Access Bank shareholders endorse total dividend payment of N14.46bn

Shareholders of Access Bank Plc have approved total dividend payout of N0.50 kobo for the 2018 financial year ended December 31, 2018. The amount translated into N14.463 billion.

The board proposed final dividend of N0.25 kobo per every ordinary share of 50 kobo 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.

Shareholders at the meeting commended the board and management for sustaining dividend payout policy, noting that its merger with Diamond bank has brought smile on the faces of shareholders of both banks.

They also requested for increment in dividend payment in the coming year.

National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sony Nwosu who spoke on behalf of other shareholders at the meeting commended the board for successful merger with Diamond. 

He call for establishment of lobbying group that will stand to fight against some of regulatory rule affecting financial institutions in the country, adding that charges imposed on Bank by Assets Management and other regulators has been 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.

Addressing shareholders at the meeting, the Group Managing Director/ Chief executive officer of Access Bank Plc, Hebert Wigwe said that the new logo of the bank represents the fusion of the two banks, adding that things would be much better in future in terms of dividend payment.

He also said that money deducted from the banks profit was designed specifically to support the Small and Medium Scale Enterprises and other sectors in an effort to boost the economic development of the country.

He said that 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 quaterly 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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