Shareholders approve Access Bank’s N18.8b dividend

Shareholders of Access Bank Plc have approved a total dividend payout of N18.8 billion for the 2016 business year.

At the annual general meeting in Lagos, shareholders unanimously approved the recommendation of the board to distribute a total of N18.8 billion for the 2016 business year as against N15.9 billion paid for the 2015 business year.

The dividend payment kicked off immediately after the approval, giving shareholders with electronic dividend payment mandate opportunity to receive their dividends immediately.

Shareholders will receive a final dividend per share of 40 kobo in addition to an interim dividend per share of 25 kobo, bringing the total dividend per share for the 2016 business year to 65 kobo. The bank had paid a total dividend per share of 55 kobo, including a final dividend per share of 30 kobo and interim dividend per share of 25 kobo, for the 2015 business year.

Shareholders who spoke at the general meeting applauded the resilience of the bank and its ability to sustain impressive returns in spite of the tough operating environment.

Shareholders’ leader and founder, Independent Shareholders Association of Nigerian (ISAN), Sir Sunny Nwosu described the bank’s performance as remarkable noting that the increase in dividend payment is an indication of the strong fundamentals of the bank.

Another shareholder, Mr Nonah Awoh also commended the bank and urged the management to further focus on deposit as a major boost to the bank’s revenue.

In her address to shareholders, chairman, Access Bank Plc, Mosun Belo-Olusoga assured shareholders that the bank will remain focused in its pursuit of enhancing shareholders’ value.

“The group delivered a resilient performance in 2016 with the overall results reflecting a strong and sustainable bank built on solid fundamentals and the effective execution of its strategic imperatives,” Belo-Olusoga said.

Group managing director of the bank, Mr. Herbert Wigwe, said the bank rode above the challenges in 2016 to progress on its stride as a leading bank as many of the strategic choices made by the bank over the years were validated when tested by the economic recession.

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