Access Bank shareholders approve 0.25 kobo dividend

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Banking

Shareholders of Access Bank Plc, at its Annual General Meeting (AGM), at the weekend, unanimously approved the final dividend of 25kobo after it declared N94 billion profit-after-tax (PAT) for the 2018 financial year. The board of the bank with the approval of the shareholders declared and paid the dividend of 0.25 kobo per share same day to shareholders whose names appear in the Register of Members at the close of business on April 11, 2019. This is even as the shareholders commended the successful merger of the bank with Diamond Bank as they applauded its decision to allow invedors in the two merged banks to receive dividend for the year under construction.

Speaking at the meeting which held in Lagos, National Coordinator, Independent Shareholders’ Association of Nigeria (ISAN), Sunny Nwosu, noted that the shareholders were happy with the completion of the corporate marriage between Access and Diamond Bank, adding that they are anticipating future dividends to be paid in naira. Nwosu, however complained that the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and Asset Management Corporation of Nigeria (AMCON) have continued to take 50 per cent of the profits made by the bank. 

He appealed to CBN to pay interest to them or release the restricted funds because it is shareholders funds and not government. Also speaking, Nona Awo, a shareholder, emphasized on the points made by Sunny Nwosu, adding that the Access Bank subsidiary in Rwanda should be given recognition for turning its books from negative figures to positive.

In her statement, Mosun Belo-Olusoga, the Chairman of Board of Directors at Access Bank Plc, stated that despite unfavorable market conditions, the Bank delivered a strong performance, demonstrating an effective strategy backed by strong governance.

“The bank recorded a profit before tax of N103.2 trillion in 2018. Total assets grew by 21 percent from N4.1trillion in 2017 to N4.95 trillion in 2018. Deposits grew by 14 percent from N2.25 trillion in 2017 to N2.56 trillion in 2018. However, shareholders equity fell by 4 percent from N511 billion in 2017 to N491 billion in 2018 as a result of the implementation of IFRS 9 on retained earnings.” She declared.

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