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Business News of Saturday, 7 March 2020

Source: www.mynigeria.com

Access Bank declares 40kobo dividend

Access Bank Access Bank

Access Bank Plc has declared a final dividend of 40 kobo for every unit of share, bringing the total dividend for the financial year ended December 31, 2019, to 65 kobo, per share.

According to a notice filed by the bank, it is subject to applicable withholding tax and shareholder approval.

It is expected to be paid to shareholders whose names appear in the Register of Members as at the close of business Tuesday, April 14, 2020.

The dividend will on Thursday, April 30, 2020, be paid electronically to shareholders whose names appear on the Register of Members as at Wednesday, March 18, 2020, and to those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

While the Register of Shareholders will be closed on Wednesday, April 15, 2020, the Qualification date has been scheduled for Tuesday, April 14, 2020.

A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.

Distribution to shareholders may be in cash (usually a deposit into their bank accounts) or the issuance of further shares, otherwise known as shares repurchase. But this is usually done if the company has a dividend reinvestment plan.