Business News Archives — Page 14 of 32 — Business Bells

Category: Business News

Gov Abiodun Commends Eat ‘N’ Go For Broadening Corporate Vision with Launch of Warehouse and Commissary in Ogun

Ogun State Governor, Dapo Abiodun has commended the management of Eat and Go Limited, the leading QSR (Quick Service Restaurant) operator and lead franchisee for Domino’s Pizza, Cold Stone Creamery and Pinkberry Gourmet Yoghurt in Africa, for building its Chain Supply and Commissary in the state.

He noted that citing the project in the state which has now become an industrial power hub is a testament of the firm’s belief in his administration’s commitment in making Ogun state attain its prime status as a destination of choice for investors.

Abiodun made this known while commissioning the Eat ‘N’ Go Limited’s new warehouse and commissary facilities in Mowe and Magboro community respectively recently.

The governor, who was represented by the State’s Commissioner for Industry Trade and Investment, Mrs. Kikelomo Longe, said more prospective investors are welcomed on board to also come and enjoy the enabling business environment that the state has to offer.

“You will agree with me that Ogun state status has changed. We are now the frontline state with a conducive environment for businesses and investment to strive.

“Apart from the proximity to Lagos state, our position as the gateway to the huge sub Saharan Africa market, Ogun state can boast of having an investors’ friendly environment as the government continues to invest in improving the state of security and infrastructure,” the governor said.

As the company recently passed its goal of 150 stores across Africa, the decision to establish stronger roots in the continent is not surprising, and the Warehouse and Commissary are evidence that they are indeed here to stay.

L-R: Executive Director (Finance and Corporate Services Eat’N’Go), Mrs. Lanre Tunji-Sanusi; Representative of Ogun State Governor, Honourable Commissioner on Industry Trade and Investment, Mrs. Kikelomo Longe; Special Adviser to the Governor on Industry Trade and Investment, Chief Remi Ogunmefun; Head of Development and Project Eat’N’Go, Mr. Olusola Adeeko at the launch of the Eat’N’Go Warehouse and Commissary in Ogun State recently

They are also a testament to the organization’s mandate to provide Africans with quality food and snacks.

Also speaking at the event, Head of Development and Project of Eat’ N’ Go, Sola Adeeko said, “We believe in the need to establish structures that better enable us to serve our host communities. The warehouse and commissary would not only positively impact our ability to provide our customers with their favourite treats, but it would also most importantly provide jobs for the locals.”

Ogun State Commissioner on Industry Trade and Investment, Mrs. Kikelomo Longe and the Special Adviser to the Ogun State Governor on Industry Trade and Investment, Chief Remi Ogunmefun on inspection tour of the Eat’N’Go Warehouse and Commissary in Magboro, Ogun State

He also added, “The Warehouse and Commissary are avenues for the company to expand, not just in production scale, but our ability to excite customers through our tasty treats nationally”.

Eat ‘N’ Go has consistently shown that they prioritise the development of members of the communities in which they operate.

The scale of production that occurs in a warehouse and commissary would demand labour, and this means that indigenes of Mowe and Magboro can expect employment opportunities across the production chain as these facilities begin operation.

Furthermore, Eat ‘N’ Go Limited is an environment where excellence is rewarded, so growth and training are available at any level of employment.

As the leading QSR in Africa, the effect of the Warehouse and Commissary on the quality and speed of food production would better establish the organisation as the leader in the industry.

These facilities would also increase their production capacity, which would mean the organisation can create more menu items to excite customers.

Eat’N’Go is the nation’s leading franchisee of the Domino’s Pizza, Cold Stone Creamery and Pinkberry Gourmet Frozen Yoghurt brands.

Renowned for being a master deliverer of extraordinary fast-food services, Eat’N’Go has established over 150 stores in Africa.

The company continues to expand its presence in key markets by fusing company goals with new strategic development goals.

Eat’N’Go is dedicated to bringing the best global food brands and concepts to Nigeria and Africa at large.

16 August 2021
‘We’re Not A Revenue Generating Agency,’ FRSC Fumes as FG Hikes Vehicle Number Plate, Driving Licence Rates By 50%

The Federal Government has commenced the implementation of new rates for vehicle number plates and driving licence across the country.

According to the Joint Tax Board, Nigerians will now pay N18,750 for standard private and commercial number plates against the old rate of N12,500.

Fancy number plate which was N80,000 is now N200,000; motorcycle number plate is N5,000 from N3,000 while articulated number plates (three plates) attract N30,000 from N20,000. For these rates, the minimum increase is 50 per cent.

Out of series number plate has also been revised to N50,000 from N40,000 while government fancy number plate is N20,000 against the former N15,000 rate.

Driving licence (three years) was raised to N10,000 from N6,000, excluding bank charges; licence for five years is N15,000 from N10,000 while motorcycle/tricycle driving licence (three years) goes for N5,000 from N3,000 while the one for five years attracts N8,000 from N5,000.

The decision was taken at the 147th meeting of the JTB, which held in Kaduna on March 25.

A letter by the JTB titled ‘Implementation of the revised rates for vehicles number plates and driver’s licence in Nigeria’, dated July 30, 2021 and signed by the board secretary, Obomeghfe Nana-Aisha, directed various federal and state agencies to commence the implementation of the rates.

Members of the JTB established by section 86 (1) of the Personal Income Tax Act cap. P8 LFN 2004, include the Chairman of the Federal Inland Revenue Service as the chairman of the board; one member from each state and representatives of the Federal Road Safety Commission; Revenue Mobilisation Allocation and Fiscal Commission; Federal Capital Territory Administration; Federal Ministry of Finance; and Federal Inland Revenue Service.

The letter read, “You may wish to recall that at the 147th meeting of the Joint Tax Board held in Kaduna, Kaduna State on March 25, 2021, the board approved revised rates for the sale of vehicle number plates and driving licence in line with the recommendations of Appraisal and Technical Committee of the JTB.

“In the light of the foregoing, we wish to inform you that the Chairman, JTB, has approved Thursday, August 1, 2021, as the commencement date for the implementation of the new rates.”

Meanwhile, the Federal Road Safety Corps (FRSC) has said that the agency remained a safety corps and not a revenue generating agency.

Corps Public Education Officer, Bisi Kazeem, stated this while dismissing a report circulating on social media that the agency was behind the hike.

He also described as incorrect the report that the standard number plate was N55, 000.

Kazeem said that it had become necessary for the Corps to serve this as a warning to those circulating the fake news on the prices of number plates and driver’s license.

The Business Bells gathered that there had been a report circulating that FRSC had increased the price of number plates and driver’s license tagging it as a revenue generating agency.

The reports stated that registration of New Blue Plate is now 55, 000, registration of New Red Plate 65,000, Registration of New Articulated Plate 100,000.

Change of Ownership with New BLUE Plate Number 70,000, change of Ownership with New RED Plate Number 80, 000, Change of Ownership with New Articulated Plate Number 115,000.

Transfer of existing Plate Number from One Vehicle to Another 35,000. Replacement of Loss Plate Number 36,000.

Fresh issuance of Drivers license 38,000 for five years, 33,000 three years, Renewal 22, 500 for five years and 18,000 for three years.

Kazeem said that the noble mandate of the FRSC was to make the nation’s highway safe for motorists and other road users across the country.

According to him, Federal Road Safety Commission was not set up as a revenue generation agency but to ensure the protection of lives and property on the road.

He said that the news circulating round that FRSC had increased the prices of number plates and driver’s license was not true.

He said “The Price increase is from Joint Tax Board (JTB) and not from FRSC. However, the approved price for articulated vehicle number plate is 30,000.

“Motor vehicle driver’s license price for three year is 10,000 while 15,000 is for five years. Standard private and commercial vehicle number place is 18,750 respectively.

“Implementation of the revised rates for vehicles number plates and driver’s license in Nigeria commences on Aug. 1 according to Joint Task Board, “ he said.

Kazeem solicited the support and cooperation of Journalists especially in publicising the activities of the corps saying that the media needed to verify before reporting.

He urged members of the public to note that only the Joint Tax Board (JTB) has the statutory powers to review the prices of the items in question adding that it was the Board that approved the price reviewed.

He further appealed to the motoring public to continue to ensure their vehicles were properly registered as it enhances the security of the vehicles.

Reports shows that the last review on the prices of number plates and driver’s license was done in 2011.

13 August 2021
Nigeria Ranks Among Nations With High Debt Risk –World Bank

The World Bank has listed Nigeria and nine other countries as nations with high-debt risk exposure.

In a financial statement for the International Development Association (IDA) released on Monday, the World Bank pegged Nigeria at number five with a $11.7b IDA debt stock.

“As of June 30, 2021, the ten countries with the highest exposures accounted for 66% of IDA’s total exposure,” it explained in the document.

“IDA’s largest exposure to a single borrowing country, India, was $22 billion as of June 30, 2021. Monitoring these exposures relative to the SBL, requires consideration of the repayment profiles of existing loans, as well as disbursement profiles and projected new loans and guarantees.”

India tops the list with an IDA debt stock of $22b. Bangladesh – with $18.1b – is second and followed by Pakistan ($16.4b), and Vietnam with $14.1b.

Ethiopia, Kenya, Tanzania, Ghana and Uganda complete the top 10 list in that order.

“IDA faces two types of credit risk: country credit risk and counterparty credit risk,” the World Bank further explained.

“Country credit risk is the risk of loss due to a country not meeting its contractual obligations, and counterparty credit risk is the risk of loss attributable to a counterparty not honoring its contractual obligations. IDA is exposed to commercial as well as noncommercial counterparty credit risk.”

As of September 2020, Nigeria had taken a $31.98b worth of loans from the World Bank Group, International Monetary Fund (IMF), African Development Bank (AfDB), according to the Debt Management Office (DMO).

12 August 2021
FG Has Lifted 10 Million Nigerians Out of Poverty in 6 Years —Minister

The Federal Government said it has lifted over 10 million Nigerians out of extreme poverty in six years, through the National Social Investment Programmes (NSIPs).

Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, disclosed this yesterday at a virtual launch of the Multidimensional Poverty Index (MPI) Survey.

Umar Farouq explained that Nigeria has joined many countries that have moved towards improving the efficiency of their decision-making processes through the evidence generated by MPI.

In a statement by her Special Adviser on Media, Nneka Ikem Anibeze, she said: “The consensus around the use of the MPI emerges from different approaches and global agreements, including the Millennium Development Goal (MDGs), which has been replaced by the Sustainable Development Goals (SDGs) to cover the multiple aspects of deprivation at the core of poverty and their inter-linkages.

“It is therefore an honour to join other strong voices to highlight the importance of multi-stakeholder engagements on poverty eradication, zero hunger, quality education, climate action and inclusion, all of which are central to the evidence generated by the MPI.

“The President Muhammadu Buhari-led administration has successfully empowered more than 10 million people out of extreme poverty through the many initiatives of Government, including the National Social Investment Programme (NSIP), GEEP, Npower, NHGSFP and many more.

“This aspiration takes into cognizance the country’s current estimated population of about 200 million people, as well as the need for better evidence for programming.

“The Ministry of Humanitarian Affairs, Disaster Management and Social Development therefore, stands ready to collaborate with different government agencies, donor organisations and private investors to shape policies and drive real impact in the use of MPI data to foster government accountability to citizens through improved multi-sectoral interventions targeted at the root of deprivations.

“In addition, the ministry will collaborate closely with the National Bureau of Statistics (NBS) to conduct regular multidimensional poverty measurements alongside monetary measures at both national and sub-national levels to ascertain the true poverty status of Nigeria and use the findings to shape policy and programming.”

Umar Farouq noted that government would partner with private sector actors using the special purpose vehicle of social investments to create a national and state poverty map/tracker which will help provide progress towards poverty reduction goals.

“It will also collaborate with the Ministry of Finance, Budget and National Planning using MPI data to improve budget allocations by sector and State in order to target individuals, communities and areas needing dire attention,” she added.

She thanked the World Bank Group, UNDP, OPHI, UNICEF, the High Commission of Canada, and other bilateral and multi-lateral bodies, for their support towards eradicating extreme poverty by 2030.

11 August 2021
Nigeria Ranks Second Poorest In Global Food Affordability

A new report by a UK-based think tank, the Institute of Development Studies (IDS), has placed Nigeria as the second poorest country in the world in terms of food affordability.

The report, which was compiled through a publicly available global cost-of-living database, Numbeo, was used in creating a “cost of food basics” analysis that compares the monthly minimum recommended spend on food per adult and monthly average wage in 107 countries across the world.

The minimum recommended amount of food is based on 12-14 basic items that together would account for 2,100 calories per adult per day which is the level recommended by the World Health Organisation (WHO) for energy needs.

The Cost of Food Basics found that more than one year since the outbreak of COVID-19, there is vast disparity between countries in terms of the proportion of average wages needed to afford enough food.

The top 10 countries where basic food is least affordable are Syria, Nigeria, Ethiopia, Philippines, Sri Lanka, Ghana, Indonesia, Algeria, Iran and Uzbekistan.

Basic food is least affordable in Syria, where the minimum recommended monthly spend would account for 177 per cent of average wage income per adult, followed by Nigeria where 101 per cent of the average wage is spent on food.

Last month, a survey carried out by a news media in markets across the country showed that the cost of basic food items such as beans, tomatoes and rice had recorded worrying hikes of 253 per cent, 123 per cent and 51 per cent respectively within a year period.

A report last year by data firm Statista, pegged the average living wage in Nigeria at N43,200 which is 30.60 per cent higher than the minimum wage set at N30,000, a figure which several states are yet to meet up with.

10 August 2021
Heirs Insurance , Heirs Life Deliver on Promise to Help Customers Purchase Insurance in Five Minutes

By Adejuwon Osunnuyi

Digital insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA), have confirmed that customers are now able to purchase insurance policies from their websites, www.heirsinsurance.com and www.heirslifeassurance.com, in five minutes.

The revolutionary, interactive websites—first of their kind in Nigeria—ensure that customers have access to quick insurance, completing transactions in minutes wherever they are, without any human intervention.

This development signals the kick-off of the companies’ ambition to digitalise insurance and provide a viable alternative for customers to purchase products and request claims without delay, as well as learn more about insurance.

Niyi Onifade, MD, Heirs Life Assurance, explained that the websites were designed to remove the barrier of accessibility.

Onifade

He said: “For us at Heirs Insurance and Heirs Life, our business revolves largely around satisfying our customers and we understand the important role technology plays in making that happen, as well as widening the scope of our offering to underserved markets. Presently, our websites offer a web app feature that allows customers to buy and pay for policies in just five minutes and request for claims within 24 hours. This, we believe, is the ease customers truly deserve and we are glad to be pioneering that”.

Dr. Adaobi Nwakuche, Ag. MD/CEO, Heirs Insurance Limited, confirmed the companies’ stance on technology offering ease and comfort to customers.

She said: “We are delighted that customers can now purchase products via our websites. This milestone speaks to the innovation we are bringing into the insurance industry and more importantly, our commitment to our customers. Our promise of simple, quick, accessible, and reliable insurance service is closer than ever”.

Dr. Nwakuche

The duo of Nwakuche and Onifade have repeated severally in their series of media engagement that the companies will constantly be at the intersection of technology and innovation, leveraging the power of both factors to provide for customers, well-tailored, value adding products at affordable prices.

Heirs Insurance Limited (HIL), the general insurer, with the mandate to protect people’s properties, and specialist life insurance company, Heirs Life Assurance Limited (HLA), with a vision to provide financial security and life insurance plans for people, are positioned to become the leading Nigerian insurers leveraging digital to provide simple, quick, reliable, and accessible insurance to individuals and businesses.

With paid-up share capitals of N10billion and N8billion respectively, HIL and HLA commenced full operations with a workforce of astute and experienced professionals, and a robust financial capacity to underwrite all classes of general and life insurance businesses. The companies are supported by top-notch Reinsurers to provide second-layer security for clients’ insurance portfolios. Both companies are subsidiaries of Heirs Holdings, a pan-African investment group with presence across twenty three countries worldwide.

6 August 2021
Nominations Begin As Career Influencer Awards Rebrands Into Africa Influencer Awards
…Promises Better Recognition for Individuals and Businesses Across Africa.
- Announces August 1-31, 2021 As Nomination Period
By Adejuwon Osunnuyi

Following the astounding success recorded in its 2020 edition, foremost professional awards platform, Careers Influencer Awards has transitioned into a bigger platform to reach a wider audience across Africa.

With this transition came a new identity for the brand and a new name, Africa Influencer Awards.

The new direction will seek to expand the brand scope and accommodate other equally relevant aspects of the professional circle across Africa.

The Africa Influencers Awards is an annual initiative curated by the Pan African digital management magazine, The WorkBooth Magazine, to identify and celebrate African Professionals and Businesses that have made significant impact on their stakeholders.

Its maiden edition awarded 50 professionals across Africa including Olufemi Ibitoye, Wale Olajumoke, May Ogoibe, Toyin Adesola, Adeniyi-Adeleye Sandton and Yewande Jinadu.

Others awardees such as marketing expert, Fiyin Toyo, HR expert, Olufunke Amobi, Leke Oshiyemi and Modou Njie from The Gambia, were also part of the winners and were selected by an external panel as elite members of the Awards Platinum Club.

Unlike the previous edition that focused solely on people who have been influential to the career growth of their colleagues and subordinates, the 2021 edition will also recognize organisations, institutions and brands that have shown interest in their customers, staff and community.

The decision to go this route, according to the platform’s management team is in recognition of the fact that although the workplace plays a significant role in Africa’s development, there are areas that deserve to be spotlighted alongside to make for a balanced and well-rounded platform.

“For us at The Workbooth Magazine, we believe so much in constantly pushing the envelope and improving on our success. It is to this end we have seen the need to expand the scope of our awards platform. The previous edition saw a lot of people from different parts of Africa show keen interest for which we are grateful and we thought to rename the platform to reflect our new thinking and not just that, we have added a few more categories that seek to recognize the effort of establishments that are committed to customer experience and innovation.

“This way, we now have a robust platform that celebrates both individuals and businesses. We hope to call for nomination in the coming weeks and we are confident of the quality of entries we will receive”, Tunde Success-Osideko, Publisher of The Workbooth Magazine said.

Tunde Success-Osideko, Publisher of The Workbooth Magazine

The platform has since announced August 1-31, 2021 as the period for nomination and released the LINK for the public to vote in the existing categories as well as the newly introduced ones such as Mentor Award in recognition of the impact of mentoring on careers and growth, Line Manager Award, to showcase the impact of line management on business performance and employee engagement, Customer Centric Award, to shine the spotlight on businesses who are exceptional in how they treat their customers and Innovative Organisation Award to recognize organisations with innovative products and services as validated through the voice of the customers.
6 August 2021
Why Nigerians Must Invest In Natural Gas Powered Vehicles –OMAA CEO

The chief executive officer of OMAA, Chinedu Oguegbu, says time has come for Nigerians to start using natural gas-powered vehicles.

Oguegbu stated this at the Nigeria Auto Journalists Association’s (NAJA) Annual training and capacity building workshop held in Lagos recently during his technical presentation of the opportunities arising from the use of natural gas vehicles.

The theme of this year’s event was “Migration to Electric Vehicles and Gas-powered Vehicles; Opportunities and Challenges for Nigeria”.

Apart from the lead sponsor; the National Automotive Design and Development Council (NADDC), other sponsors of this year’s training workshop are Toyota Nigeria Limited, Weststar Associates Limited, franchisees of the Mercedes brand, Jet Systems Limited; assemblers of Jet brands of electric vehicles for passenger and commercial uses and Autochek Africa; online automotive marketing and financing option providers.

Other sponsors include Stallion Motors CFAO Motors, Coscharis Motors, OMAA, Kojo Motors, franchise owners of Yutong electric buses and the Federal Roads Safety Commission, (FRSC).

As one of the training facilitators, Oguegbu said that the increasing importance of natural gas in the world which is expected to form 26% of the energy mix by 2040 cannot be under-estimated.

According to the boss of OMAA bus manufacturer, “Government policies and technological advancements have led to focus on increasing the output of electric vehicles (EVs) and natural gas vehicles (NGVs). Transportation currently accounts for 15% of Carbon Emissions and vehicles represent a major part of this figure”.

He added “With Nigeria committing to the Paris Agreement to reduce the rate of climate change globally, there is an increased push by the government to promote more environmentally friendly vehicles: EVs, NGVs and Hydrogen.

The advantages of using natural gas include up to 60 percent savings in the cost of fuel relative to other options like diesel and petrol, and up to 90 percent reduction in knocks and carbon emission for a healthier, cleaner and more environmentally friendly fuel alternative.

Another opportunity lies in the development of export businesses with other African markets, thanks to the implementation of AfCFTA.

According to Oguegbu, mass education of the public as well as consistent government policy is also required in order to promote investments in natural gas vehicle assembly and production in Nigeria.

Chinedu Oguegbu said during the technical presentation that OMAA is one of the pioneers in this field of local assembly of gas-powered vehicles.

From its facility in Igbo Ukwu, Anambra State, OMAA provides sustainable energy and mobility solutions to address today’s environmental challenges, while empowering people to create rugged solutions that are relevant to their local economy.

The company launched the first local assembled, dual-fuel, natural gas-powered commercial buses in Nigeria earlier this year.

6 August 2021
FG Unveils Plan To Unbundle NIPOST Into Courier Services, Microfinance Bank

The Federal Government has unveiled plans to unbundle the Nigerian Postal Service (NIPOST) into a courier service, microfinance bank among others.

The Minister of Communications and Digital Economy, Isa Pantami, disclosed this on Tuesday during the unveiling of NIPOST’s N50 revenue stamp for denoting transactions in the country.

He listed other aspects of NIPOST unbundling which would take place before the end of the year to include NIPOST transport and logistics, courier services, and microfinance bank.

“We have many policies for transforming NIPOST in the pipeline. Part of the policy is the plan to unbundle NIPOST.

“We have in the pipeline, Transport and Logistics Company, a Courier Service and a Microfinance Bank. We will do the best we can before the year ends to ensure that the slot are achieved,” the Minister said.

According to him, these are part of efforts to boost Nigeria’s revenue generation which will be invested into education, security, agriculture, among other sectors in the country.

Pantami expressed optimism that NIPOST would be transformed into a world-class outfit.

“The unveiling of the N50 revenue stamp is the beginning of the transformation of NIPOST. We have recorded modest achievements in NIPOST that will increase its revenue and raise monies for other sectors of the Nigerian economy.

“Part of the transformation is to unbundle NIPOST. This includes NIPOST Property development Company; this is a company that will bring all the NIPOST Properties together and develop them and generate revenue from them,” he said.

Pantami tasked the staff of NIPOST to double efforts aimed at increasing revenue generation for the country, as that would be the only justification for the increased welfare package.

NIPOST Re-enactment Bill

In June 2021, the Senate passed the NIPOST repeal and re-enactment bill 2021, which had restricted the agency to only postal operations in the country.

The bill which was passed also seeks to unbundle NIPOST for efficient service delivery by creating a commission to regulate its affairs.

It was passed by the Senate following the consideration of the report of the Committee on Communications, which is Chaired by Senator Oluremi Tinubu.

4 August 2021
Shareholders Still Showering Encomiums on Stanbic IBTC Over Dividend Pay-Out

Shareholders of Stanbic IBTC Holdings PLC have continued to laud the Group for their last dividend payout of 360 kobo per share for the financial year ended 31 December 2020, as well as the bonus shares of one for every six ordinary shares, approved at the last Annual General Meeting held in May 2021.

Some of the shareholders who expressed their appreciation to Stanbic IBTC said that they were glad that despite all the socio-economic challenges of 2020, the Stanbic IBTC Group continued to keep many Nigerians in paid employment and continued to invest in communities within Nigeria via various Corporate Social Investment projects.

“Indeed, the Stanbic IBTC Group deserves a lot of commendation” said Mr. Tunji Bamidele, one of the Company’s shareholders.

The last audited results showed that Stanbic IBTC posted gross earnings of N234.446 billion against N233.808 billion in 2019. Stanbic IBTC ‘s deposits to customers improved from N819.944 billion to N637.840 billion, while loans and advances improved from N532.124 billion to N625.139 billion.

Based on the results, the board recommended a final dividend of 360 kobo in addition to a bonus of one new share for every six ordinary shares already held. The shares of Stanbic IBTC jumped 9.9 per cent from N44.05 to N48.45 as investors reacted positively to the results and dividend declaration.

Analysts at FSDH Merchant Bank Research had said the 6.6 per cent increase in total income to N198.9 billion recorded by Stanbic IBTC was primarily driven by a 14.7 per cent jump in non-interest revenue N124.7 billion.

Non-interest revenue ascended 14.7 per cent, powered by a 43.4 per cent increase in trading income to N52.1.

Mr Tunde Bamidele, a shareholder, expressed gratitude to the Board and Management of Stanbic IBTC for the steadfastness, hard work and dedication, which resulted in the N83 billion profit after tax for the 2020 financial year: and the subsequent 360 kobo dividend and allotment of bonus shares.

He said: “I would like to express my gratitude to the Board of Directors, Management and members of Staff of Stanbic IBTC for a job well done. Despite the COVID-19 pandemic, the company declared a dividend of 360 kobo, which is impressive compared to other players in the financial industry. I would also like to thank you for giving us a bonus share for every six shares held. Indeed, the bonus dividend is robust.”

Stanbic IBTC remains one of Nigeria’s foremost financial institutions. The financial institution’s Chief Executive, Dr Demola Sogunle, has pledged the organisation’s commitment to put in more efforts towards satisfying the company’s customers, clients, and shareholders.

4 August 2021