By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Shareholders of Nigeria’s top tier lender, Access Bank Plc on Wednesday at its 27th Annual General Meeting (AGM) approved the 30 kobo per share final dividend earlier offered by the board in its 2015 audited year end and authorised directors to raise a fresh fund of N100 billion.

The shareholders gave the approval to raise the fresh capital through the issuance of non-convertible loans, notes, bonds and or any other instruments.

Also, Access Bank shareholders said the fresh fund could be either be alone issue or a debt issuance programme by way of a private placement, public offering, book building process or any other method or combination of methods.

Herbert Wigwe, chief executive officer (CEO) of the Bank told the shareholders that Access Bank will cautiously maximise its strong capital position to realise the full value of its network with the aim of attaining its strategic objectives.

“We will continue to take proactive steps to ensure that we optimise our capital structure, in terms of both debt and equity to maintain a robust balance sheet even in difficult times,” he said.

The lender had earlier strengthened its capital position by raising equity capital via rights issue to achieve sufficient capital headroom to support the attainment of its longer-term objectives, according to Wigwe.

The offer which was concluded in August 2015 yielded a tier-one capital injection of N41.7 billion to Access Bank.

Mosun Bello Olusoga, chairman of the Bank  said that, “In spite of the operating environment, I am pleased to announce that the group posted another solid year of strong earnings in 2015, as revenue grew by 38 percent to N337 billion for the year from N245 billion in 2014. Profits also rose to N75 billion in 2015 from N52 billion in 2014, with significant contributions from our securities trading business.”

A review of its audited report for the period ended December 31, 2015 showed that pretax profit climbed up 88 percent to N75.04 billion from N39.92 billion recorded a year ago.

In the same vein, profit after tax (PAT) grew 113.4 percent to N65.87 billion from N30.87 declared the same period 2014.

Gross earnings of Access Bank increased from N245.38 billion in 2014 end to N337.40 billion in the review period of 2015, showing an increase of 37.5 percent, the lender in a filing with the Nigerian Stock Exchange (NSE).

The Bank also said its pretax profit for the period ended March 31, 2016 climbed up 37.5 percent to N22.582 billion from N16.517 billion posted a year ago.

Similarly, profit after tax (PAT) of the bank rose 46.15 percent to N19.418 billion from N13.667 billion recorded in the same period of 2015.

Interest income of Access Bank increased from N46.414 billion in the Q1 of 2015 to N55.437 billion declared in the review period of 2016; showing an increase of 19.56 percent.

Access Bank which had earlier paid an interim dividend of 25 kobo per share said the 30 kobo ordinary share final dividend is payable to shareholders on the register as at April 12, 2016.

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By InvestAdvocate

Lagos (INVESTADVOCATE)-Insurer, NEM Insurance Plc on Tuesday proposed a dividedn fo 6 kobo per share to investors for the period ended December 31, 2015.

The 6 kobo per share dividend declared is subject to at the Annual General Meeting (AGM), the insurer said in its corporate action with the Nigerian Stock Exchange (NSE).

A review of the company’s performance  shows that pretax profit for the period ended December 31, 2015 declined 66.10 percent to N598.83 million from N1.766 billion recorded a year ago.

Similarly, profit after tax (PAT) of the company dropped 53.21 percent to N713.70 from N1.525 billion reported the same period of 2014.

On the flipside, gross premium grew to N10.895 billion in 2015 end from N9.836 billion posted in 2014 audited year end; indicating a growth of 10.76 percent.

Shares of NEM insurance at the close of Tuesday’s trading on the Nigerian bourse declined 1.23 percent to 0.80 kobo from 0.81 kobo traded the last session; gaining 0.01 kobo per share.

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By InvestAdvocate

Lagos (INVESTADVOCATE)-First dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc (SEPLAT) on Tuesday it has the intention to pay a final dividend of four (4) cent per share in its 2015 audited year end.

The company says in its corporate action with the Nigerian Stock Exchange (NSE) that the default currency for the dividend will depend on whether the shareholder has a Nigerian Certificate for Capital Importation (CCI).

Seplat says that shareholders holding their shares on the NSE and do not hold a valid CCI will be paid their dividend in Naira.

Also, investors holding their shares on the NSE with a valid CCI will be paid their dividend in US dollars as the default currency. “However, those shareholders may instead elect to receive their entire dividend payment in naira and partial elections are not permissible,” the company said.

According to the company, shareholders holding their shares through depository interests on the London Stock Exchange (LSE) will be paid their dividend in US dollars as the default currency. “However, those shareholders may instead elect to receive their entire dividend payment in pounds sterling. Partial elections are not permissible,” the first dual listed Nigerian oil and gas upstream firm affirmed

“The exchange rate for the naira or pounds sterling amounts payable will be determined by reference to the relevant exchange rates applicable to the US dollar on May 19, 2016 and will be communicated by the company on May 20, 2016.

Seplat further affirmed that the shareholders who have the option to elect to be paid their dividends in a currency other than their default currency must make the election to the company’s registrars by May 25, 2016, otherwise the dividend will be paid in the default currency.

It announced the election form will be sent out to the relevant shareholders and can also be found on the company website at http://seplatpetroleum.com/investor-centre/corporate-governance/circulars/.

First dual listed Nigerian oil and gas upstream firm, advised shareholders holding their shares on the NSE and hold a valid CCI should notify Seplat’s Nigerian registrars, DataMax Registrars Limited of that fact.

“The 2015 final dividend of 4 US cents per share is subject to shareholder approval at the Annual General Meeting to be held in Lagos, Nigeria on June 1, 2016. If approved, the final dividend is to be paid on or shortly after June 9, 2016 to shareholders on the register as of May 19, 2016.

Seplat noted the Nigerian shareholder register will be temporarily closed on May 20, 2016 to enable it’s registrar to prepare for the payment of the final dividend.

“Seplat shareholders who are yet to provide their account details for the direct credit of the 2015 final dividend payment should please provide the necessary information to DataMax. Holders of shares through depositary interests on the London Stock Exchange should please provide their account details to the Company’s UK depositary, Computershare,” the company said in its corporate action with the NSE.

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