The Nation Newspaper

Tag: dividend

  • Shareholders mull legal action against CBN’s bank dividend policy

    Shareholders mull legal action against CBN’s bank dividend policy

    Minority and retail shareholders have called on the Central Bank of Nigeria (CBN) to rescind its newly amended dividend payment policy for deposit money banks (DMBs), threatening to take legal action against the apex bank if it failed to withdraw the policy.

    Minority and retail shareholders under the auspices of Pragmatic Shareholders Association (PSA) said the CBN’s dividend policy for banks runs contrary to the current efforts aimed at encouraging retail investors in the Nigerian capital market.

    In a communiqué issued at the end of their emergency meeting at the weekend, the shareholders said the apex bank was chasing a wild goose by shifting the blame of non-performing loans to shareholders rather than addressing the underlying causes of non-performing loans.

    Under the amended dividend policy, banks that do not meet the minimum capital adequacy ratio (CAR) will not be allowed to pay dividend. Also, banks with non-performing loans (NPLs) above 10 per cent will not be allowed to pay dividend. Banks that meet the minimum CAR requirement, but have NPL ratio of more than 5.0 per cent, but less than 10 per cent will be allowed to pay a maximum of 30 per cent of earnings as dividend. Banks with CAR of at least 3.0 per cent above minimum requirement and NPL ratio of more than 5.0 per cent, but less than 10 per cent will be allowed to pay up to a maximum of 75 per cent of earnings as dividends while banks that meet the minimum capital adequacy ratio and non-performing loan ratio have no regulatory restrictions and can pay dividend as wish.

    Shareholders said the apex bank should take the blame for the level of non-performing loans in the Nigerian banking industry, alleging that the bad debts were as a result of the failure of the apex bank to efficiently discharge its regulatory functions.

    They alleged that the board and management of the CBN cannot be absolved from the high level complicity and sabotage that have continued to fuel recurring bad loans.

    “The apex bank owes it a duty to Nigerians and the international community to publish profiles of loan defaulters and invoke operating laws through the banks on all bad loans,” the communiqué, signed by PSA’s National Coordinator, Mrs Bisi Bakare stated.

    They called on the National Assembly to intervene and protect the domestic retail shareholders from what they described as kill-joy policies of the apex bank.

    According to the association, the use of dividend payment as bad debt management tool will not only have negative impact on the domestic capital market and national capital accumulation, but may also encourage defaulters.

    The association also chided the Securities and Exchange Commission (SEC) “for abandoning and reneging on its corporate responsibilities to shareholders”.

  • Nigerian Breweries pays N33b net profit as dividend

    Nigerian Breweries pays N33b net profit as dividend

    The board of Nigerian Breweries (NB) Plc has recommended distribution of N25 billion as final cash dividend to the shareholders of breweries, raising the total cash dividend for the 2017 business year to N32.9 billion. This represented the entire profit after tax for the year.

    A breakdown of the final dividend recommendation indicated that shareholders will receive a dividend of N3.13 on every share held as at the close of business on March 6, 2018. Shareholders are expected to approve the dividend at the company’s annual general meeting on April 20, 2018 while the dividend will be paid on April 23, 2018.

    Nigerian Breweries had distributed N7.9 billion as interim dividend, representing interim dividend per share of N1. The total dividend per share now stands at N4.13.

    Key extracts of the audited report and accounts of the company for the year ended December 31, 2017 showed that total sales rose by 10 per cent from N313 billion in 2016 to N344 billion. Profit before tax increased from N39.67 billion in 2016 to N46.63 billion in 2017. Profit after tax grew by 16 per cent from N28.4 billion in 2016 to N33 billion. Earnings per share stood at N4.13 in 2017 as against N3.58 in 2016.

    Company Secretary, Nigerian Breweries Plc, Mr. Uaboi Agbebaku, noted that while the foreign exchange situation improved in the course of 2017, double digit inflation continued to impact both businesses and consumers.

    He said the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation.

    He pointed out that while there are some early signs of improvement in the macro-economic condition, this is yet to be reflected in consumer confidence.

    Directors of the company expressed optimism that NB has a clear strategy to deliver good return on investment to shareholders as part of its commitment to winning with Nigeria.

  • Academy Press skips dividend as loss rises to N512.73m

    The Board of Directors of Academy Press Plc has decided not to recommend any payment of dividend for the third consecutive business year after the company’s performance worsened in 2017.

    Academy Press recorded a net loss of N512.7 million in 2017, an increase of 662 per cent.

    The board stated that it decided not to declare dividend in view of the loss sustained by the company and the need to strengthen its working capital position.

    Key extract of the audited report and accounts of Academy Press for the year ended March 31, 2017 showed that turnover rose marginally from N2.05 billion in 2016 to N2.12 billion in 2017.

    Gross profit however dropped from N525.22 million in 2016 to N379.91 million. Loss before tax worsened from N93.51 million to N387.46 million. After taxes, net loss also worsened from N67.32 million to N512.73 million.

    The balance sheet of the printing and publishing company also weakened as total assets dropped from N3.67 billion in 2016 to N2.98 billion. Total equity fund also declined from N726.52 million to N225.14 million.

    Academy Press was incorporated  as a private limited liability company on July 28, 1964 and by a special resolution became a public limited liability company in October 1991. It offered its shares to the public in November 1994 and these were listed on the Nigerian Stock Exchange(NSE) in June, 1995.

    Academy Press engages in printing and publishing of educational and general books, and commercial printing of diaries, labels, calendars, periodicals, annual reports, confidential and other printing.

    The NSE last October  suspended trading on the shares of Academy Press and three other companies, following the failure of the companies to adhere to best corporate governance and post-listing requirements. The other three suspended companies included Nigerian German Chemical Plc, Roads Nigeria Plc and Thomas Wyatt Nigeria Plc.

    The companies were suspended after they failed to file their accounts and operational reports as required by the listing rules at the Exchange.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    NSE tags and applies fines on companies that fail to meet earnings reports’ deadline. The Exchange last January 1, 2017 launched its new sanction regime for delay in submission of companies’results.

    Under the new regime, 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 dailies.

  • We’ll ensure dividend of democracy is evenly distributed, says Ambode

    We’ll ensure dividend of democracy is evenly distributed, says Ambode

    Governor celebrates Eid-El-Kabir with Ibeju Lekki community

    Lagos State Governor Akinwunmi Ambode, yesterday joined Muslims  to celebrate the 2017 Eid-El-Kabir festival, pledgeing to ensure that the dividend of good governance is evenly  distributed.

    Speaking at Iberekodo Primary School in Ibeju Lekki, one of the 20 centres designated by the government to mark the festival, Ambode reiterated that no part of the state will be left behind in the scheme of things. He urged residents to continue to play their parts to bring about the desired transformation.

    He rejoiced with Muslims  in the state, the celebration ssaying at significed the triumph of faith and the assurance that Almighty Allah will always open a way for those who have absolute trust in his grace.

    “This is a day of sacrifice to commemorate Prophet Ibrahim’s faith in Allah. In this celebration, there is great lesson for all of us especially as we strive to achieve the Lagos of our collective dream.

    “We must remain hopeful and keep faith in the absolute power of Allah to turn our aspirations into reality. It is, however, very important for all of us to play our own part just as Prophet Ibrahim did,” Ambode said.

    The governor assured residents of  his commitment to their welfare irrespective of tribe, colour or creed.

    Explaining the rationale behind the simultaneous celebration of the festival across 20 centres in the state, Ambode said before now, residents flock the Lagos House to celebrate with the first family during any festive period, thereby subjecting them to travel long distance, but that the new method would ensure everyone is catered for as part of the commitment of his administration ensure inclusiveness.

    “Let me again use this opportunity to reassure all residents that we remain committed to the welfare and well being of all citizens irrespective of their location within the state without prejudice to ethnic, religious and socio economic background.

    “We will ensure that the dividend of good governance is evenly and fairly distributed in line with our pledge not to leave any part of the state behind,” he said.

    Besides, Ambode thanked Lagosians for showing absolute faith in the ability of the current administration to continue to deliver on the electoral mandate as demonstrated by the overwhelming vote for the All Progressives Congress (APC) at the recent local government election in the state.

    Speaking with journalists, Ambode urged Nigerians to continue to spread love and uphold religious tolerance for the progress of the country.

    He said: “The whole essence of this celebration is to share love and to also touch people who are in need. We must continue to spread love and preach love. With religious tolerance, Nigeria will be better.

  • States to earn dividend from sovereign wealth fund from 2018

    •Minister hails NSIA over achievements

    THE 36 states will start to receive dividend from the  Nigeria  Sovereign and Investment Authority (NSIA) from next year, it was learnt yesterday.

    NSIA is entrusted with the management of the country’s Sovereign Wealth Fund.

    It was set up in 2014 with a take-off seed of $1 billion from the Excess Crude Account.

    The idea of the agency, which is rated 56th in the world, is to provide the country with a stabilisation fund during economic distress.

    NSIA Managing Director/Chief Executive Director Uche Orji, who spoke yesterday when he received the Minister of Information and Culture, Alhaji Lai Mohammed,  said the agency has been able to make some gains in the last few years and also contributed significantly to the economy.

    Orji posited that though NSIA was not able to give dividends in the last two years, but with the income generated so far, it will be in position to begin to give states dividends as from next year.

    He noted that the agency in the last two years (2014-2016) earned N149.83 billion.

    “We are cautiously optimistic about market conditions as performance in 2017 may be significantly different from prior years. However, we shall undertake tactical rebalance in our assets allocation to achieve sustained profitability,” he added.

    He noted that the agency has made serious achievement in the area of infrastructure, agriculture and health.

    The agency, according to Orji, will partner in funding the $760 million second Niger Bridge project and the Lagos-Ibadan road among other social infrastructure projects.

    Besides, Orji added that the agency intervention in fertiliser has paid off as it has drastically brought down the price of fertiliser from N11,000 to N5,500.

    Overall, the NSIA boss said the agency produced and sold six million bags of fertiliser.

    This, he said, has contributed to the increase in the output of grains and cut in prices.

    He noted that NSIA has been able to revitalise 11 of the 28 fertiliser blending firms.

    The agency, according to Orji, was working on another six, which is expected to come up before the end of the year.

    He said: “An estimated $150 million has been saved in foreign exchange as a result of the local sourcing of two of the project’s raw materials.

    The minister hailed the agency for the great, “but unannounced work it has been doing”.

    Mohammed commended the agency for the adoption of the fertiliser whistleblower policy, with the aim of reducing the activities of fertiliser cabal.

     

  • Fidelity Bank shareholders get N4.1b dividend

    Fidelity Bank shareholders get N4.1b dividend

    Shareholders of Fidelity Bank Plc have been rewarded with N4.056 billion as dividend on their investment for the financial year ended 31, December, 2016 upon approval at the bank’s 29th annual general meeting held in Lagos.
    The board of the bank proposed a dividend of N4.056 billion for 28.975 billion shares outstanding, representing 14 kobo per ordinary share which was unanimously approved by the shareholders at the meeting.
    The shareholders who embraced e-Dividend payment received direct credit of the dividend to their bank accounts immediately after the annual general meeting.
    At the meeting, the Chairman, Mr Ernest Ebi, attributed financial performance of Fidelity Bank in 2016 to the slowdown in business activities due to lower government revenues, arising from depressed oil prices, lower interest rate regime, rising inflation rate, lower consumer disposable income, tougher operating environment and the impact of the current devaluation on asset quality.
    According to him, the bank reported a 3.5 per cent increase in gross revenue to N152 billion from N147 billion in 2015. ”Despite the drop in profitability, we remain strong boasting of a capital adequacy ratio of 17.2 per cent in 2016 which stood above the regulatory minimum of 15 per cent, which implies that as the business environment opens up in 2017 financial year, Fidelity Bank will have adequate capital to latch on to the opportunities,” Ebi said.
    In his address, Managing Director of the bank, Nnamdi Okonkwo, said the success story of Fidelity Bank Plc was anchored on improved service quality, innovative products and services tailored to meet the varying needs of the bank’s customers.
    “The strides achieved in our innovative pursuits strengthened the income stream of your bank”, he said.
    He said Fidelity Bank continued to improve the earnings capacity of the different segments of its business as gross earnings increased by 3.5 per cent, net interest income increased by 1.6 per cent and fee-based income increased by 9.6 per cent while expense growth at 4.7 per cent was significantly below the average inflation rate of 15.7 per cent in 2016.
    The retail and electronic banking strategy of Fidelity Bank continued to deliver impressive results as savings deposit grew by 30.1 per cent to N155 billion while instant banking and online banking products grew by over 200 per cent leading to a 41.3 per cent growth in e-banking revenue.
    Okonkwo, however, attributed the growth in e-banking revenue to the upgrade of the bank core banking system which provided a superior architecture that enhanced operational efficiency and depend electronic banking capabilities.
    The shareholders of the bank commended the board on the performance during the year 2016 and them to improve on it.

  • NASCON promises better future as shareholders get N1.85b dividend

    NASCON Allied Industries Plc would be making new investments in its major lines of operations to improve overall efficiency and market share in continuation of ongoing efforts to ensure long-term growth and returns to shareholders.

    The board of directors of NASCON yesterday at the annual general meeting in Lagos assured shareholders of its unwavering commitment to the continued growth and prosperity of the company. The assurance came as shareholders approved distribution of N1.85 billion as cash dividend for the 2016 business year as against N1.46 billion distributed for the 2015 business year. Shareholders will receive a dividend per share of 70 kobo, 27 per cent above 55 kobo paid for the 2015 business year.

    Addressing the shareholders, chairman,   NASCON Allied Industries Plc, Yemisi Ayeni, said the outlook for the company remains optimistic as it continues to drive growth across its core brands with significant investments in marketing and brand building efforts.

    She said the company would also continue to focus on distribution and route-to-market efficiency as a key driver of growth.

    “To support our growth strategy, we will be investing in salt packaging and seasoning cubing lines to improve efficiency and increase market share. We will be acquiring new trucks to reduce external hiring and ensure optimal distribution of all our products,” Ayeni said.

    Managing director, NASCON Allied Industries Plc, Mr. Paul Farrer, noted that with expected steady improvements in the economy over the next 18 months, the company is confident of improved performance.

    He added that the company had taken some key decisions in the area of retail pricing and convenience, which have resulted in immediate and long-term gains, including a focus on optimization of the route to market to ensure product availability.

    “We remain confident that our long term strategy for vegetable oil and tomato paste businesses will yield results in the near future,” Farrer said. NASCON had suspended the vegetable oil and tomato paste businesses in 2016 due to paucity of raw materials.

    Key extracts of the audited report and accounts for the year ended December 31, 2016 showed that NASCON grew turnover to N18.29 billion in 2016 as against N16.18 billion in 2015. Gross profit rose from N4.36 billion to N5.92 billion. Operating profit also increased from N3.03 billion to N3.82 billion. Profit before tax rose from N3.02 billion to N3.52 billion. Profit after tax increased from N2.11 billion to N2.42 billion. Earnings per share thus improved from 79 kobo in 2015 to 91 kobo in 2016.

  • NIPCO shareholders get N563m dividend

    NIPCO shareholders get N563m dividend

    Shareholders of NIPCO Plc yesterday approved the distribution of N563 million as cash dividend for the 2016 business year as shareholders applauded the strides by the company to increase its dominance in the Nigerian downstream oil sector.

    NIPCO had through its wholly-owned subsidiary acquired the 60 per cent majority equity stake in Mobil Oil Nigeria Plc from ExxonMobil Oil Corporation.

    The breakdown of the dividend implies that shareholders will receive a dividend per share of N3. Key extracts of the audited report and accounts of NIPCO for the year ended December 31, 2016 showed that turnover dropped from N170.50 billion in 2015 to N114.72 billion in 2016. Profit after tax meanwhile rose from N1. 42 billion in 2015 to N1.60 billion in 2016.

    Speaking at the 13th annual general meeting (AGM) yesterday at Transcorp Hotel, Abuja, chairman, NIPCO Plc, Chief Bestman Anekwe said the results demonstrated the aggressive push the company had made in the downstream sector.

    He described the year 2016 as one of the most difficult years ever witnessed in the socio-economic development of the nation but noted that the proactive nature of the company made it to stand shoulder high among its peers by being able to sustain its growth pattern.

    He pointed out what he described as the giant and audacious stride of acquiring ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc, which has further strengthened NIPCO’s position in the industry and widened its retail footprints.

    Anekwe commended shareholders for their unflinching support and constructive partnership over the years, which has enabled the company to attain enviable height in the industry in spite of a tough operating environment.

    In his own remarks, Group Managing Director, NIPCO Plc, Mr. VenkataramanVenkatapathy attributed the improved performance of the company to increased sales drive, effective management of resources and adjustment of business model to the changing market variables.

    According to him, although the year was marked by economic constraints, NIPCO made spirited efforts to reduce the impact on its customers without having any negative effect on shareholders’ return on investment.

    “We prepared ceaselessly for the expected harsh operating environment by focusing on effective management of resources with a special focus on cost containment without jeopardizing quality in our entire operations,” Venkatapathy said.

  • SEC, others push for new framework for unclaimed dividend management

    SEC, others push for new framework for unclaimed dividend management

    Securities and Exchange Commission (SEC) and other stakeholders in the capital market have called for a review of capital market laws and creation of a framework to enhance the process of dividend payment and management of unclaimed dividends.

    SEC, the apex capital market regulators and other stakeholders including Corporate Affairs Commission (CAC), Institute of Capital Market Registrars (ICMR), Nigerian Stock Exchange and shareholders’ associations among others called for the removal of the 12-year statute of limitation on unclaimed dividends as contained in Section 385 of the Corporate and Allied Matters Act (CAMA) to enable shareholders claim their dividends in perpetuity.

    They also called for the establishment of a trust fund as a body corporate, with a board of trustees, for the administration of unclaimed dividends. The fund will be managed by an independent fund manager, supervised by the board of trustees and regulated by the Commission.

    In separate positions at the public hearing organised by the Senate Committee on Capital Market, stakeholders urged the National Assembly to review existing laws and create the Unclaimed Dividend Trust Fund to address the recurring problem of unclaimed dividend.

    SEC’s position was based on the report of a committee earlier mandated to look at the problem of unclaimed dividend.

    Speaking at the public hearing, Director General, Securities and Exchange Commission (SEC),  Mr Mounir Gwarzo noted that establishing the unclaimed dividend trust fund would be in line with international practices and further remove unscrupulous practice of delay in dividend payment.

    “Going by the practices in other jurisdictions, we believe that it is apt for the Nigerian capital market to have a platform for the utilization of unclaimed dividends funds,” Gwarzo said.

    Other stakeholders also aligned with Gwarzo. The CAC in its submission advocated for repeal of Section 385 of CAMA and the establishment of unclaimed dividend trust fund.

    According to the proposal for the unclaimed dividend trust fund, the members of the board of trustees should be selected from the capital market with representation Federal Ministry of Finance, SEC, ICMR, shareholders’ association, Nigerian Employees Consultative Association and such other persons as may be determined by the Minister of Finance.

    Upon establishment of the fund, the Minister of Finance shall issue a directive for all forfeited unclaimed dividends domiciled with the companies and  all subsequent unclaimed dividends, 15 months and above to be paid into the fund. It shall be the responsibility of SEC to enforce this directive.

    The stakeholders argued that the trust fund is the viable option for injecting the forfeited unclaimed dividends into the economy.

    They noted that as the financial regulators continue to push for greater levels of financial inclusion and encourage more Nigerians to invest in the capital market, the issue of unclaimed dividends must be tackled holistically.

    In a bid to mitigate the situation, SEC had in September 2015 issued a directive to all registrars of companies to return 90 per cent of unclaimed dividends in their custody for a period of 15 months and above. Similarly, in November 2015, the Commission launched the E-Dividend Mandate Management System (E-DMMS). The E-DMMS is an E-dividend payment portal that ensures the payment of dividends directly into a shareholder’s account. It is believed that these steps taken by the Commission would help to reduce the increase of unclaimed dividend which stood at N117 billion as at December 31, 2016.  Out of this figure, N86 billion is in the custody of the paying companies while N13.7 billion is in the custody of the registrars. However, from November 2015 when the SEC flagged-off the campaign on e-dividends to February 2017, about N42.2 billion has been paid to investors.

    Ironically, the provisions of CAMA might have contributed to the issue of unclaimed dividends. Section 382 (2) of CAMA allows the issuing companies to retain the unclaimed dividends and invest them for their own benefits. The danger with this provision is that the paying companies in lieu of the benefits they stand to gain may be enticed to implore all tactics within their reach to ensure dividends are unclaimed. This may include connivance with the registrars of companies.

    More worrisome is the fact that Section 385 of CAMA makes dividends recoverable from the companies only within a period of 12 years.  As such any dividend not claimed by an investor within 12 years after it is declared is deemed as forfeited and can no longer be recovered. Although CAMA is silent on who should have custody of the funds when it becomes statute barred, the issuing companies being already in custody of the funds, retain custody, and stand to make huge benefits from the funds at no extra cost.

    Market analysts said the current push for unclaimed dividend trust fund is on the right direction and it will be a major achievement for the current Director General of SEC to have recorded this success within a short period of time.

    They noted that the issue of unclaimed dividend is one of the initiatives stated in the implementation of 10 Year Capital Market Master Plan which has been recording substantial successes in different areas.

  • Jaiz Bank lists N37b shares, to begin dividend payment

    Jaiz Bank Plc, Nigeria’s first non-interest commercial bank, recorded another milestone yesterday as the first non-interest financial institution to be listed on the Nigerian Stock Exchange (NSE) with the admission of the entire issued share capital of the bank to the main board of the Exchange.

    The listing of the Jaiz Bank’s 29.46 billion ordinary shares of 50 kobo each at N1.25 per share lifted the market capitalisation of quoted companies by N36.83 billion. The listing was done by way of introduction, implying that Jaiz Bank’s shares would now be available initially through the secondary market. A total of 356,000 ordinary shares valued at N445, 000 were traded in six deals immediately after listing.

    Speaking at the post-listing presentation on the company, chairman, Jaiz Bank Plc, Dr. Umar Abdul Mutallab, said the listing of the bank on the Exchange would open up opportunities to all Nigerians to be part of the ownership while providing liquidity to existing shareholders.

    He explained that while Jaiz Bank is based on the principles of Islamic finance, the bank is an equal-opportunity institution that provides services to all customers and employment to all categories of people irrespective of their beliefs, regions and ethnicity.

    He pointed out that the shareholders of the bank also cut across all segments of the country and beyond noting that the “Jaiz Bank is for all Nigerians” but the only difference is that the bank only finances ethical projects.

    Managing director, Jaiz Bank Plc, Mr Hassan Usman, said Jaiz Bank has over its five years of operations built up a reputation as a solid bank noting that the bank broke even in its third years of operations and has been consistently profitable since then.

    He said the bank would begin dividend payment to shareholders by the end of the year ended December 31, 2017 with the board already approving a dividend payment policy that will see the distribution of 50 per cent of net profit after tax to shareholders as dividend.

    He pointed out that given the performance of the bank since it started operations in 2012 and its growth trajectory of 30 per cent average growth per annum, Jaiz Bank has bright prospects.

    He projected that the bank’s gross earnings would rise consistently over the next five years to N16.2 billion in 2021 while profit before tax is also expected to follow the same trend to N7.94 billion by 2021.

    “Our listing today, I am sure, will elicit public confidence that non-interest banking provides alternative model that will contribute to the socio-economic development of our country,” Usman said.

    He added that the listing would also enhance value of the company and increase transparency, pointing out that the listing is also in fulfillment of an earlier promise made at inception of the bank to the shareholders and the general public.

    Chief executive officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, commended Jaiz Bank for listing its shares, describing the listing as a bold and strategic step.

    “Your listing on the NSE today will not only showcase Jaiz Bank as an African champion, but will enable the bank position itself towards the actualization of its strategic vision of serving the Sub-Saharan Markets. As you are aware, Islamic finance has grown rapidly over the past decade, and this banking segment has become systemically important across many regions,” Onyema said.

    He pointed out that Jaiz Bank has gone through a rigorous process to meet the listing standards of the NSE and with the listing, the bank is showing its commitment to living a culture of strong corporate governance, excellent corporate citizenship and efficient services to its clients.

    Jaiz Bank was created out of the former Jaiz International Plc which was set up in 2003 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged non-interest bank. The bank is owned by some 27,000 shareholders including the Islamic Development Bank (IDB). It had obtained a regional operating license to operate as a non-interest bank from the Central Bank of Nigeria (CBN) on November 11, 2011 and began full operations as the first non-interest bank in Nigeria on January 6, 2012 with three branches located in Federal Capital Territory, Abuja; Kaduna and Kano. It recently obtained a national banking license from the CBN.