Connect with us

E-Financial

Zenith Bank Shareholders Approve N100Bn Fresh Capital

Published

on

Kindly share this post

The shareholders of Zenith International Bank Plc yesterday authorized the board and management and board to raise additional capital of N100bn.

The shareholders gave their mandate for the fresh capital at the bank’s 26th Annual General Meeting held in Lagos.

The shareholders also authorized that the additional capital of N100bn should be raised by way of a public offering, rights issue or any other method deemed fit by the board in local or international market or the combination of both.

They also authorised that the bank’s share capital be increased to N25bn comprising N20bn by the creation of additional 10 billion ordinary shares of 50k each.

Speaking at the meeting, Mr. Sunny Nwosu, founder, Independent Shareholders Association of Nigeria, commended the bank for the improved performance and final dividend of N1.77 per share in spite of unfriendly operating environment.

Nwosu said that the bank needed to map out strategies aimed at bringing operating expenses to reduce operating cost.

He said that the management must put machinery in place to ensure all loans were recovered.

Mr. Nona Awo, a shareholder, said that the bank needed to drive down its unclaimed dividend figure of N3bn as at Dec. 31, 2016.

Awo said that the bank should increase deposit drive by extending tentacles across the country, especially to unbanked areas.

Mr. Peter Amangbo, the bank’s Group Managing Director, said that the bank was working closely with registrars to bring down the unclaimed dividend figure.

Amangbo assured the shareholders that the bank would continue to work hard to grow deposit base.

He stated that the company’s focus was on ways to satisfy its esteemed customers with efficient and effective service delivery mechanism.

The bank declared a profit after tax of N129.65bn for the financial year ended December 31, 2016 as against the N105.66bn posted in the preceding period of 2015.

The profit represented an increase of 22.7 percent when compared to figures for 2015.

Its profit before tax stood at N156.75 against the N125.63bn declared in the preceding period of 2015.

The bank’ gross earnings grew by 17.4 per cent to N507. 99bn compared to N432.54bn recorded in 2015.

Its non-interest income increased by 45.9 percent to N25.59bn due to an 809 percent increase in foreign exchange revaluation gains of N25.6bn.

This, however, declined by 10 percent from the N8.2bn reported in nine months of 2016.

The impairment loss on financial assets rose significantly by 106.4 per cent to N32.35bn in 2016 and 34.6 percent, based on quarter-on-quarter to N10.2bn in the fourth quarter of 2016.

The board of directors declared a final dividend of N1.77 per share to all its investors against a final dividend of N1.55 per share paid in 2015 and interim dividend of 25k.

The bank had earlier in 2016, paid the sum of 25k as interim dividend, bringing the total dividend in 2016 to N2.02 per share against N1.80 per share declared in 2015.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

E-Financial

FG Makes u-Turn on Bank Account Re-Registration

Published

on

Kindly share this post

Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


Kindly share this post
Continue Reading

E-Financial

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

Published

on

Kindly share this post

Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


Kindly share this post
Continue Reading

E-Financial

Buhari Okays Establishment of CBN-Led Infraco

Published

on

Kindly share this post

President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


Kindly share this post
Continue Reading

Trending