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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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IMF mission concludes 4th loan program assessment in Egypt

Published

2 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

4 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.