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CBN, 3 banks receive N12bn from investment in AFC

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By Michael Eboh

Central Bank of Nigeria, CBN, and three other banks in the country received $41.736 million dividends (N12.938bn) in 2017 from their investments in regional multinational financial institution, the Africa Finance Corporation, AFC.

CBN Governor, Mr Godwin Emefiele

The other banks, according to data obtained from the AFC’s 2017 Financial Report, are United Bank for Africa Plc, Access Bank Plc and FirstBank of Nigeria Plc.

The three banks, in addition to the CBN, currently account for 72.3 per cent of the total shareholding of the AFC.

The CBN is the majority shareholder of the AFC, with 42.3 per cent shareholding, followed by UBA and Access Bank with 10.7 per cent and 10.2 per cent shareholding respectively, while FirstBank trailed with a shareholding of 9.1 per cent.

The AFC, in its 2017 Annual Report and Financial Statements, announced a dividend of $57.72 million for its shareholders in the year under review, appreciating by 64.08 per cent from $35.177 million recorded in 2016.

To this end, with its shareholding of 42.3 per cent, the CBN received a dividend of $24.42 million, an equivalent of N7.57 billion, using an average exchange rate of N310 to a dollar.

UBA, Access Bank and FirstBank, with their 10.7 per cent, 10.2 per cent and 9.1 per cent shareholding, received dividends of $6.176 million (N1.915 billion); $5.89 million (N1.825 billion); and $5.25 million (N1.628 billion) respectively.

The CBN and the three banks had received a combined dividend of $25.44 million, an equivalent of N7.885 billion in 2016, representing an improvement of 64.08 per cent when compared with the $57.72 million dividend received in 2017.

Furthermore, the AFC recorded operating income of $172.5 million in 2017, rising by 23.44 per cent from $139.738 million recorded in 2016; its total comprehensive income for the year dipped from $115.35 million in 2016 to $109.16 million in 2017; while profit for the year also dropped to $100.31 million in 2017, compared to $109.4 million in the previous year.

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