan David

    May 6, 2020 at 6:55 pm

    Eco bank have not pay dividends for so long why,bigtreat for so long I have not heard anything about the shares, tantaliziler have not pay,becoprot have not pay,sky bank have not pay,

  101. Niklas

    May 8, 2020 at 11:26 am

    I am from Europe and haven`t received any dividend from Guaranty Trust Bank this year. Will I still receive it?

  102. Princeo Princeo

    May 15, 2020 at 4:09 pm

    Please can you add column of current share price in the table for Dividends from companies quoted on the Nigerian Stock Exchange

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Company Profile

NPF Microfinance Bank: Providing ‘friendly’ financial services for almost 3 decades

NPF microfinance bank has shown resilience over the years, and this is reflected in its consistent positive performance.

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NPF Microfinance Bank: Providing 'friendly' financial services for almost 3 decades

The Police is your friend is a cliché many are familiar with, but most do not know that this friendship extends to financial services. Incorporated as a community bank in 1993, with License No. FC 00200, the Nigerian Police Force (NPF) Microfinance bank has been providing banking services to the Nigerian banking public for almost three decades.  

However, it is one of those stocks that hardly make the headlines, except for landmark events. This friendly microfinance bank is the pick for Nairametrics corporate profile this week.  

READ: CBN releases new capital base, sanctions for Microfinance Banks in new draft guidelines

Incorporation  

NPF Microfinance Bank Plc (Formerly NPF Community Bank Ltd), was incorporated on 19th May, 1993, to provide services such as retail banking, loans and advances, and other allied services to both serving and retired officers and men of Nigeria Police Force, its ancillary institutions, and later on, the general banking public.  

The Bank mission says it is targeted at providing banking and other permissible financial services to poor and low-income households and micro enterprises, with emphasis on members of the NPF Community. 

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It commenced operations on 20th August, 1993 with a single branch in Ikoyi, having obtained a CBN provisional license to operate as a community bank. The bank obtained its full license to operate as a Community Bank on 24th January 2002. Five years later, it converted from its Community Bank status to a Microfinance Bank, following CBN directive which allowed it to open branches in all the states. It was registered as a Public Limited Company on 13 July, 2006, and received an approval-in-principle to operate as a Microfinance Bank on 10 May 2007. 

NPF microfinance bank obtained the final license on December 4, 2007, but its stocks did not get listed on the main board of the NSE, until December 2010, after 17 years of operations. 

READ: Strong performance from Stanbic IBTC, despite weak retail banking position

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Its stock price is considered quite stable, trading within a narrow band, with its price-earnings ratio estimated to be about 9.45 times earningsslightly higher than the 9.3 times earnings, which is the average PE ratio on the NSE. 

The bank’s authorized capital at inception was N500,000.00, made up of 500,000 ordinary shares of N1.00 each. This has grown over the years to its current level of N2 billion, made up of N4 billion ordinary shares of 50k each, of which 2,286,637,766 ordinary shares of 50k eachare issued and fully paid up. 

At a share price of N1.22, the current Market Cap is put at N2.789 billion.  

Branch network has increased to about 35 branches across several states in the country. In August 2019, the bank reaffirmed an earlier decision to embark on another public offer to raise funds for the purpose of incorporating Information Technology to meet customers needs and branch improvement, and to fund a three-year strategy from 2019 to 2021. 

READ: UBA Plc H1’2020 results, a true reflection of its rightsizing decision? 

Management  

Mr. Akinwunmi M. Lawal has been Managing Director since June 2014, while the Board of Directors has been chaired by Azubuko Joel Udah (Esq.) since 2015. 

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Mr. John Kwabe Tizhe and Mr. Francis C. Nelson are Executive Directors; while Mr. Usman Isa Baba, Mr Aminu Saleh PaiMr Jibrin G. Gane, Mr. Salihu Argungu Hashimu, Mr. Abdulrahman SatumariMr. Dasuki Danbappa GaladanchiMrs. Rakiya Edota Shehu, and Mr. Mohammed D. Saeed are Non-Executive Directors. 

Recent financials 

Although the NPF microfinance bank may not boast of a large customer base like most of the popular commercial and microfinance banks in the country, the bank has consistently shown favorable financials over the decades. The bank stocks is highly illiquid, but it has consistently and successfully paid dividends for the last 21 years, paying as much as N114.3 million in dividends for 2018.  

The audited results for FY 2018, shows a N300 million growth in gross earnings from N3.6 billion in 2017 to N3.9 billion in 2018, while there was a decline in profitThis decline is partly traceable to the 128.6% increase in marketing expenses from N63 million in 2017 to N144 million in 2018, while Directors’ remuneration rose 63%, from N65 million in 2017 to N106 million in 2018. 

READ: Access Bank posts Profit Before Tax of N74.31 billion in H1 2020

Profit before tax fell sharply from N819 million in 2017 to N287 million in 2018, and Profit after tax also dropped from N631 million in 2017 to N195 million in 2018.  For 2019, the Profit Before tax shot up to over N1 billion, while Profit after tax grew to N796.4 million.  

Within the 2018 financial year, customer deposit grew by 14.67% from N9.126 billion to N10.465 billion, while total asset increased from N15.952 billion in 2017 to N17.597 billion in 2018. In comparison, 2019 customer deposits grew further to N11.32 billion, and total assets increased further to N19.58 billion.  

The bank attributed the poor performance in 2018 to the adoption of the IFRS 9, which caused a rise in net impairments, a N700 million growth in operating expenses, as well as a N266.48 million fraud committed by one of its middle management staff in the Sokoto branch. Although N35 million was recovered of the sum, shareholders bore the brunt of the loss, as dividend per share dropped from 17 kobo in 2017 to 5 kobo in 2018.  

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READ: Transcorp Hotels to raise N10billion through Rights Issue 

Whatever steps the company took to prevent a repeat of frauds, it was not effective; because 2019 saw an increase in frauds committed by members of its staff. The bank recorded frauds amounting to N2.1 million in four separate incidences, and another N12.26 million ATM electronic fraud. Though some of the money was recovered, over N12 million remained unrecovered at the end of the financial year.   

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Conclusion 

NPF microfinance bank has shown resilience over the years, and this is reflected in its consistent positive performance. However, it will have to work more on tightening lose ends to prevent cases of fraud and forgeries, which dips into its yearly profits and takes a chunk from shareholders dividends. 

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Currencies

Naira stabilizes across forex markets, as BDCs get another round of dollar allocation

The Naira remained stable against the dollar to close at N467/$1 on Thursday.

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FOREX, NAFEX market turnover drop by 59%, Naira crashes to N470/$1 as currency uncertainty worsens 

Forex turnover improved by 43% as Nigeria’s exchange rate at the NAFEX window stabilized to close at N386/$1 during intraday trading on Thursday, September 24.

Also, the naira remained stable, closing at N467/$1 at the parallel market on Thursday, September 24, 2020, after another round of forex allocation to BDC operators by CBN.

Parallel market: At the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N467/$1 on Thursday, according to information from Abokifx, a prominent FX tracking website. This was the same rate that it was exchanged for on Wednesday, September 23.

READ: Nigeria among countries to be worst hit by food crisis globally

Currency developments

  • The local currency has strengthened by about 7.8% within the last one week at the black market, as the CBN introduced some measures targeted at exporters and importers, in order to try to boost the supply of dollars in the foreign exchange market, and reduce the high demand for forex by traders.
  • The CBN has sold over $200 million to BDCs since the resumed forex sales on Monday, September 7, 2020. This was expected to inject more liquidity to the retail end of the foreign exchange market, and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has failed to sustain the initial gains made, after the CBN announced plans to provide liquidity.
  • BDC operators have urged the apex bank to reconsider the margin allowed for the currency traders, as it was inadequate to meet their expenses.
  • We also noted that forex traders monitored during the previous week, appeared to hoard forex, as they anticipated further depreciation in the market.
  • There has been a drop in speculative buying of foreign exchange, although demand backlog by manufacturers and foreign investors still puts pressure, and creates a volatile situation in the foreign exchange market.

READ: Has the President erred in stopping CBN from funding food imports?

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NAFEX: The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N386/$1.

  • This was the same rate that it exchanged for on Wednesday, September 23.
  • The opening indicative rate was N386.13 to a dollar on Thursday. This represents a 31 kobo gain, when compared to the N386.44 to a dollar, that was recorded on Wednesday.
  • The N390.34 to a dollar is the highest rate during intraday trading, before closing at the rate of N386/$1. It also sold for as low as N383/$1 during intraday trading.

READ: Experts pick holes in pump pricing of petrol, proffer solutions 

Forex turnover: Forex turnover at the Investor and Exporters (I&E) window, increased by 42.6% on Thursday, September 24, 2020.

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  • According to the data tracked by Nairametrics from FMDQ, forex turnover rose from $69.22 million on Wednesday, September 23, 2020, to $98.65 million on Thursday, September 24, 2020.
  • The CBN had in the past few weeks moved to clear the huge backlog of foreign exchange demand, especially by foreign investors wishing to repatriate back their funds.
  • The improvement in forex supply after yesterday’s drop, reinforces the volatility of the foreign exchange market. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country.
  • The average daily forex sale for last week was about $34.5 million, which represents a drop from the $58.52 million that was recorded the previous week.
  • Total forex trading at the NAFEX window in the month of August was about $857 million, compared to $937 million in July.
  • In the latest report on Monetary, credit, foreign trade, and exchange policy guidelines for fiscal year 2020/2021, the CBN lamented that forex market pressure, which is as a result of speculative activities in the BDC and I & E segments of the foreign exchange market, is expected to exert more pressure on the naira exchange rate.

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Coronavirus

COVID-19 Update in Nigeria

On the 24th of September 2020, 125 new confirmed cases were recorded in Nigeria

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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 57,849 confirmed cases.

On the 24th of September 2020, 125 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 10,526 samples across the country.

To date, 57,849 cases have been confirmed, 49,098 cases have been discharged and 1,102 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 24th, 2020 compared to 484,051 tests a day earlier.

COVID-19 Case Updates- 24th September 2020,

  • Total Number of Cases – 57,849
  • Total Number Discharged – 49,098
  • Total Deaths – 1,102
  • Total Tests Carried out – 494,577

According to the NCDC, the 125 new cases were reported from 13 states- Lagos (37), Plateau (18), FCT (17), Ogun (15), Rivers (10), Benue (7), Kaduna (7), Anambra (5), Oyo (3), Cross River (2), Ondo (2), Edo (1), Imo (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,123, followed by Abuja (5,615), Plateau (3,322), Oyo (3,239), Edo (2,617), Kaduna (2,384), Rivers (2,287), Delta (1,800), Ogun (1,789), Kano (1,734), Ondo (1,608), Enugu (1,285), Ebonyi (1,038), Kwara (1,028), Abia (881), Gombe (857). Katsina (848), Osun (818),  Borno (741), and Bauchi (692).

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Imo State has recorded 566 cases, Benue (480), Nasarawa (449), Bayelsa (397),  Jigawa (322), Ekiti (317), Akwa Ibom (288), Niger (259), Adamawa (237), Anambra (234), Sokoto (161), 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.

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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.

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