Banking & Finance

Stanbic IBTC Shareholders’ Unclaimed Dividends Hit N3.28Bn in 2020

A few days ago, Stanbic IBTC Holdings Plc presented its audited financials for the full year ended December 30, 2020, ahead of next week’s deadline.

Brandnewsday understands that Stanbic IBTC report bears tell-tale signs of the lockdown imposed across the country for most of the year owing to the outbreak of the Coronavirus pandemic, especially the flat gross earnings growth, arising from the drop in interest income, the effect of which was mitigated by the increase in trading revenue.

Dividend history and unclaimed dividend as at 31 December 2020

The total unclaimed dividend fund as at 31 December 2020 amounted to N3,183 million (Dec. 2019: N2,711 million). A sum of N1,394 million of the fund balance is held in an investment account (money market mutual fund) managed by Stanbic IBTC Asset Management Limited (Dec. 2019: N1,239 million), while the balance is held in demand deposits maintained with Stanbic IBTC Bank PLC. Total income earned on the investment account and recognised by the company for the year ended 31 December 2020 was N54.5 million (Dec. 2019: N149 million).

The board offered a seemingly more generous N39.982bn or N3.60 as the final dividend per share, up from the previous N21.01bn. This is in addition to the N4.442bn paid as interim dividend, compared to the previous N10.474bn, both from the Basic earnings per ordinary share of N7.29, up from N6.92 each reported in the preceding year.

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Efforts have been made by the Securities and Exchange Commission (SEC) to reduce the huge unclaimed dividends in the capital market are not yielding the expected results. The agency came up with the e-dividend policy to allow shareholders of publicly listed companies to get their cash rewards directly in their bank accounts.

How to claim the money

Stanbic IBTC advised shareholders to come forward to claim the reward for their investment in the organisation, noting that “a list of unclaimed dividends is available on the company’s website.

Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrars.

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Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on our Registrars website: https://firstregistrarsnigeria.com/download-forms/, complete and submit to the Registrar or their respective Banks.

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Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

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