Economy
AG Mortgage Skips Dividend Payment over Capital Impairment
By Adedapo Adesanya
AG Mortgage Bank Plc has said due to its capital impairment, it won’t be able to pay dividends to shareholders for the fiscal year ended December 31, 2020.
This information was disclosed in its Annual Report and Accounts for the year. The firm is skipping the dividend payment despite growth in its earnings, cut in operating costs, and management of cost.
Analysis of the financial results of the company by Business Post showed that its gross earnings grew by 15 per cent from N945 million in 2019 to N1.08 billion in 2020, while the profit before tax (PBT) rose by 172 per cent from N66 million to N180 million, with the post-tax profit rising by 405 per cent from N22 million to N111 million.
Also, the total deposits stood at N4.8 billion as of December 31, 2020, higher than the previous year’s figure of N3.4 billion by 41 per cent, while the total assets went up by 28 per cent from N12.5 billion to N16 billion, with shareholders’ funds increasing by 26 per cent from N5.1 billion to N6.4 billion.
The Chairman of the Board of Directors, Mr Ejikeme Ejim, noted that the year 2020 was buffeted by the COVID-19 pandemic and its effect which sank the country into another recession barely three years after pulling out of the last one.
He said, “All economic activities came to a halt during the total shut down of the economy to manage the effect of the pandemic. The price of crude oil, the mainstay of the economy crashed to as low as $30 per barrel.
“This put pressure on the nation’s foreign exchange stability, leading to a significant devaluation as the central bank adjusted the exchange rate from N307/$ to N380/$. Expectedly, inflation rate shot up to 13 per cent by mid-year and 18 per cent by year-end.”
He said the mortgage industry witnessed a resurgence of hope within the period following the revitalization of the Federal Mortgage Bank of Nigeria (FMBN) for the provision of long term capital for both developments of housing stock via its Estate Development and Construction Finance Loans as well as on-lending to prospective house owners through the National Housing Fund (NHF) loans.
“This is complemented by the opening of alternative financing windows of the Family Homes Funds and the Nigeria Mortgage Refinancing Company (NMRC). However, mortgage banks remain restricted in their capacity to support housing delivery by virtue of the level of funding outside the sources mentioned above.
“On the other hand, the slow capital market environment continually poses a challenge to mortgage banks in their bid to raise capital in fulfilment of the minimum capital requirements as demanded by the Central Bank of Nigeria (CBN).”
On the company’s recapitalization efforts, the bank increased its equity capital to N10 billion by the creation of additional 10,000,000,000 ordinary shares of 50 kobo each.
He added that activities were in top gear for raising additional capital of N1.8 billion to ensure that the bank regularizes its capital impairment and retains its status as a National Primary Mortgage Bank.
The bank noted that details of the fundraising exercise would be circulated to members in due course after all the regulatory approvals have been obtained.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn