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Market Digest Nigeria

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Nigeria to earn $296,143 dividend from Islamic bank

The Federal Government is to receive $296,143 as dividend from the profit earned by the Islamic Development Bank for the 2016 financial period.

The development was confirmed in a statement issued on Sunday by the Director of Information in the Ministry of Finance, Salisu Dambatta. Nigeria is the fourth largest shareholder in the 57-nation Islamic Development Bank Group, with its overall shareholding currently at 1.68 per cent. This is surpassed only by the shareholdings of Saudi Arabia, Kuwait, Libya and the Islamic Republic of Iran. The statement said that public financial institutions that own shares in the bank would receive dividend payments in cash amounting to $1.56m, payable within three months from the date of the resolution.

The statement, however, explained that Nigeria would not receive the dividend in cash, noting that the amount would be converted into shares and reinvested in the bank.

The statement added that Nigeria and the IDB were negotiating financing for the construction of the Second Niger Bridge on a Private-Public Partnership model.

Ifeanyi Onuba

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