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Micro-finance bank doles out N5m dividends to shareholders

By Gabriel Enogholase
BENIN—Shareholders of Auchi Micro-Finance bank in Auchi, Estako West local government area of Edo State are to receive the sum of N5 million as dividends for the 2008 fiscal year.

The N5m represents 16.3 % increase  as against N4.4m dividends shared during the 2007 financial year.
They are also to get N6m bonus shares, representing 71.4% increase against N3.5m bonus issued in 2007.

This was part of the recommendations of the 13th Annual General Meeting of the bank held in Auchi.
At the meeting, Chairman of the Board of Directors of the bank, HRM Alhaji Aliero Momoh, the Otaru of Auchi, and two other directors, were re-elected for another tenure in office by the shareholders.

In his speech, HRM Momoh said the Share Capital of the bank rose from N26.5m of the previous year to N45.6m, representing 72.1%.

He informed the shareholders that loans and advances of the bank rose by 98% from N78.7m in 2007 to N155.8m in 2008 and that fixed asset rose by 329.9 percent from N7.7m in 2007 to N33.1m in 2008.

According to him, “ Income generation was no less commendable as a growth rate of 34.4 % from  N42.5m in 2007 to N57.1m in 2008. Profit before tax rising N33.8 % from N15.4m in 2007 to N20.6m in 2008”.

HRM  Momoh said the bank intended to increase its share capital to a minimum of N75m in 2009 in a steady and titanic growth status that would put it in a position of irreversible path in fund mobilization, co-ordination and consolidation.

He said it was the responsibility of government to promote a mutually discernable fiscal and monetary policy to produce positive and socially amenable reciprocal ordering of good things for Nigeria .


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