Tag: Shareholders
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Ecobank in tax avoidance trouble, ordered to pay N1.6b to FIRS
The Tax Appeal Tribunal has declared as illegal, null and void the decision of EcoBank Nigeria Limited to pay N5, 545, 000,000 as dividends to its shareholders in 2016. That year, Ecobank had claimed it made no taxable profit and rather declared losses from its banking operations. A statement from the Federal Inland Revenue Service…
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Shareholders Approve Change of Forte Oil to Ardova Plc
Shareholders of Forte Oil Plc have authorised the board of directors of the local oil company to change the brand name to a new one, Ardova Plc. The approval was given at the firm’s Extraordinary General Meeting (EGM) held on Tuesday, December 17, 2019 in the Lekki area of Lagos State. The name change is…
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GTBank won’t issue bonus shares to shareholders – Agbaje explains
Group Managing Director of Guaranty Trust Bank (GTBank) Plc, Mr Segun Agbaje, has hinted that the company has no intention to declare bonus shares to shareholders. Speaking at the lender’s Annual General Meeting (AGM) last week in Lagos, Mr Agbaje explained that this is to prevent over bloating of GTBank shares. Recall that the bank…
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Fidelity Bank proposes payment of N3.2bn dividend to shareholders
Fidelity Bank Plc is proposing a N3.2 billion dividend payout to shareholders. The payout followed the bank’s strong financial result for the year-ended December 31, 2018. The bank posted a 4.8 per cent growth in Gross Earnings from N180.2 billion to N188.9 billion while Profit Before Tax soared by 30.6 per cent to N25.1 billion,…
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Shareholders Laud Transcorp Plc’s Outstanding Results
Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have commended the Board and Management of the company for their remarkable achievements demonstrated in the company’s record-setting financial performance in 2018. Speaking at the company’s 13th Annual General Meeting, which was held at the iconic Transcorp Hilton, Abuja on Friday, March 15, 2019, the shareholders lauded…
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Shareholders laud Transcorp Hotels Plc for Impressive performance, approve 15k per share as dividend
The Shareholders of Africa’s leading hospitality brand, Transcorp Hotels Plc, have extolled the Company for its impressive financial results for the year ended December 31, 2018. The congratulatory remarks were made at the Company’s 5th Annual General Meeting, which took place at the Congress Hall of the iconic Transcorp Hilton, Abuja. Following the company’s 26%…
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Shareholders list conditions to approve Diamond, Access Banks merger
The proposed merger between Diamond Bank and Access Bank is still generating mixed reactions from different stakeholders. Some hours after the information was confirmed by both banks, shareholders of Diamond Bank gave their views on the issue. It is important to note that before the merger can scale through, both shareholders of the financial institutions…
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Shareholders commend Transcorp for improving access to electricity in Nigeria
Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) strongly commended the Board and management for Transcorp’s impressive contribution to transforming the Nigerian power sector, through its power subsidiary, Transcorp Power. The commendations were received at the 12th Annual General Meeting of Transcorp, held on April 30th, 2018, at Oriental Hotel, Victoria Island, Lagos. The shareholders…
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Non-performing loans: CBN bars banks, discount houses from paying dividends to shareholders
In a smart move to stop Deposit Money Banks and Discount Houses with huge bad loans and low capital base from total collapse, the Central Bank of Nigeria (CBN) has stopped such banks from paying dividends to shareholders. This is due to the rising non-performing loans and the need to stop further erosion of the…