By Peter Egwuatu
Unit Holders of Zenith’s Ethical, Income and Equity Fund have unanimously endorsed the proposed payment of dividends by the Board of Directors of the fund manager for the financial year ended December 31, 2013. The Board had recommended a dividend of 34 kobo per unit holding for the financial year 2013 as non was declared for the financial year ended December 31, 2014.
Unit Holders also approved all other proposed special business in the Ethical, Income and Equity Fund. Part of the resolutions approved include : change in the name of the Trustees of the three funds from Afribank Trustees and Investments Limited to Mainstreet Bank Trustees and Asset Management Company Limited; all references to Zenith Bank Plc as the Fund/Portfolio Manager in the Deed of the three Funds be deleted and substituted with Zenith Assets Management Limited, etc.
The Unit Holders commended the Fund Manager for putting smile on their faces despite the challenges currently being faced by capital market and the economy in general.
Mr. Godwin Anono, a unit holder, who spoke on behalf their members, said “We commend you for declaring this dividend and putting smile on our faces, but we need more information regarding our investment. We have been kept in the dark for some years now without getting any feedback from our investment. Right now, you have taken the right path and it is our believe that it would be sustained. We expect something better next year in terms of return on investment and adequate communication.”
Responding on behalf of the Trustee to the Fund, Mrs. Oghogho Osula, said “We commend our Unit Holders for their patience and understanding during these hard times. We assure all of you of adequate communication and status of the Funds.
Reporting on the operating environment, the managers said in the period of under review, market risk sentiments suffered as anxiety mounted over the ability of the Nigerian economy to weather the effect of falling crude oil prices and lingering devaluation pressure on the naira. “As a result of this market scenario, patronage from offshore portfolio investors who were mindful of the currency risk in the last two quarters of 2014 was quite low. Total foreign outflows from the stock market in 2014 have exceeded inflows by 22 per cent,” they said.