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Stanbic IBTC to Pay Highest Interim Dividend in Banking Sector

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Stanbic IBTC

By Modupe Gbadeyanka

Shareholders of Stanbic IBTC Holdings Plc will receive cash reward for the period ended June 30, 2019, the board of directors of the company has announced.

A notice to the Nigerian Stock Exchange (NSE) from the firm said investors in the company will get a payment of N1 per ordinary share of 50 kobo, the highest interim dividend declared so far in the banking sector this year.

According to the disclosure, the cash payment, which is in total of N10.5 billion, would be paid to shareholders whose names appear in the register of members as at the close of business on Wednesday, September 4, 2019.

Thereafter, the firm said the register of shareholders would be closed from Thursday, September 5, 2019 to Wednesday, September 11, 2019, while the money would be paid to beneficiaries on Thursday, October 3, 2019.

However, the company stressed that, “In line with the authority granted by shareholders to the board of directors at the Extra Ordinary General Meeting held on August 6, 2015, the board has authorised that shareholders will have the option of electing to receive their interim dividends by way of new ordinary shares (scrip dividend).

“In view of this, and in order to allow ample opportunity for shareholders who may wish to exercise the option of receiving scrip dividend instead of cash dividend, the dividend payment date in respect of this interim dividend shall be on Thursday, October 3, 2019.

“On the above payment date, shareholders who have not elected to receive their interim dividend by way of scrip dividend, will have their cash interim dividend paid electronically (provided that they have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts).”

It further emphasized that, “This interim dividend (whether cash or scrip) is only applicable to shareholders whose names appear on the register of members as at close of business on Wednesday, September 4, 2019.”

Stanbic IBTC noted that, “The reference price to be used in determining any scrip dividend allotment shall be the volume weighted average price (VWAP) of the company’s shares on the Nigerian Stock Exchange (NSE) for the five business days commencing on the day the ordinary shares are first quoted ex-dividend.”

“Accordingly, the scrip dividend allotment price will be communicated to all shareholders through the NSE on Thursday, September 12, 2019.

“Shareholders will thereafter be given until Thursday, September 26, 2019 to make their election should they wish to receive scrip rather than cash dividend. All shareholders are hereby requested to contact their stockbrokers and the registrars for further details,” the notice said.

In addition, the company advised shareholders who are yet to complete the e-dividend registration to download the registrar’s e-dividend mandate activation form from First Registrars and Investor Services Limited’s online portal, complete and submit to the registrar or their respective banks.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0

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Squad logo

By Dipo Olowookere

Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.

The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.

The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.

Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

 “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.

“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.

“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.

“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

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Banking

Easter: Ecobank Assures Customers Uninterrupted Banking Services

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Ecobank Remodel branches

By Dipo Olowookere

Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.

In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.

It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.

All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.

Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.

They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.

“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.

“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.

“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.

Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”

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Banking

Polaris Bank to Limit Access to VULTe for Four Days

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Polaris Bank Fashion Souk

By Dipo Olowookere

Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.

This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.

In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.

Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.

“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.

“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:

“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).

“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.

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