Connect with us

VenturesNow

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

Published

on

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.

VenturesNow

Nigerian govt ‘may open border for importation of cement’

Published

on

The Nigerian government has issued a warning to cement producers, stating that if they continue to raise prices arbitrarily, it may decide to open the border to cement imports.

This warning was given by Arc Ahmed Dangiwa, Minister of Housing and Urban Development, during an urgent meeting with cement and building material manufacturers on Tuesday in Abuja.

The government last week called for an urgent meeting with cement manufacturers following a recent surge in the price of the product, which has seen a bag of cement jump from N5,000 to as high as N15,000 in less than two weeks.

However, during his speech to the manufacturers on Tuesday, Dangiwa urged them to be more patriotic, pointing out that domestic sources, such as limestone, clay, silica sand, and gypsum, are used to produce cement rather than imports, and as such, they shouldn’t be valued in terms of dollars.

Dangiwa, who stated that the price of cement has increased and is unreasonable, also rejected the makers’ claim that the price increase was caused by petrol and the high cost of importing equipment.

This was in reaction to Salako James, the Association’s Executive Secretary, who had said that the association just heard of the  pricing from the market like every other Nigerian and did not discuss or decide the rates of specific enterprises.

“The challenges you speak of, many countries are facing the same challenges and some even worse than that but as patriotic citizens, we have to rally around whenever there is a crisis to change the situation.

“The gas price you spoke of, we know that we produce gas in the country the only thing you can say is that maybe it is not enough.

“Even if you say about 50 percent of your production cost is spent on gas prices, we still produce gas in Nigeria it’s just that some of the manufacturers take advantage of the situation. As for the mining equipment that you mentioned, you buy equipment and it takes years and you are still using it.

“The time you bought it maybe it was at a lower price but because now the dollar is high you are using it as an excuse. Honestly, we have to sit down and look at this critically. The demand and supply should be good for you because the government stopped the importation of cement, they stopped the importation in order to empower you to produce more.

“Otherwise if the government opens the border for mass importation of cement, the price would crash but you would have no business to do and at the same time the employment generation would go down. So these are the kinds of things you have to look at, the efforts of government in ensuring things go well.”

Following the elimination of fuel subsidies, the depreciation of the national currency, and low agricultural output, Nigeria is currently facing its worst cost of living crisis. These factors have all contributed to Nigeria’s highest headline inflation rate of 27% year over year and food inflation of 32%. The massive housing shortage facing the nation seems to have a new facet as a result of the recent increase in cement prices.

Continue Reading

VenturesNow

Nigeria’s Q3 jobless rate rises to 5% after policy reforms 

Published

on

The figures issued by the National Bureau of Statistics (NBS) showed that the jobless rate increased from 4.2% in the previous quarter following the government’s elimination of the expensive petrol subsidy in May.

Nigeria’s jobless rate increased to 5% in the third quarter due to a crisis in the country’s cost of living. Among young people aged 15 to 24, the unemployment rate increased from 7.2% to 8.6%. Additionally, urban unemployment increased slightly from 5.9% to 6% in the prior quarter.

With over 200 million citizens, Nigeria is the most populous country in Africa. However, decades of high unemployment have been caused by a population surge that has outpaced economic expansion.

However, once the government changed the formula for calculating the numbers in early 2023, the unemployment rate fell from a record 33% in the fourth quarter of 2020. With 87% of workers being self-employed, underemployment still exists. During that time, only 12.7% of people were employed for pay.

The NBS reports that the percentage of workers in the grey economy, or informal employment rate, remained relatively stable at 92.3%. Additionally, the workforce participation rate decreased somewhat to 79.5% from 80.4% in the second quarter.

President Bola Tinubu has defended his two main reforms, eliminating foreign exchange controls and subsidies, arguing that while these will cause hardships in the near run, they are essential to draw in investment and strengthen government coffers.

Continue Reading

EDITOR’S PICK

Sports13 hours ago

Nigeria’s D’Tigers withdraws from 2025 AfroBasket qualifiers due to lack of funds

Nigeria’s senior male basketball national team, D’Tigers, have withdrawn from the 2025 FIBA AfroBasket qualifiers dunking off in Tunisia on...

Tech14 hours ago

Ethiopia’s Awash Bank partners Mastercard to launch international prepaid cards

Ethiopia’s leading private financial institution, Awash Bank S.C, has partnered with global payments company, Mastercard, to launch the Awash international...

Metro19 hours ago

Zambia: Opposition FDD calls for creation of agric bank

Zambian opposition party, the Forum for Democracy and Development (FDD), has called on the government to re-establish an agricultural bank...

Metro23 hours ago

Hardship: Nigerian govt to resume direct cash transfers to 12m citizens

Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has revealed that the federal government will resume...

Musings From Abroad23 hours ago

US keen on expanding bilateral trade with Nigeria

According to the US Consulate in Nigeria, it is looking for ways to guarantee prosperity for Nigeria by increasing bilateral...

Strictly Personal24 hours ago

Nigeria’s Currency Crisis: Time to deploy Amotekun, By Chinedu Chidi

I have thought long and hard about just the right solution to the downward spiral of the Naira, and confidently...

Sports2 days ago

Kelvin Kiptum: Autopsy reveals late Marathon record holder died from head injuries

An autopsy carried out by the Kenyan government has revealed that late world marathon record holder, Kelvin Kiptum, died from...

Tech2 days ago

M-PESA partners IFC to increase financial inclusion for farmers in Mozambique

Mobile money transfer and payment service provider, M-Pesa, has entered into a partnership with the International Finance Corporation (IFC) aimed...

Culture2 days ago

Director of ‘Dahomey’ Mati Diop shines at Berlin Film Festival 2024

Senegalese-French writer and and director of African documentary movie, “Dahomey,” Mati Diop, made history when her movie was selected for...

Metro2 days ago

Zambian govt begs citizens in diaspora to help attract foriegn investment

The Zambian government has called on its citizens in the diaspora to help in attracting foreign direct investment to the...

Trending