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Business News of Monday, 13 April 2020

Source: www.mynigeria.com

Union Bank declares N0.25k dividend

Union Bank Union Bank

Union Bank Plc has declared a final dividend of N0.25 kobo for every 50 kobo ordinary 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 Friday, April 24, 2020.

The dividend will on Thursday, May 6th, 2020, be paid electronically to shareholders whose names appear on the Register of Members as at Friday, May 1, 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 from April 27th to 30th 2020, the Qualification date has been scheduled for Friday, April 24, 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.