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NIGERIAN BREWERIES Plc BREAKS DIVIDEND PAYMENT RECORD

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Nigerian Breweries Plc has continued to put bold smiles on the faces of its shareholders and other stakeholders as the brewing giant breaks its 70-year old dividend payment record.
The 2015 audited results showed that the Company’s shareholders would earn a total dividend of N4.80 (Four Naira Eighty Kobo) per unit of the company’s ordinary share of fifty kobo each for the 2015 financial year. If approved by shareholders at the upcoming Annual General Meeting, it would be the highest dividend ever paid by the company in its 70-year history.
Currently, Nigerian Breweries is the second most capitalized company on the Nigerian Stock Exchange (NSE). The company paid out a total dividend of N37 billion (N4.75 kobo per ordinary share of 50 kobo each) for the financial year ended December 31, 2014.
The Company had in October 2015, paid an interim dividend of N9.5 billion that is, N1.20 (one naira twenty kobo). Thus, the final dividend will be N28.5 billion that is, N3.60 per share (three naira sixty kobo). According to the company, the proposed final dividend will be subject to deduction of withholding tax at the appropriate rate and will be payable on the 12th of May, 2016, to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 2nd of March, 2016.
A look at the audited results show that Results from Operating Activities closed at N62 billion in 2015 while the Profit before Tax stood at N54 billion in the same period. Profit after tax was N38 billion
Speaking to financial journalists at the pre-Annual General Meeting, AGM in Lagos on Thursday, the Managing Director of the Company, Nicolaas Vervelde explained that the Company was able to achieve strong results and deliver good returns on investment to shareholders due to its twin agenda of Cost Leadership and Market Leadership supported by Innovation.
The Cost Leadership Agenda, he remarked, was anchored on “Every Naira Counts” programme which was to ensure that the business is run in the most efficient way. The programme, according to him, contributed significantly to the 2015 results in the face of a difficult operating environment.
Verlvede added that in 2016, barring any unforeseen circumstance, the company remains confident that with its strong portfolio and its Cost Leadership agenda, it should be able to take advantage of any upswing in the market.
He noted that while 2016 might be a challenging year for the country, Nigerian Breweries is committed to “Winning with Nigeria. “Thus, we will sustain the investment in our operations, systems, brands and of course, people. Coat Leadership and Market Leadership supported by innovation remain our key strategy,” he said.
According to the 2015 corporate rating report by Augsto and co; Nigerian Breweries possesses very strong financial condition and very strong capacity to meet local currency obligations as and when they fall due. The rating, Augosto maintained, is underlined by the company’s dominant position in the Industry; highly experienced and stable Board of Directors; and competent management team. The rating is also supported by NB’s strong financial condition which is validated by good profitability, low leverage, good cash flow and adequate working capital.
The shares of NB Plc were admitted to trading on the floor of The Nigerian Stock Exchange on 5th September, 1973. With about 114,566 shareholders as at 30th September, 2015, the authorized share capital of NB Plc is N4billion, divided into 8 billion shares of 50kobo each.
The issued share capital as at 30th September, 2015 stood at N3,964,550,444 divided into 7,929,100,888 ordinary shares of 50 kobo each. Heineken N.V has a majority shareholding of approximately 54.29% while 45.71% is held by Nigerian and foreign individuals and associations.

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Controversial Sterling Bank caught in the act! CBN sanctions, parades officials for hoarding new naira notes [VIDEO]

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Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks, THE WITNESS reports.

 

In a trending video on social media, seen by THE WITNESS, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.

 

The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.

 

The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

 

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

 

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”

 

WATCH VIDEO HERE:

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FCMB Manager Arrested For Hoarding New Naira Notes

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A manager of the First City Monument Bank (FCMB) branch in Osogbo, Osun State capital, has been arrested for allegedly preventing Automated Teller Machines (ATMs) loaded with cash from dispensing money to customers.

The spokesperson of the Independent Corrupt Practices and other related offenses Commission (ICPC), Azuka Ogugua, in a statement on Friday said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines

“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly’.

Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.

 

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New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage

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The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage.

The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public.

The bank official, who is the branch service head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATMs) even when the cash was available and people were queuing at the ATM points.

The statement reads: “When the ICPC monitoring team stormed the bank at about 1:30pm on Friday to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, the team was informed by the branch’s head of operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash earlier around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“The ICPC said investigations were still ongoing and the Commission will take appropriate actions as soon they are concluded.

“Similarly, seven Point of Sale (PoS) operators as well as a security guard were arrested during an ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons were helping the anti-graft commission with information to assist investigations and bust other syndicates involved in the hoarding and sales of the redesigned Naira notes,” the anti-graft agency said.

 

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