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Companies

Zenith Bank Nigeria Plc spends N12 billion in five years on CSR across Nigeria

Zenith Bank Nigeria Plc disclosed that it spent over N12 billion in five ) on Corporate Social Responsibility investments in Nigeria.

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Zenith Bank GMD Ebenezer Onyeagwu, Central Bank of Nigeria, CBN's loan-to-deposit ratio policy, Nigerian Stock Exchange NSE stocks, Banks in Nigeria, Deposit Money Banks in Nigeria, Zenith Bank collaborates with fintechs, but insists it is not scared to compete with them, Zenith Bank sets withdrawal limit for customers, as dollar sells for N400, NIGERIA| ZENITH BANK: Revaluation gains support marginal profit growth

Zenith Bank Nigeria Plc disclosed that it has spent over N12 billion in five years (2014-2019) on Corporate Social Responsibility (CSR) investments in Nigeria.

This is according to its recently released report tagged “Zenith Bank Plc-2019 Sustainability report,” made available on the Nigerian Stock Exchange platform.

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The bank stated that it does not consider CSR as a branding tool, rather as a must-have and an opportunity through which it contributes to a society that it is part of.

Nairametrics gathered that the bank’s CSR can be broadly categorized into five (5) broad areas namely; Health, Education, Sports/youth, Empowerment, Government/public infrastructure and policy and other projects/support.

READ: FCMB Group posts N48.3 billion revenue in Q3 2020

Healthcare

The Bank’s healthcare initiatives are centred on providing maternal healthcare and medical support to members of its host communities.

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  • In 2019, it spent the sum of N345 million to provide medical support to low-income individuals in critical need of medical attention.
  • Some of the highlights of the healthcare initiatives executed by the bank includes Donation to Private Sector Health Alliance of Nigeria, supporting Iga-Idunganran primary healthcare centre with medical supplies for 12 months and spearheading the O’Five charity initiative.

READ: Medical Free Zone to save Nigeria about $1billion in annual medical tourism – NEPZA

Education

Zenith Bank’s policy on education is aimed at achieving free, equitable and quality education at various levels, such as primary and tertiary.

  • In 2019, the bank spent N210 million in educational interventions and human capacity development.
  • Other key spending on education by the bank include; Construction of a 500-capacity hostel for St. Finbarr’s college, Supported St. Saviour’s school with the sum of ₦20million as annual sponsorship, Upgraded St. Francis Catholic school’s e-library, laboratories, wellness centre and classrooms amongst others.

READ: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

Sports/Youth and women empowerment

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The bank stated that the reason it embarked on this initiative was to create additional livelihood options and decongest the corporate sector.

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  • In the most recent year, 2019, it spent N238 million on investment in sports/youth and women empowerment. In terms of sports, the bank is a major sponsor of the Women Basketball League in Nigeria.

READ: Is Zenith Bank thriving on the strength of sound financial indices?

Government/Public infrastructure and policy

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The bank noted that the majority of its social investments goes into this category. The bank complements the effort of the government in securing lives and properties and providing development infrastructures.

  • In 2019, the bank invested N1.42billion to support government and agencies of the government at different levels.

READ: Geely Auto to invest 54 million dollars in the development of healthy cars

Other projects/support

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This category is unique and is equally beneficial to the society just like others.

  • The bank invested N516 million to projects in this category in 2019.
  • Some of the highlights of these initiatives include; sponsorship of financial literacy training for over 2000 participants across Kano, Gombe and Bauchi states. It also sponsored the 2019/2020 CFA Institute Research Challenge among others.

READ: Our major challenge is eliminating paper – Tito Ovia of Helium Health

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Companies

Africa Prudential proposes dividend of N1 billion for shareholders

Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.

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African Prudential could be worth more than N4.55

The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.

This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.

The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.

The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.

What you should know

  • Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
  • Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.

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Companies

Dangote Sugar proposes N18.2 billion as final dividend for 2020

Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders.

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Dangote Sugar proposes N18.2 billion as final dividend for 2020

The Board of Directors of Nigeria, Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders for the period ended 31st December 2020.

This announcement was contained in the audited financial statement of the leading integrated sugar company.

In line with the statement of the Board of DSR, the approval of this proposed dividend at the forthcoming Annual General Meeting will see Dangote Sugar pay out a final dividend of N1.50 for each of the outstanding 12,146,878,241 ordinary shares of the company, held by its shareholders.

The proposed dividend is 36.36% higher than the final dividend of N1.1 per share (N13.36 billion) the sugar company paid its shareholders in 2019.

What you should know

  • Dangote Sugar Refinery declared in its audited statement for the period ended 31st December 2020 that its profit for the year climbed to N29.8 billion, from N22.4 billion in 2019.
  • According to these figures, DSR’s earnings per share for 2020 are pegged at N2.45. Hence, with a dividend of N1.50 per share, Dangote Sugar is set to payout 61.2% of its profits for 2020.
  • At the close of trading activities on the floor of the Nigerian Stock Exchange today, shares in Dangote Sugar Refinery declined by 0.83% to close lower at N17.85.
  • At this price, the dividend yield of Dangote Sugar shares is 8.40%.

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