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

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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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Nigeria’s central bank governor, Godwin Emefiele suspended by President Tinubu

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Nigerian president, Bola Tinubu has suspended the country’s central bank governor, Godwin Emefiele.

The office of the Secretary to the Government of the Federation announced the suspension of the Central Bank of Nigeria (CBN) head on Friday evening.

The director of information at the SGF office, Willie Bassey, in a statement, said the suspension was with immediate effect.

The CBN under Emefiele announced new designs of the N200, N500, and N1,000 notes in December. The implementation of the policy was however controversial as it launched an era of cash scarcity which some observers say was targeted at then ruling party’s candidate, Bola Tinubu, and some believe limited his chances.

Tinubu has signalled going in a different direction. During his inauguration speech, he pledged to pursue unification of the exchange rate windows and backed ease of repatriation of funds for foreign investors, policies that have not been favoured by the CBN under Emefiele.

Former president Muhammadu Buhari reappointed Emiefele for a second and final term of five years in 2019. He was appointed by former President Goodluck Jonathan in February 2014, hours after he announced the suspension of his predecessor, Sanusi Lamido.

He was the managing director of top Nigerian bank, Zenith Bank before his appointment .

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Ghana records 32% increase in gold production in 2022

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West African country, Ghana has returned to top of gold production on the continent after displacing South Africa following a 32% increase in 2022.

According to the president of the mines chamber, gold output rose to 3.7 million ounces in 2022 from 2.8 million ounces the previous year, as a result of growth in the output of both large and small-scale sectors.

Joshua Mortoti, while addressing members of the Ghana Chamber of Mines at an annual general meeting revealed that “The large-scale gold sub-sector recorded its highest output in the country’s history in 2022.”

He further revealed that the expansion of production at existing mines facilitated the large-scale sector’s gold output up by 13% to 3.1 million ounces last year from 2.7 million ounces in 2021.

Over 77,620 ounces of gold were sold in 2022 under the Domestic Gold Purchase Programme, a scheme launched by the Bank of Ghana to boost reserves.

Mining is a major economic activity in Ghana and a key contributor to the Ghanaian economy. Gold mining accounted for 48.4% of gross merchandise exports in 2020.

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