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Stanbic IBTC Lists New 232.9 Million Shares on NSE

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Stanbic IBTC Lists New 232.9 Million Shares on NSE

By Dipo Olowookere

Additional 232,899,013 ordinary shares of 50 kobo each of Stanbic IBTC Holdings Plc have admitted on the trading platform of the Nigerian Stock Exchange (NSE), Business Post has learned.

These equities of the company were listed on the nation’s stock exchange on Thursday, September 12, 2019, a regulatory document seen by this newspaper confirmed.

It was gathered that the new shares were created by Stanbic IBTC from the scrip dividend offered to shareholders of the financial institution, who opted to convert their cash dividend of N1.50k per share to new equities of the firm for the full year ended December 31, 2018.

According to a notice from the NSE at the weekend, “232,899,013 ordinary shares of Stanbic IBTC Holdings Plc were listed on the Daily Official List of the Nigerian Stock Exchange on September 12, 2019.

“The additional 232,899,013 ordinary shares of 50 kobo each resulted from the scrip dividend offered to eligible shareholders of Stanbic IBTC who elected to receive new ordinary shares in lieu of cash dividends with respect to the N1.50 final dividend declared for the financial year ended December 2018.”

It was further stated that, “With this listing of 232,899,013 ordinary shares, the total issued and fully paid up shares of the company has now increased from 10,240,552,945 to 10,473,451,958 ordinary shares.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Banking

Fidelity Bank Customers Win Millions of Naira in GAIM 5 Promo

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Fidelity Bank Customers GAIM promo

By Modupe Gbadeyanka

On Thursday, January 27, 2022, some Fidelity Bank customers had the opportunity to win millions of Naira in the month’s draw of the lender’s Get Alert in Millions savings promo, season 5 (GAIM 5).

It was gathered that no fewer than 10 customers of the financial institution became N1 million richer. They were from several branches across the six geo-political zones of Nigeria and presented with their prizes at an event held at Fidelity Bank, Awolowo Road, Ikoyi, Lagos.

One of the winners, Stanley Okpoto, who could not hide his joy, said, “I am more than happy to receive this cash prize from Fidelity Bank.

“Being a long-time customer and follower of the bank, I feel special and grateful that as little as 2K earned me so much money. I am looking forward to how this money will further transform my business. I encourage my friends and family to take advantage of this life-changing opportunity.”

Also speaking at the well-attended event, the promo Chairman and Executive Director in charge of the bank’s Lagos and South-West Directorate, Dr Ken Opara, said the ceremony marked a special celebration for the bank being the first prize presentation for the year and therefore sets the tone for the remaining prize presentations to be held in the year.

“It gives me great pleasure to announce the presentation of the sum of N1 million to Ajoma Rachael Iyowo and Stanley Sunday Okpoto who emerged winners in the second GAIM 5 monthly draw which held last week.

“Asides Stanley and Ajoma, eight other customers of Fidelity Bank will receive cash prizes at similar events holding simultaneously at some of our branches across Nigeria. These customers only had to maintain a minimum of N2,000 in their Fidelity Bank accounts to emerge winners. That is the beauty of the GAIM 5 savings promo.

“As a bank, we remain committed to empowering our customers with the resources, expertise and solutions they need to meet their strategic business goals. Whether it is the right loan product, appropriate payment channel or in this case, the benefits for saving their money with us, we are all about providing platforms and solutions to help our customers grow,” explained Dr Opara, who was represented by the bank’s Chief Digital Officer, Lanre Showunmi, stated.

The GAIM campaign is an 8-month long scheme that was launched in November 2021. So far, Fidelity Bank has enriched the lives of over 520 customers with cash prizes ranging from N10,000 to N1 million in weekly consolation draws and monthly draws respectively.

Qualifying requirements for the scheme are maintaining an account balance of at least N2,000 in a Fidelity Bank savings account and activating a debit card. According to the bank, the promo employs a ticketing approach whereby each N2,000 in customers’ accounts represents a ticket in the draws.

In operation since 1988, Fidelity Bank is a full-fledged commercial bank with a growing customer base of over 6 million customers across Nigeria. The bank is known for exceptional customer service and digital innovation.

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Banking

Subscription for N20bn FSDH Merchant Bank Series 6, 7 CP Ongoing

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FSDH Merchant Bank

By Dipo Olowookere

FSDH Merchant Bank Limited is currently selling the series 6 and 7 of its commercial paper and it plans to raise about N20 billion from the exercise.

Business Post gathered that subscription for the corporate debt instrument commenced on Wednesday, January 26, 2022, and will end on Monday, January 31, 2022.

The exercise is under the financial institution’s N40 billion commercial paper programme issuance, which would be used to finance the company’s short-term working capital requirements and general corporate purposes.

According to details of the sales, the series 6 is with 181-day maturity with a discount rate of 9.00 per cent and an implied yield of 9.42 per cent, while the series 7 is a 268-day tenor with a discount rate of 9.75 per cent and an implied yield of 10.50 per cent.

FSDH Merchant Bank is the subsidiary of FSDH Holding Company Limited. It operates as a private limited liability company duly licenced by the Central Bank of Nigeria (CBN) to carry on merchant banking activities in the country.

The firm said investors can subscribe to the papers as they are free and clear of withholding taxes, though the minimum subscription is N5 million, with multiples of N1,000 thereafter.

A look into the books of the lender indicated that its liquidity profile is above-average as its liquid assets accounted for about 60 per cent of its total assets in the 2021 financial year.

However, in the accounting year, the gross earnings fell year-on-year by 15.48 per cent to N13.79 billion, with interest income contributing about 80 per cent to the revenue.

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Banking

CBN Begins Manhunt for Loan Sharks, Urges Nigerians to Patronise Banks

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Manhunt for Loan Sharks

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has begun a manhunt for loan sharks in the country, threatening to deal decisively without any of them caught.

Addressing newsmen in Abuja on Tuesday after the quarterly Monetary Policy Committee (MPC) meeting, the Governor of the CBN, Mr Godwin Emefiele, cautioned Nigerians against seeking credit facilities from loan sharks for financial purposes, urging them to patronise licenced banks.

He appealed to Nigerians with vital information that could lead to the arrest of these companies to come forward, assuring that the bank would everything possible to sanitise the financial system.

“On loan sharks, what we have done is to say that there is no need for you to go to loan sharks for a loan.

“People normally will go to loan sharks because they are desperate, they cannot access the bank.

“We found in this group, mainly people who are vulnerable; the people whose households need some small amount of money to do their businesses but they cannot access bank finance and as a result go to loan sharks who charge them twice the principal just within 90 days and if you don’t, they seize your property or seize your bicycle,” he said.

The CBN chief further warned vulnerable Nigerians not to approach loan sharks but tap into many opportunities made available by the lender as it has put in place the avenue through which they can raise cheap funds.

He listed them to include the microfinance banks and target credit facilities established by the government to cater to the needs of the operators of Small and Medium Scale Enterprises (SMSEs).

“You don’t have to know anybody, just go to the portal, fill the form, send your data, and if it is correct, you will be able to access loans.

“We have a large number of testimonials from people who have accessed the facility without knowing anybody and they have benefitted from it.

“The bank is making effort to stop loan sharks, and when these people are found, they will be dealt with mercilessly,” he further stated.

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