Business
First Bank Heads For High Dividend
First Bank of Nigeria Plc headed for a two-month high on speculation the country’s third-biggest lender by market value will pay a dividend for the year through December.
The stock gained 4.9 percent, its biggest intraday advance since December 21, to 9.61 Naira as of 1:41 p.m. in Lagos. A close at this price would be its highest since November 22.
“Investors anticipate that First Bank will be able to pay a dividend of at least one Naira per share for the full year through December, given that its earnings per share for the nine months were already above one Naira,” David Adonri, Chief Executive Officer of Lagos-based Lambeth Trust and Investment Co., a brokerage, said by phone today. “That means that at the current price, the dividend yield will be more than 10 percent, and that means a lot globally.”
Earnings at Nigerian lenders are rising after the West African nation’s central bank fired eight chief executives of the country’s 24 lenders and set up a state-owned company to buy bad debts amassed in 2008 and 2009 and triggered by loans to equity speculators. Asset Management Corp. of Nigeria, as the company is known, had acquired bad debt worth 3.14 trillion naira ($20 billion) by November 28, Chief Executive Officer Mustapha Chike-Obi said then, according to Reuters reports.
First Bank’s net income rose 32 percent to 42.9 billion Naira in the third quarter to September, the lender said in a statement to the Nigerian Stock Exchange on October 13.
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FG Fixes Uniform Prices for Housing Units Nationwide, Approves N12.5m For 3-bedroom Bungalow ……..Says Move To Enhance Affordability, Ensures Fairness
“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.
Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.
The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.
The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).
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