VenturesNow

CEO of Nigeria’s Access Bank, Herbert Wigwe, to earn N1.1bn in dividend in one year

Published

3 years ago

March 22, 2022

The Managing Director and Chief Executive Officer (CEO), of Nigerian tier-one financial institution, Access Bank Plc., Herbert Wigwe, is set to earn a whopping sum of N1.1 billion in dividends accruing from his direct and indirect holdings in the bank and its subsidiaries in Nigeria, and globally.

A breakdown of the final declared dividends of the bank stands at 70 kobo per share, following a 30 kobo interim dividend declared in the half year period of 2021.

From his overall holdings, Wigwe is set to earn N140.86 million from direct holdings, and N921.63 million from his indirect holdings, which brings his total earnings for 2021 to N1.1 billion.

Going by the breakdown from the registrars of Nigerian lender bank, as at December 31, 2021, Wigwe alone held 1.52 billion units of shares in the bank which is 4.6% of the total shares of the bank as listed on the Nigerian Stock Exchange.

Wigwe’s direct shares with the bank stands at 201.23 million shares, while he also owns a total of 1.32 billion units of shares through third parties.

A further breakdown of the Access Bank CEO’s direct and indirect holdings shows that he actually controls 537.73 million units of Access Bank’s shares through United Alliance Company of Nigeria, 584.06 million shares units through Trust and Capital Limited, and 194.83 million shares through Coronation Trustees Tengen, Mauritius.

The shrewd business mogul will therefore, receive a total of N1.52 billion as total dividend for the 2021 financial year, 25% higher than the N1.21 billion he received in the previous year, and will also earn N455.36 million from the interim dividend paid in the half-year period of 2021.

According to its audited account for the year 2021, Access Bank grew its profit after tax by 51.13% year-on-year to N160 billion in 2021, while it earned N601.70 billion, from its lending business as Interest income grew by 22.99% from N489.22 billion.

The bank also grew its deposits from customers by 24.47% to N6.95 trillion, while its assets rose to N11.73 trillion.

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

5 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

6 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”