Shareholders hail bonus dividend, as Stanbic IBTC commits to sustaining high standards

Shareholders of Stanbic IBTC Holdings Plc have hailed the Board of the company over its offer of bonus dividends, as they said the banker has now ‘put smiles on their faces despite the harsh operating environment.’

CEO of Stanbic IBTC Holdings, Mr Demola Sogunle (left) flanked by other top executives of the bank during last Thursday’s Annual General Meeting (AGM) in Lagos

His is also Management of the bank pledged its commitment to sustaining the high standards of operations which have earned it the highest level of ratings by globally recognised rating agencies.

The shareholders who disclosed this during the last Thursday’s Annual General Meeting (AGM) of the bank, which held in Lagos, to report performance of the company for the year 2020, welcomed resolution of the bank to pay N3.60 final dividend, as well as, a bonus dividend in the proportion of one new ordinary share for every six existing ordinary shares held.

At the Annual General Meeting (AGM) held by proxy in line with the COVID-19 guidelines of the Nigeria Centre for Disease Control (NCDC), the investors adopted the company’s audited financial statements for the 2020 financial year amongst other resolutions as presented by the board.

One of the other resolutions presented by the board was the payment of N3.60 final dividend as well as a bonus dividend in the proportion of one new ordinary share for every six existing ordinary shares held.

The bonus share thrilled the shareholders and one of them, Mr Tunde Bamidele, could not hide his excitement.

Bamidele appreciated 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 culminated in the 360 kobo dividend and allotment of bonus shares.

“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 very 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,” he stated.

Earlier, Chairman of Stanbic IBTC Holdings, Mr Basil Omiyi, commended the group’s management on an impressive result despite operating in a tough environment.

“The board is very happy with what the management has been doing. We pass most of the commendation to our very efficient and able Management team which has delivered impressive results despite operating under difficult circumstances,” he said.

On his part, the CEO of Stanbic IBTC Holdings, Mr Demola Sogunle, reiterated the management’s commitment to sustaining the high standards that have earned the group several commendations and awards, including the highest level of ratings by globally recognised rating agencies.

“We would continue to work very hard to sustain our high level of ratings by globally renowned rating agencies.

“We also pledge to continue adhering to regulatory guidelines, while also making improvements in the areas of performance, corporate governance, risk management, quality of workforce and succession planning,” he stated.

Also at the meeting, Mr Kunle Adedeji, Ms Ngozi Edozien and Ms Salamatu Suleiman were re-appointed as directors, while Mrs Sola David-Borha, the immediate past Chief Executive, Africa Regions, Standard Bank Group, was appointed as a non-executive director.

Other resolutions which were ratified were the election of members of the audit committee, the fixing of director’s fees and the approval of new external auditors for Stanbic IBTC Holdings Plc.

In addition, KPMG Professional Services, having served as the group’s external auditors for the past 10 years, formally retired as auditors to the group in accordance with section 5.2.12 of the Central Bank of Nigeria Code of Corporate Governance, which stipulates a maximum tenure of 10 years for external auditors. PricewaterhouseCoopers was, thereafter, appointed as the new external auditor for the group.

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