Economy
Shareholders Laud Stanbic IBTC for Robust Bonus Dividend
By Dipo Olowookere
The board of Stanbic IBTC Holdings Plc has been commended for putting smiles on the faces of shareholders of the company despite the harsh operating environment.
On Thursday, May 27, 2021, the shareholders of the financial institution gathered in Lagos for their yearly gathering to discuss the performance of the firm in 2020.
At the Annual General Meeting (AGM) held by proxy in line with the COVID-19 guidelines of the Nigeria Centre for Disease Control (NCDC), the investors adopted the company’s audited financial statements for the 2020 financial year amongst other resolutions as presented by the board.
One of the other resolutions presented by the board was the payment of N3.60 final dividend as well as a bonus dividend in the proportion of one new ordinary share for every six existing ordinary shares held.
This bonus share thrilled the shareholders and one of them, Mr Tunde Bamidele, could not hide his excitement.
Mr Bamidele appreciated the board and management of Stanbic IBTC for the steadfastness, hard work and dedication, which resulted in the N83 billion profit after tax for the 2020 financial year and culminated in the 360 kobo dividend and allotment of bonus shares.
“I would like to express my gratitude to the board of directors, management and members of staff of Stanbic IBTC for a job well done.
“Despite the COVID-19 pandemic, the company declared a dividend of 360 kobo which is very impressive compared to other players in the financial industry.
“I would also like to thank you for giving us a bonus share for every six shares held. Indeed, the bonus dividend is robust,” he stated.
Chairman of Stanbic IBTC Holdings, Mr Basil Omiyi, commended the group’s management on an impressive result despite operating in a tough environment.
“The board is very happy with what the management has been doing. We pass most of the commendation to our very efficient and able Management team who have delivered impressive results despite operating under difficult circumstances,” he said.
On his part, the CEO of Stanbic IBTC Holdings, Mr Demola Sogunle, reiterated the management’s commitment to sustaining the high standards that have earned the group several commendations and awards, including the highest level of ratings by globally recognised rating agencies.
“We would continue to work very hard to sustain our high level of ratings by globally renowned rating agencies.
“We also pledge to continue adhering to regulatory guidelines, while also making improvements in the areas of performance, corporate governance, risk management, quality of workforce and succession planning,” he stated.
Also at the meeting, Mr Kunle Adedeji, Ms Ngozi Edozien and Ms Salamatu Suleiman were re-appointed as directors, while Mrs Sola David-Borha, the immediate past Chief Executive, Africa Regions, Standard Bank Group, was appointed as a non-executive director.
Other resolutions which were ratified were the election of members of the audit committee, the fixing of director’s fees and the approval of new external auditors for Stanbic IBTC Holdings Plc.
In addition, KPMG Professional Services, having served as the group’s external auditors for the past 10 years, formally retired as auditors to the group in accordance with section 5.2.12 of the Central Bank of Nigeria Code of Corporate Governance, which stipulates a maximum tenure of 10 years for external auditors. PricewaterhouseCoopers was, thereafter, appointed as the new external auditor for the group.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
