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

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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