78 bank directors get N10.34bn dividend in 2016
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78 bank directors get N10.34bn dividend in 2016

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At the backdrop of the recession the nation’s economy slipped into last year alongside inflationary pressures, corporate results from the banking sector so far released indicate significant increases in fortune for the investors.

While the general shareholders of the first batch of seven banks announcing results so far received a total dividend income of N162 billion, indicating a rise by 13 per cent against N143.3billion in 2015, directors of the banks numbering 78 recorded 20.5 per cent rise in their dividend income at N10.34 billion as against N8.58 billion in 2015.

The banks are Zenith International Bank Plc, Fidelity Bank Plc, Access Bank Plc, United Bank for Africa, UBA Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc and Guaranty Trust Bank Plc.

Financial Vanguard analysis revealed that three of the banks, namely, Zenith Bank, Access Bank and UBA accounted for 64 per cent of the total dividend declared by the seven banks, while their directors smiled home with N9.42 billion.

Further analysis showed that the Chairman of Zenith Bank Plc, Jim Ovia, the Group Managing Director/Chief Executive Officer of Access Bank Plc, Herbert Wigwe, and the Chairman of UBA, Tony Elumelu, benefited the most, receiving N9.25 billion, representing 89.5 per cent of the total dividend received by the 78 directors during the year.

Vanguard, April 24, 2017

 

 

 

 

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