Given the woeful performance of the economy in 2016, several industry experts were expecting similarly woeful results for banks and losses for investors. The reverse seems to be the case as analysis from Financial Vanguard on the 2016 results so far released, show a 13% rise in total dividend income from N143.3 billion in 2015 to N162 billion.

The analysis further showed that bank directors held 10.15 billion shares representing 5.5% of the banks’ total 184.8 billion shares.

Whilst shareholders are happy to have avoided a drop in dividend income, bank directors have every reason to be more grateful. A look at the table below reveals why.



From above, it appears, Jim Ovia, the Chairman and Founder of Zenith Bank earned the most from the dividend windfall. At N5.9 billion, his dividend earnings top that of any other bank director on the list analysed by Vanguard. The Bank directors on the list in total received N10.1 billion.

In Nigeria, dividend is taxed at 10% flat suggesting the government would have made about N16.2 billion in withholding taxes.

A massive drop in the value of shares of most quoted companies in Nigeria has made dividend payment an alternative and attractive income to most investors. Dividend yields for banks have averaged 8% this year, higher than the 5% typically posted by most Nigerian banks. Despite been less that the 17% obtainable from less risky investments like Treasury Bills, investors who have seen the value of their stocks severely impaired, will be happy to accept dividends, let alone one that suggest a higher yield.

For the bank directors, their goals are somewhat different. Dividend payments is just one of the minor reasons for retaining controlling shares in businesses.


http://nairametrics.com/the-10-bank-directors-that-have-earned-the-highest-dividends-in-2016-so-far/?utm_source=&utm_medium=twitter

Mouthwatering!

Jim is balling ..better passive income

This is why I love the financial services sector.

Access must dey among

Look at the list mainly the so called 5%, Yet that Daura President won't see any good in them

ok

Too much money good oo

how about PMB make AMCON return all the bad loans they bought off dem ehn with tax payers money. Buth thunder will fire Zenith bank o, pays entry level 75k for 3 years on contract basis. wicked pple

My name will be dere soonest!

Ralphlauren:
This is why I love the financial services sector.

Awuf money plenty die for that sector!!!

chop clean mouth [color=#000099][/color]

First Bank nko?

Dear lord,

Please pick my calls too.....

WOW!

Mc4larin:


Awuf money plenty

Yes o. Just too much

Not just in Nigeria but all over the world.

Recession is just a f*cking word.

This kin money wey person dey only hear, I wonder where dem dey.

Issokay

Jim ovia can now drive the Bugatti Chiron

While yahoo boys dream about it.

[color=#770077][/color]

what is the difference between these people and mavrodi now??

afonjas wount like this thread

ripping customers

Being a scientist in Africa seems like a curse

Oh my God, where is my dear First bank?

The Rich is always becoming richer while the poor becomes poor, Money is a curren(t)cy it flows either towards or against someone, it is like a river flowing through its bank if you have the currency path it flows towards you. for money to flow towards someone, the person must be financially literate. You might be academically or professionally literate and not financially literate. you need to understand the language money speaks. if you are not adding value to the amount of money with you it flows towards someone who can add value to it.


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yeeeeee, when will i start my own business? this salary thing is just pure cheating honestly!!!!!

Smh