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  • Unclaimed dividends rise to N190b

    Unclaimed dividends rise to N190b

    The quantum of unclaimed dividends has risen to N190 billion, an increase of more than N20 billion over the past three years.

    Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, yesterday blamed the continuing increase in unclaimed investors’ returns on identity problem.

    Unclaimed dividends had risen from N168 billion in 2020 to N177 billion in 2021.

    Speaking at the second post-Capital Market Committee (CMC) virtual media briefing, Yuguda said the capital market was still grappling with the identity problem and lack of adequate Know-Your-Customer requirements that characterized operations in the past.

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    According to him, the unclaimed dividends were partly due to multiple subscriptions by investors during banking consolidation and other legacy issues.

    He said the commission was working with the Nigeria Inter-Bank Settlement System (NIBSS) on the e-dividend portal to upgrade the portal for more efficiency with a view to reducing the number of unclaimed dividends.

    “We have legacy issues that have aggravated unclaimed dividends. We are working very hard to ensure we reduce the number of unclaimed dividends. This is why we are upgrading the e-dividend portal with NIBSS to restore investors’ dividend and reduce unclaimed dividends.

    “We reiterate that every person, who has come to the capital market and invested money, should be able to get his dividends as and when due,” Yuguda said.

    Executive Commissioner, Operations, Securities and Exchange Commission (SEC), Mr Dayo Obisan, explained further that the increase in unclaimed dividends was also due to lack of adequate and proper mandate by the shareholders.

    “We keep putting our efforts to ensure that investors update their bank details, information and claim their dividends. But we still have some of them who fill in details wrongly. We at SEC are working very hard and we want to ensure bonuses get transferred to beneficiaries, capture everyone who is in the market so that our data is more robust,” Obisan said.

    The report highlighted the continuing problem of unknown investors, otherwise known as ‘ghost’ shareholders, who had used conjured or non-formal names and multiple accounts to buy shares during the fast-selling boom of 2005-2008.

    The 2005-2008 boom period of the capital market had witnessed significant increase in public offerings as several banks, insurance companies and other non-financial quoted and unquoted companies jostled to raise funds through the capital market.

    In order to increase chances of more allotments in the tight allotment process that was the hallmark of the large oversubscriptions during the period, several investors resorted to use of multiple applications, using shortened names, pseudonyms and other non-formal names. The inability to regularize these fictitious shareholdings has been the cause of growing unclaimed dividends.

    The Capital Market Committee (CMC)-a consultative assembly of stakeholders in the Nigerian capital market had introduced the “Multiple Subscription Initiative”, aimed at regularisation of shares purchased with multiple identities, by investors-otherwise known as ghost shareholders that conjured up many identities to secure large allocation of shares, especially during public offerings.

    Shareholders had however also alleged that the rate of adoption of the e-dividend and recovery on unclaimed dividends had been slowed down by bureaucratic bottlenecks and deliberate sabotage by some stakeholders, especially registrars and company secretaries.

    Shareholders, who spoke under the condition of anonymity for fears of victimization, said companies and registrars were unwilling to release the huge funds under their custody and have been employing delay tactics to frustrate shareholders from adoption of e-dividend.

    According to shareholders, company secretaries and registrars have perfected the tactics of selective payment and distribution of e-dividend while exploring loopholes in the rules and enforcement by SEC.

    “Before you can open a shareholding account, you must necessarily fill Know-Your Customer (KYC) form that contains all your details including bank account and official identity. You will also be required to sign your signature, provide utility bill, photocopies of identity cards and many other requirements. But even after this process and your account is opened at the Central Securities Clearing System (CSCS), the registrars will still claim you don’t have specimen signature and all sorts of that,” a shareholders’ leader said.

    According to them, with the shareholders’ Bank Verification Number (BVN) that are registered with stockbrokers, registrars should be able to process e-dividend and make payment on the basis of confirmation by stockbrokers, who are the custodians of shareholders’ accounts.

    They noted that the CSCS had used a similar methodology to attain 100 per cent dematerialization of share certificates, alleging that registrars and company secretaries are undermining the dividend payment process because “money is involved”.

    They urged SEC to review the e-dividend process and work with stockbrokers to achieve seamless transition to full e-dividend payment.

    “When you sell your shares through stockbrokers, you get your money, why is it that it is only when it comes to dividend payment that bureaucracy comes in and you are being tossed from one end to another, it is deliberate, they know what they are doing,” another shareholders’ leader stated.

  • Linkage pays dividend

    Linkage Assurance Plc has paid a dividend of 5 kobo per share to its shareholders.

    The shareholders, who were excited at the 2017 Annual General Meeting held in Lagos, urged the board and management of the firm to reinforce the marketing team and distribution channels to aid more growth in premium and profitability for the company in the coming years.

    The firm announced a gross premium written of N4.10 billion in its financial year end as against the N4.03 billion it recorded in 2016.

    Gross premium income grew by six percent to N4.18 billion in the year under review as against N3.96 billion the previou year.

    The underwriting firm’s Profit Before Tax rose by 218 percent from N942.68 million to N2.996 billion in 2017, while the Profit After Tax also appreciated significantly by 431 percent to close at N2.891 billion in 2017.

    Total assets also appreciated by 15 percent to N23.3 billion in 2017, from N20.33 billion in the previous year, while a total of N1.038 billion was paid out as claims in 2017 as against N613.2 million in 2016.

    The firm’s Chairman, Joshua Fumudoh, who announced the result, said the firm was determined to take advantage of developments in the economy by developing strategic initiatives, such as deployment of online portal for selling of motor insurance, as well as repositioning its bouquet of retail products like the Third Party Plus to ensure sustainable growth for the company in 2018 and beyond.

    Daniel Braie, the company’s Acting Managing Director, said the company will continue to refine its strategy in line with the political, economic, sociological and technological changes in the industry.

    ‘’We will also continue to develop innovative products, alternative channels of distribution and strategic initiatives that will enable us achieve our corporate goals and objectives. With a medium-to-long term perspective, we believe that we will benefit from growth in these initiatives,’’ Braie said.

  • Investors jostle for UBA ahead of interim dividend

    United Bank for Africa (UBA) Plc has been the toast of the stock market in the past four weeks as investors sought to take positions ahead of the impending release of the audited half-year results and interim dividend of the commercial banking group.

    UBA was the most active stock last week with a turnover of 332.72 million shares valued at N2.68 billion in 978 deals, representing 34 per cent and 26.15 per cent of the total turnover volume and value traded respectively at the Nigerian Stock Exchange (NSE). It has featured consistently in the past four consecutive weeks within the two most active stocks at the equities market.

    UBA is expected to release its audited report and accounts for the first half ended June 30, 2018 this week. Most analysts expect the bank to sustain its tradition of interim dividend payment based on the first half report.

    Under the rules at the NSE, where a company chooses to audit its quarterly accounts, it shall be required to file such accounts not later than 60 calendar days after the relevant quarter. Generally, quoted companies are required to file their unaudited quarterly accounts with the NSE not later than 30 calendar days after the relevant quarter, and publish it within five business days after the date of filing, in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication. Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the newspaper publication.

    A source at the UBA said the commercial banking group will submit its report within the August 29, 2018 deadline for audited half-year results for the period ending June 30, 2018.

    UBA had paid a total dividend per share of 85 kobo for the 2017 business year, consisting of a final dividend per share of 65 kobo in addition to interim dividend of 20 kobo earlier paid after the first-half results. The total payout for 2017 represented a 13 per cent growth on a dividend per share of 75 kobo paid for the 2016 financial year.

    UBA  had started the 2018 business year on a strong footing as the commercial banking group witnessed considerable growths in the top-line and bottom-line. Key extracts of the interim report and accounts of UBA for the first quarter ended March 31, 2018 showed that gross earnings rose by 18 per cent to N119.4 billion in first quarter 2018 compared with N101.25 billion recorded in corresponding period of 2017.

    Profit before tax rose to N26.6 billion in first quarter 2018 as against N25.5 billion posted in first quarter 2017. Profit after tax stood at N23.7 billion in first quarter 2018 compared with N22.4 billion recorded in corresponding period of 2017. The group sustained its strong profitability with an annualized 18 per cent Return on Average Equity (RoAE).

    Group Managing Director, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka, said the bank would sustain its impressive performance in the first quarter through the year.

    “Barring unforeseen circumstances, we look forward to sustaining this strong performance through the year, with the primary objective of delivering superior return to our shareholders,” Uzoka said.

    According to him, the first quarter result is a good start to the year and a reflection of the bank’s capacity to sustainably grow earnings over the medium to long term.

    “We are committed to exceeding our 2018 deposit growth target in the year, with strategic focus on retail, low cost savings and current accounts, which is critical to sustaining our net interest margin uptrend,” Uzoka said.

    He pointed out the increasing relevance of the group’s African operations to its bottom line, adding that the bank is increasingly becoming systemically important across the 19 other African countries, where it operates.

    Group Chief Financial Officer, United Bank for Africa (UBA) Plc, Ugo Nwaghodoh, had also assured that the management of the baking group is committed to delivering on the group’s financial goals for the year.

    “We are diligently executing our priorities for the year, as we focus on profitable growth. We are making strong progress in Nigeria, where our continuous market share gain is translating into higher profit. I am pleased that our drive towards optimal scale across our subsidiary operations is progressing well. More importantly, the contribution of these foreign operations to the group’s profit is impressively reflective of geographic diversification,” Nwaghodoh said.

  • Accion MfB pays dividend, approves MD’s appointment

    Accion Microfinance Bank Limited (MfB) Board has approved N.024.89 kobo dividend for shareholders for the financial year ended December 31, 2017.

    The Board also approved the appointment of Taiwo Joda as the bank’s Managing Director/Chief Executive Officer (CEO).

    Announcing the dividend for the financial years ended December 31, last year, during the bank’s 12th Annual General Meeting (AGM), the bank’s Chairman, Patrick Akinwuntan, said the lender wants to build a top class leadership team that can achieve positive result for shareholders and customers.

    He said the bank also wants to empower Nigerians and make their businesses and banking transactions seamless. “The Board remains committed to high standards of corporate governance designed to protect the interest of stakeholders, ensure effective functioning of the bank, while promoting the highest standards of integrity, transparency and accountability,” he said.

    According to Akinwuntan, Accion MfB has continued to demonstrate resilience and was able to withstand key economic headwinds and challenges across multiple fronts in its 2017 performance.

    “Our active borrowers grew by two per cent from 39,036 in 2016 to 39,749 in December 2017. Compared to  December 2016, our total loan portfolio grew by 24.4 per cent from N6.12 billion to N7.27 billion in December 2017. Total loans grew by 23 per cent from N15.58 billion in 2016 to N19.13 billion in 2017. Our account base rose by 15 per cent from 245,094 to 282,057 accounts in December 2017 while number of savers grew by 15.6 per cent from 144,284 in 2016 to 166,795 in December 2017,” he said.

    “Globally, customer preferences are rapidly changing, and this demands that we continue to invest fully in leveraging technology to reach every Nigerian with our services in an efficient manner,” he said.

    Also, Joda, said as a national MfB, Accion Microfinance Bank increased its branches from 48 in 2016 to 62 outlets comprising 44 branches, sevem cash centres, and 11 virtual teams in six states of Lagos, Rivers and Ogun, Oyo and Anambra states.

    He said the bank grew its profit from N700 million to N1.38 billion, representing 97 per cent increase. Its total assets rose to N8.75 billion from N7.54 billion in previous year, representing 16 per cent growth. The bank’s deposits also grew by 21 per cent from N2 billion in 2016 to N2.44 billion, among other positive milestones.

    “As part of measures towards providing easy access to our customers, the bank made significant progress in our e-channel –Automated Teller Machines and Point of Sale as well as agency banking business. Cumulatively, the number of ATM cards issued to our customers was 82,459 as at December 2017 while the number of the bank’s active agents closed at 70,” he said.

  • AXA Mansard’s shareholders get N630m dividend

    Shareholders of AXA Mansard Insurance Plc  have approved the payment of N630 million for the 2017 business year. This represented a dividend per share of six kobo.

    Addressing shareholders at the Annual General Meeting (AGM) in Lagos, its Chairman, Mr. Olusola Adeeyo said the company was able to close the last business year with positive results despite the slow recovery of the economy.

    He noted that although profitability was affected by claims and interest rate impacted on life reserves, the company was still able to grow profit before tax to N3.2 billion in 2017 from N3.1 billion in 2016 and profit after tax to N2.7 billion from N2.6 billion.

    “We grew gross premium by 30 per cent to N26.8 billion, from N20.7 billion in 2016, driven by the sustained growth of our health business as well as large ticket property and causality transactions. Net premium income also grew by 26 per cent to N13.8 billion from N10.9 billion in 2016. While we experienced some large claims on our portfolios during the year, we were able to make significant recoveries aided by our strong risk focused reinsurance strategy,” Adeeyo said.

    He pointed out that the company’s balance sheet remained strong in 2017, with total assets amounting to N66.5 billion by year end and the shareholders’ funds growing by 17 per cent to N20.3 billion, remaining well in excess of regulatory requirements.

    In his remarks, Chief Executive Officer, AXA Mansard Insurance, Mr. Kunle Ahmed said the company took decisive steps in 2017 towards improving its business effectiveness and ability to serve customers better which has resulted in the impressive performance recorded in the year.

    He said the company would continue to learn and improve on understanding of its customers’ evolving needs, and how they wish to be served, in order to continually add value to their lives and businesses.

    “As we move forward in 2018, we will continue to drive improvements in our business and in our operations. With the support of our various partners, including brokers and agents, we will serve our clients across our various businesses in a bespoke manner, as a one-stop, non-bank, financial services company,” Ahmed said.

    Shareholders who spoke at the meeting commended the board and management of the insurance company for not incurring any penalty or fine during the year and for prompt settlement of claims.

    They urged the company to embark on expansion and roll out of new products that will boost its revenue and profitability while ensuring that subsidiaries contribute better to the group.

     

  • UBA targets higher returns as shareholders get N29.1b dividend

    Directors of United Bank for Africa (UBA) Plc yesterday assured that the bank will continue to improve its performance as shareholders unanimously approved the distribution of N29.1 billion as cash dividend for the 2017 business year.

    At the annual general meeting in Lagos, shareholders commended the board and management of the pan-African commercial banking group for the strong growth in 2017, particularly the remarkable growth and profitability of the group’s subsidiaries, which contributed 45 per cent of UBA’s profit for the year.

    With the approval of the dividend payment, shareholders will receive a total dividend per share of 85 kobo, consisting of a final dividend per share of 65 kobo in addition to interim dividend of 20 kobo earlier paid after the first-half results. The total payout for 2017 represented a 13 per cent growth on a dividend per share of 75 kobo paid for the 2016 financial year.

    Chairman, United Bank for Africa (UBA) Plc, Mr Tony Elumelu, said the bank remains strong and continues to explore opportunities across the continent to deepen its growth and diversify income sources.

    “Our balance sheet is well protected and our commitment to exceeding regulatory requirements remains unhindered. We recently opened operations in Mali, because that economy is a viable one and will contribute to our bottomline. Mali will benefit from UBA’s presence across Africa, especially with the economic and trade ties amongst Senegal, Guinea and Mali. UBA Group as well as other subsidiaries will also benefit from the Mali operation,” Elumelu said.

    He assured shareholders that the bank will remain a socially responsible organisation by continuing its investments as well as donations to worthy causes aimed at the progress of host countries and Africa at large.

    Group Managing Director, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka, said the banking group has been positioned to surpass its previous performance in the years ahead.

    According to him, while the significant growth of 16 per cent in profit before tax to N105.3 billion in 2017 demonstrated the viability of the bank’s growth model, management’s focus on operational efficiencies and other initiatives will position the bank o achieve better performance in the next financial year.

    “UBA has built a great brand that is recognized all over the world, and because of this, we have decided to focus on strategy on what the customer wants rather than what we like. Everything we do is from the standpoint of the customers because this approach will ensure the sustainability of our growth trajectory. To this end, we have made a lot of investments in technology to ensure that we cater to the dynamic needs of our customers at all times,” Uzoka said.

    Shareholders who spoke at the meeting commended the bank for the impressive performance, which has seen steady growth in dividend payment to shareholders.

    Chairman, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, commended Uzoka for his hard work on customer service, product innovation and more importantly, the continuous improvement in the group’s profitability.

    “We are impressed with what our bank is doing across the continent and I will say that we are beginning to live our name, as the Global Bank for Africa. It reinforces the fact that good things can come from Africa. UBA has showcased a high level of ingenuity in the banking space, and we are glad for how this is translating into gains for our business and steady returns to shareholders,” Okezie said.

    Shareholders also lauded the bank on the recent promotion of more than 47 per cent of its workforce, within 12 months, adding that it remained a commendable feat at a period where many banks and companies are laying off staff, due to the recession that rocked the country about two years ago.

    Another shareholder, Mr. Timothy Adesiyan, commended the bank for being the first bank in Africa to embrace artificial intelligence technology into the banking space, through the introduction of UBA’s virtual banking robot, called “Leo”.

    He said shareholders remained impressed that UBA’s investments in key countries such as Ghana, Burkina Faso and Cote d’Ivoire were paying off adding that UBA has become a catalyst for growth in Africa.

    “We have been benefitting from this in the area of dividends, and we ask that this momentum be sustained,” Adesiyan said.

    A shareholder and analyst, Nonah Awoh, also commended the bank for the performance and urged the management to do more to ensure that all the African subsidiaries contribute at least 50 per cent to the bottomline.

  • Access Bank declares N18.8b dividend

    The board of Access Bank Plc has recommended payment of N18.8 billion as cash dividend to shareholders for the 2017 business year. Shareholders will receive a final dividend of 40 kobo, in addition to interim dividend of 25 kobo, bringing the total dividend per share for 2017 to 65 kobo.

    Key extracts of the audited report and accounts of Access Bank Plc for the year ended December 31, 2017 released yesterday at the Nigerian Stock Exchange (NSE) showed that gross earnings grew by 20 per cent to N459.08 billion in 2017 as against N381.32 billion recorded in 2016.

    The top-line performance was boosted by a 29 per cent increase in interest income to N319.9 billion in 2017 as against N247.2 billion in 2016. Net interest income rose by 17 percent to N163.45 billion in 2017 compared with N139.148 billion in 2016. Non-interest income grew marginally by four per cent from N133.4 billion to N139.1 billion. With these, group’s operating income rose to N302.6 billion in 2017 as against N272.6 billion in 2016.

    The top-line performance underlined considerable expansion in the commercial bank’s core lending business. Loans and advances grew by 11 per cent to N2.06 trillion in 2017 as against N1.855 trillion in 2016. Total assets rose by 18 per cent from N3.48 trillion to N4.10 trillion. Group’s shareholders’ funds had grown by 13 per cent from N454.49 billion in 2016 to N515.45 billion in 2017.

    However, the bank’s bottom-line contracted as pre-tax profit dropped by 11 per cent from N90.34 billion in 2016 to N80.07 billion in 2017. After taxes, net profit declined from N71.44 billion to N61.99 billion. With these, earnings per share dropped simultaneously from N2.50 in 2016 to N2.18 in 2017.

    Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, Group Managing Director, Access Bank Plc, said the bank’s operating performance in 2017 was impacted by the residual effects of macro-economic conditions of 2016, noting that the bank’s fundamentals remain strong and the group remains poised for sustainable growth in the coming periods.

    According to him, despite the macro and regulatory headwinds, the bank’s underlying business remained strong as reflected in the gross earnings growth and its loan book.

    He noted that 2017 was pivotal for the bank as it concluded its 2013-2017 corporate strategic plan, which successful implementation was hinged on discipline, hard work, and an unwavering commitment to set objectives.

    “I am particularly excited about the next phase of the bank’s evolution centred on an integrated global franchise. The execution of the 2018-2022 strategy commences with focus on deepening our retail offerings, underpinned by strong digital and payment solutions. Throughout the next phase, we will continue to invest in technology as we establish a universal payments gateway with an ecosystem of local and international partnerships,” Wigwe said.

    Access Bank’s capital and liquidity levels of 22.5 per cent and 47.3 per cent respectfully remained robust, well above the required regulatory minimum, providing a strong buffer against the macro challenges and room to expand its business.

  • Dangote Cement declares N179b dividend

    Shareholders of Dangote Cement Plc will receive N178.9 billion as cash dividend for the 2017 business year as the cement company drew on increased sales and margins to grow net profit by 43 per cent to N204.25 billion.

    The board of directors of the cement company yesterday indicated that shareholders will receive a dividend per share of N10.50, representing an increase of 23.5 per cent on a dividend per share of N8.50 paid for the 2016 business year.

    Key extracts of the audited report and accounts for the year ended December 31, 2017 showed that the group turnover grew by 31 per cent from N615.1 billion in 2016 to N805.6 billion in 2017. Profit before tax increased from N180.93 billion in 2016 to N289.59 billion in 2017. Profit after tax rose from N142.86 billion in 2016 to N204.25 billion in 2017. Earnings per share consequently improved to N11.65 in 2017 compared with N8.78 in 2016.

    The report indicated that while sales from the three plants in Nigeria contributed N552.36 billion to the group’s revenue, the balance of N258.44 billion was accounted for by plants in other African countries. Revenue attributable to Nigeria grew by 29.6 per cent while that from Pan-African operations rose by 32.5 per cent.

    Though group sales volumes were lower by seven percent due to depressed Nigerian market, Pan-African sales volumes went up by 8.4 per cent to 9.4 metric tonnes with strong volume increases in Senegal, Ethiopia and Cameroon and new capacities of 1.5 metric tonnes in Congo and 0.5 metric tonnes in Sierra Leone.

    Acting Group Chief Executive Officer, Dangote Cement Plc, Joseph Makoju, said the company’s performance demonstrated the robust diversification of its business.

    “We expanded our footprint from eight countries to ten with the opening of new facilities in the Republic of Congo and Sierra Leone, while our operations in Cameroon, Senegal and Ethiopia achieved strong sales growth during the year. With total sales volumes of nearly 22 million tonnes, we are by far the leading manufacturer of cement in Sub-Saharan Africa,” Makoju said.

  • Total Nigeria retains N5.77b dividend payout despite 46% drop in profit

    Total Nigeria retains N5.77b dividend payout despite 46% drop in profit

    The board of directors of Total Nigeria Plc has recommended payment of final dividend of N4.75 billion to shareholders, bringing the total dividend payout for the 2017 business year to N5.77 billion. The company had also paid N5.77 billion as cash dividend to shareholders in 2016.

    The breakdown of the dividend recommendation indicated that shareholders will receive a final dividend of N14 per share. The company had earlier distributed N1.02 billion as interim cash dividend, representing interim dividend of N3 per share.

    Key extracts of the audited report and accounts of Total Nigeria for the year ended December 31, 2017 showed a top-down decline in performance. Turnover dropped marginally from N290.95 billion in 2016 to N288.06 billion in 2017. Profit before tax dropped by 42 per cent from N20.35 billion in 2016 to N11.8 billion in 2017 while profit after tax declined by 46 per cent from N14.8 billion to N8.02 billion. Earnings per share also declined by 46 per cent from N43.58 in 2016 to N23.62 in 2017. However, the company’s shareholders funds improved by 20 per cent from N23.57 billion to N28.23 billion.

    The company blamed the decline on tough operating environment in 2017 citing economic recession and its consequent contraction of the downstream market.

    The company also stated that scarcity of Premium Motor Spirit (PMS) due to high landing cost compared to the template, foreign exchange scarcity that hindered importation and high financial costs due to increase in bank lending interest rates impacted negatively on the company’s performance.

    Managing Director, Total Nigeria Plc, Jean-Philippe Torres, said Total Nigeria is committed to ensuring total customer satisfaction by the creation of quality products and services delivered with a strong commitment to safety and respect for the environment.

    According to him, the overall objective of total customer satisfaction drives all the company’s actions and the mutual acknowledgement of them by its partners forms the basis for their business relationships.

    “To sustain this objective and our leadership of the market, our commitment is to build and sustain a work culture firmly rooted in professionalism, respect for employees, internal efficiency and dedicated services,” Jean-Philippe Torres said.

  • Africa Prudential, United Capital declare N2.9b dividend

    Shareholders of Africa Prudential (APR) Plc and United Capital Plc will receive N2.9 billion as total dividend payout for the immediate past business year.

    Directors of the two companies-which were spun off from the United Bank for Africa (UBA), in separate filing at the Nigerian Stock Exchange (NSE) indicated that shareholders of APR will receive 33.3 per cent increase in payout while payouts to United Capital’s shareholders would be reduced by 30 per cent.

    The Board of Directors of APR has recommended distribution of N800 million as cash dividend for the 2017 business year, representing a dividend per share of 40 kobo. The recommended payout for 2017 represents 33.3 per cent increase of 30 kobo dividend per share paid for the 2016 business year. The increase in dividend payout underlined the well-rounded improvement in the performance of the share registration company.

    Directors of United Capital have recommended total cash dividend of N2.10 billion for the 2017 business year compared with N3 billion distributed for the 2016 business year. Shareholders will receive a dividend per share of 35 kobo for the 2017 business year as against 50 kobo per share received for the 2016 business year. United Capital struggled with a top-down decline in 2017 with net earnings dropping by 57.5 per cent.

    Key extracts of the audited report and accounts of APR for the year ended December 31, 2017 showed that turnover rose from N2.42 billion in 2016 to N3.32 billion in 2017. Profit before tax also rose from N1.45 billion to N2.07 billion. After taxes, net earnings stood at N1.71 billion in 2017 as against N1.02 billion in 2016. Earnings per shares consequently increased from 51 kobo in 2016 to 86 kobo in 2017. The dividend will be paid on March 27, 2018 to shareholders on the register of APR as at the close of business on March 12, 2018.

    In the same vein, key extracts of the audited report and accounts of United Capital for the year ended December 31, 2017 showed that turnover dropped from N9 billion in 2016 to N8.92 billion in 2017. Profit before tax declined from N6.37 billion to N5.55 billion while profit after tax dropped from N6.91 billion to N4.36 billion. With this, earnings per share declined from N1.15 in 2016 to 73 kobo in 2017.

    United capital’s dividend will be paid on March 28, 2018 to shareholders on the register  as at the close of business on March 08, 2018.