Nigeria Earns $.2m Dividend From Islamic Development Bank Group

Nigeria, the fourth largest shareholder in the 57-nation Islamic Development Bank Group (IsDBG), has been allocated the sum of US$296, 143 as dividend from the profit earned by the Islamic Corporation for the Development of the Private Sector (ICD) in 2016, but would be converted into shares.

The document containing the resolutions of the 42nd annual meeting of the Board of Governors of the Bank released to the public, indicates that US$16, 083, 362 million worth in shares shall be allocated from the unallocated shares to member-countries as their dividend .

Nigeria’s overall shareholding in the IsDB Group is 1.68 per cent, surpassed so far only by the shareholdings of Saudi Arabia, Kuwait, Libya and the Islamic Republic of Iran. The least shareholding member of the Bank is Kyrgyz Republic with 643 units, which was classified as 0.00 per cent on the shareholding table of the Jeddah-based financial institution.

The resolutions further indicate that public Financial Institutions that own shares in ICD would receive dividend payments in cash to the tune of US$1, 564, 000 million payable within three months from the date of the resolution.

As the 42nd IsDBG ends, African countries have clinched four positions of Executive Directors of the IsDB and would serve from January 1, 2018 to December 31, 2020.

Those elected to the Board are Mr. Twesiim Frederic of the Republic of Uganda; Abdoulie Jallow from the Republic of Gambia; Mr. Diao Balde of the Republic of Guinea and the only woman elected to the Board, Mrs. Fouzia Zaaboul of the Kingdom of Jordan.

The Nigerian delegation to the 42nd annual meeting of the just-ended Islamic Development Bank had during a business meeting with the IsDBG Vice-President for Operations, Nigeria’s former Minister for Finance, Dr. Mansur Muhtar, urged the Bank to fast-track the implementation of ongoing projects being funded by the Bank in the country.

Permanent Secretary in the Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse who led the delegation as representative of the Minister of Finance, Mrs. Kemi Adeosun, described the meeting as fruitful, where the position of the country was explained and mutual understanding reached between both sides.

Author: NewsAdmin

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