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Nigeria’s GT Bank gives reason for delaying dividends payment.

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One of Nigeria’s versatile banks, Guaranty Trust Bank is delaying payment of dividends to shareholders and the reason for this has been given.

The commercial lender says its global depository receipts (GDRs) has been delayed due to difficulties in sourcing dollars, the lender said on Tuesday.

According to its subsidiary, GTB Registrars, the GDR holders are in a queue with the Nigerian central bank for dollars to make the payout.

The planned resumption of international flights from Nigeria and recent surge in oil price has increased the dollar demands at the CBN which had been struggling to meet all the demands.

Reuters news agency states that GT Bank has made no comment about the dividend payment with its GDRs. The GDRs are traded at the London Stock Exchange. The bank issued the GDRs in 2007 to raise $750 million. It paid out a total dividend of 2.80 naira per share in 2019.

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Nigeria Suffers The Worst Economic Recession In 33 Years

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The news of Nigeria sinking into its worst recession in 33 years has left most Nigerians asking how the giant of Africa got here. News Central speaks with Muktar Mohammed, a finance analyst who further explains the implication of this recession.

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Business Edge with Joe Hanson discussing Nigeria’s Second Recession And Last MPC Of 2020

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Business Edge with Joe Hanson discussing Nigeria’s Second Recession In Five Years And Last MPC Of 2020 with Tunji Andrews and Janet Ogunkoya Nigeria is in her second recession in five years and on the news, we had Dr Emma Anoliefo, a Philosopher and a Scholar of Political Economy of the Alternative Persuasion. He is the National Coordinator Technical of Save Nigeria Economy Movement And Founder of Coalition of Scholars For Alternative Development Agenda for Nigeria (COSADAN)

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S/Africa’s Financial Stability Threatened By High Govt Debts – SARB

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The South African Reserve Bank (SARB) has warned the government against incurring high public debts to save its financial system.

The central bank said high debts are a precursor to a potential collapse of the financial system.

South Africa’s debts amount to 84% of its Gross Domestic Product (GDP) as the economy battles the dire effects of the global COVID-19 pandemic.

In its bi-annual review of the nation’s financial soundness, the apex bank in the country said a close affiliation between the financial sector and the government has become risky.

The document said “the interconnectedness between the financial sector and the sovereign has emerged as a major threat to financial stability in South Africa,”

South Africa in March announced its second recession in two years as President Cyril Ramaphosa faces more pressure to put the country’s flailing economy on a solid pedestal.

The President’s policies have been put under the spotlight in recent months as the nation struggles to come out of a hard-biting recession and a pandemic.

The SARB said in September that a GDP contraction of -8.2% is expected in the third quarter of 2020, as against earlier projections of -7.3%.

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