Business
Stanbic IBTC to pay five kobo dividend
The board of directors of Stanbic IBTC Holdings Plc on Wednesday announced that the bank would be paying a 5.0 kobo dividend per share for the 2016 business, opting to share N500 million to shareholders out of net profit of N28.5 billion.
The audited report and accounts of Stanbic IBTC Holdings for the year ended December 31, 2016 showed improvements across key performance indicators. Gross earnings rose from N140.03 billion in 2015 to N156.43 billion in 2016. Profit before tax rose from N23.65 billion to N37.21 billion. Profit after tax also improved from N18.9 billion to N28.5 billion.
The five kobo dividend appears to be the parting gift from the resigning chairman of the bank, Mr Atedo Peterside. Peterside, who founded the then Investment Banking & Trust Company (IBTC) in 1989 and was its pioneer chief executive, will be resigning as chairman of the board with effect from March 31, 2017.
Standard Bank Group, the largest African financial institution by assets and parent company of Nigeria’s Stanbic IBTC Holdings Plc, recently announced major changes in the top management of the Nigerian subsidiary.
Yinka Sanni was named the chief executive of Stanbic IBTC Holdings Plc. He takes over from Sola David-Borha, former chief executive, who has been appointed chief executive, Rest of Africa, Standard Bank Group.
Dr. Demola Sogunle, who was until the latest appointment deputy chief executive of Stanbic IBTC Bank, has also been appointed chief executive, Stanbic IBTC Bank.
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Sanni was until his latest appointment the chief executive of Stanbic IBTC Bank PLC. Yinka joined Stanbic IBTC Bank in 1990 and rose through the ranks, holding several senior management positions within the organization including that of Co-Head, Corporate and Investment Banking. He also held the position of Executive Director & Head, Corporate and Investment Banking.
He was the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive Officer, Stanbic IBTC Asset Management Limited. He has a wealth of experience in banking and financial services covering Banking, Stockbroking, Pension, and Asset Management spanning over 26 years.
As chief executive of the Group, Sanni is expected to drive the next phase of growth and execution of its strategy of being Nigeria’s leading end-to-end financial services provider. Sanni holds an MBA from the Obafemi Awolowo University Ile-Ife, having also undertaken the Harvard Business School, Boston’s Advanced Management Programme. He is a graduate of the University of Nigeria, Nsukka; with Bachelors in Agricultural Economics. He is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
Prior to his appointment as Deputy Chief Executive of the bank, Sogunle was the Chief Executive of Stanbic IBTC Pension Managers, a position he held from August 19, 2011 to December 2015. Prior to his appointment as Chief Executive of Stanbic IBTC’s Pension subsidiary, he was Stanbic IBTC Bank’s Head of Risk as well as its Chief Compliance Officer. He was also formerly the Head of Treasury and Financial Services for Stanbic IBTC Bank, a position he held for over seven years
In his new role as chief executive, Stanbic IBTC Bank Plc, Sogunle will be leading the bank’s executive team as they consolidate and accelerate its growth strategy, especially within the retail, corporate and transactional banking ecosystems.
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