Home Business & Economy Access Bank shareholders approve 50 kobo total dividend

Access Bank shareholders approve 50 kobo total dividend

COMFORT EKELEME

Shareholders of Access Bank have approved a total dividend payout of N0.50 kobo for the 2018 financial year ended December 31, 2018.

The amount translated to N14.463 billion.

The board proposed final dividend of N0.25 kobo for every share held by investors, ​ in addition to ​ interim dividend ​ of N0.25 kobo paid within the year, bringing the total payment to N0.50 kobo for the year.

The shareholders ​ also commended the board and management for sustaining dividend payout policy, adding that its merger with Diamond bank has brought smile on the faces of shareholders of both banks.

Speaking at the bank’s Annual General Meeting, National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sony Nwosu, commended the board for successful merger with Diamond.​

He frowned for charges imposed on bank by Assets Management Corporation of Nigeria (AMCON) and other regulators, adding that it has become a major concern to investors in the recent times.

He expressed the need for shareholders to organise themselves in such a way that they can direct their complaint to the government and regulators on the issues affecting banking business in the country.

Group Managing Director/ Chief Executive Officer of Access Bank Plc, ​ Hebert Wigwe while addressing shareholders at the meeting said the new logo represents the fusion of the two banks, adding that things would be much better in terms of dividend payment.

According to him, Access Bank needs to do things that would contribute to the growth of the industry and economy in general.

Wigwe said that the bank began implementation of its five year strategy with focus on retail banking growth, adding that the quarterly contribution of the segment to group profits during the year assured that the strategies and investments were prudent.

He said the merger Access brings together Access Bank strong wholesale banking capabilities and Diamond Bank’s unparalleled retail expertise. This, according to him, would enable the two banks to create an institution with over 27 million customers, 3100 Automated Teller Machines, 33,000 POS and more than 10 million mobile customers.

On the digital front, he said due to the strong digital capabilities of Diamond Bank and Access Bank, the merger will bring about a significant shift in the way we do banking and further redefine the industry. Innovation is therefore, crucial to our goal of bringing the power of banking to millions of people across Nigeria, as well as complementary businesses across the continent. Both banks possess a repository of market disruptive products and services that cater to all customer types.

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