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Business News of Wednesday, 9 June 2021

Source: thenationonlineng.net

Stanbic IBTC Holdings shareholders get dividend payments

Stanbic IBTC Holdings PLC Stanbic IBTC Holdings PLC

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has held its Ninth Annual General Meeting (AGM) to adopt the company’s audited financial statements for the 2020 financial year among other resolutions.

The AGM held by proxy in line with the NCDC COVID-19 guidelines.

The highlight of the AGM was the declaration that a dividend of 360 kobos per ordinary share of 50 kobos be paid to shareholders as recommended by the Board of Directors. The shareholders were further allotted one bonus share for every six ordinary shares held by them.

Announcing the resolution, Chidi Okezie, Company Secretary and Head, Country Legal Services of Stanbic IBTC Holdings PLC, said: “Pursuant to Section 430, sub-section two and three of the Companies and Allied Matters Act 2020, and following a recommendation by the Board of Directors of the company, the sum of N925,499,797.50 is set aside out of the company’s general reserves, be capitalised, and the same be applied in paying in full for 1,850,999,595 ordinary shares of 50 kobos each, in the capital of the company, and such ordinary shares be allotted and credited as fully paid up, and issued to shareholders who are on the register of members as at close of business on Thursday, June 10, 2021, in the proportion of one new ordinary share for every six existing ordinary shares held by them in the capital of the company as at close of business June 10, 2021.

“The shares so distributed will rank at the same rate with existing ordinary shares, subject to receipt of all required regulatory approvals.”

Tunde Bamidele, a shareholder, 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.

He said: “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 kobos 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.”

Kunle Adedeji, Ms Ngozi Edozien and Ms Salamatu Suleiman were re-appointed as Directors, and Mrs Sola David-Borha, immediate past Chief Executive, Africa Regions, Standard Bank Group, was appointed as a Non-Executive Director.

Other resolutions which were ratified at the 9th Annual General Meeting 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.

At the AGM, KPMG Professional Services having served as the Group’s external auditors for the past ten (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 ten (10) years for external auditors. PricewaterhouseCoopers was thereafter appointed as the new external auditor for the Group.

Basil Omiyi, Chairman of the Stanbic IBTC Holdings PLC, commended the Group’s management on an impressive result despite operating in a tough environment. He said: “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.”

Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, 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.

He said: “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.”

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