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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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COVID-19: Friendship renewed as Algeria opens land border with Tunisia

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Algerian President, Abdelmadjid Tebboune has announced that it will reopen the land border between the two countries in mid-July.

The border, which starts in the north at the Mediterranean coast, proceeding overland in a broadly southwards directions via a series of overland lines was closed in 2020 during the peak of Covid-19.

Abdelmadjid Tebboune made the announcement at Algiers airport alongside his Tunisian counterpart Kais Saied who was preparing to leave the country after attending the festivities marking the 60th anniversary of Algeria’s independence.

“We have taken a joint decision to reopen the land borders from July 15.”

Until the pandemic, more than three million Algerians travelled to Tunisia each year, according to local media.

Generally speaking, relations between Algeria and Tunisia have so far been homogenous. Although Algeria postponed the opening of it borders with Tunisia in May.

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The Gambia benefits from World Bank’s $68m grant to revive tourism industry

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The Gambia and the World Bank have sealed a $68m grant deal which will go to support the West African country’s tourism industry, hitherto the biggest contributor to its Gross Domestic Product (GDP), before the Coronavirus pandemic hit the global tourism sector, causing a near economic meltdown.

World Bank’s Managing Director of Operations, Axel Van Trotsenburg, who announced the signing of the deal at a ceremony in Gambia’s capital, Banjul, on Tuesday, said the grant is meant to support the diversification and climate resilience of the country’s tourism after the pandemic and economic crisis.

Trotsenburg added that promoting the diversification and climate resilience of tourism will help protect the Atlantic coastline of The Gambia from the effects of climate change.

About 20 per cent of The Gambian economy depends on earnings from its tourism as it is the largest foreign exchange earner for the government but the advent of the pandemic had caused the country’s economic growth to contract by 0.2 percent in 2020, according to the World Bank.

This was as a result of the global restrictions on travelling between 2020 and 2021, which prevented tourists and visitors going to the country, leading to the tourism industry taking a huge hit.

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