Zenith Bank’s Unclaimed Dividend Hits 3 Billion Naira
There are people who will buy shares of companies but will not claim the profit on their shares.
Such people have accumulated about 3 billion Naira in Zenith bank alone. This was as at the end of 2016.
This was part of the concerns of some shareholders on Wednesday when the bank held its annual general meeting.
Mr Nona Awo, a shareholder, said that the bank needs to drive down its unclaimed dividend while increasing its deposit drive.
He advice the bank's management to extend its tentacles across the country, especially to rural arrears.
Meanwhile, Peter Amangbo, the bank’s Group Managing Director, said that the bank is working closely with registrars to bring down the unclaimed dividend figures.
The shareholders have authorised the board and management to raise additional capital of 100 billion Naira.
Also approved is the decision to raise the sum by making public offers, rights issue or any other method deemed fit by the board in local or international markets.
Speaking at the meeting, Mr Sunny Nwosu, founder, Independent Shareholders Association of Nigeria (ISAN), commended the bank for the improved performance and final dividend of 1.77 Naira per share in spite of the unfriendly operating environment.
Nwosu said the bank needs to map out strategies aimed at bringing operating expenses to reduce operating cost.