KEY POINTS

• Stanbic IBTC has set ₦159.86 as the price used to calculate how many additional shares eligible investors can receive instead of cash dividends.
• Shareholders can choose between receiving ₦4.50 per share in cash or taking additional shares in the company.
• Only shareholders who qualified for the dividend as of October 15, 2026, can participate.
• Investors who want additional shares must submit their election forms by November 6.
• Cash dividends are expected to reach shareholders with valid bank payment details on November 13.

MAIN STORY

Stanbic IBTC Holdings Plc has set November 6 as the deadline for eligible shareholders to choose whether to receive their ₦4.50 interim dividend in cash or additional shares in the company.

The financial services group fixed ₦159.86 as the price used to calculate how many additional shares investors can receive under its 2026 Interim Scrip Dividend Programme.

The programme gives shareholders a choice. They can receive their dividend as cash paid into their bank accounts or use the dividend to increase their ownership of Stanbic IBTC by receiving additional shares.

Only investors whose names appeared on the company’s shareholder register as of October 15, 2026, qualify for the dividend.

Stanbic IBTC said the ₦159.86 reference price was calculated using the average trading price of its shares on the Nigerian Exchange over five business days, starting from the day the shares began trading without the dividend entitlement.

Shareholders who want additional shares must complete an election form and submit it to First Registrars and Investor Services Limited by the close of business on November 6. The company said the distribution of the additional shares is subject to the necessary regulatory approvals.

Investors who prefer cash do not need to submit an election form. Stanbic IBTC expects to pay their dividends on November 13, provided they have valid instructions for receiving electronic dividend payments through their bank accounts.

Shareholders can obtain the election form through the designated link or by contacting the company’s Group Company Secretary, Head of Investor Relations or registrars.

THE ISSUES

The choice comes down to what shareholders want to do with their dividend: receive the money now or use its value to increase their investment in the company.

At the reference price of ₦159.86, a ₦4.50 dividend is worth about 2.8 per cent of the price of one share. In practical terms, the dividend from one existing share is not enough to buy one whole additional share at that price.

For example, someone holding 1,000 shares would be entitled to a total dividend of ₦4,500. At the reference price, that amount is equivalent to approximately 28 shares, before any applicable rules on how fractions are handled.

Choosing additional shares means the shareholder keeps more of their investment in Stanbic IBTC rather than receiving the dividend as cash. Those shares could increase in value if the company’s share price rises, but they could also lose value if the price falls.

Taking cash, on the other hand, gives shareholders money they can use for personal expenses, savings or other investments without depending on how Stanbic IBTC’s share price performs.

Neither option is automatically better for every investor. The right choice depends on whether the shareholder needs immediate cash or prefers to maintain or increase their investment in the company.

WHAT’S NEXT

Shareholders who want additional shares have until November 6 to submit their election forms. Those choosing cash should ensure their bank details and electronic dividend payment instructions are valid.

Stanbic IBTC expects to pay cash dividends on November 13. The timing of the additional share distribution will depend on the necessary regulatory approvals.

BOTTOM LINE

Stanbic IBTC shareholders who qualify for the ₦4.50 interim dividend must decide whether they want cash or additional shares. The November 6 deadline applies to those choosing shares, while eligible shareholders opting for cash do not need to take further action if their dividend payment details are in order.

Source: Proshare