Notes to the Financial Statements

for the year ended March 31, 2009

19. Share Capital

19.1 Authorised:

	The Group		The Bank
	2009 N'million	2008 N'million	2009 N'million	2008 N'million
30,000,000,000 (2008 – 20 billion) ordinary shares of 50k each	15,000	10,000	15,000	10,000

 

19.2 Allotted, called up and fully paid:

	The Group		The Bank
	2009 N'million	2008 N'million	2009 N'million	2008 N'million
24,862,540,460 (2008 – 19,890 million) ordinary shares of 50k each:
At 1 April	9,945	5,238	9,945	5,238
Arising during the year:
– Rights issue	-	748	-	748
– Public offer	-	3,086	-	3,086
– Transfer from bonus issue reserve (note 24)	2,487	873	2,487	873
At March 31	12,432	9,945	12,432	9,945

At the 39th Annual General Meeting held on August 21, 2008, it was resolved that the authorised share capital of the Bank be increased from 20 billion units ordinary shares to 30 billion units ordinary shares. The increase in the authorised share capital was registered with the Corporate Affairs Commission (CAC) on September 9, 2008.

At the same Annual General meeting, the shareholders approved the capitalisation of the sum of N2.5 billion standing in the Bonus Reserve to shareholders whose names appeared on the Register of members at the close of business on Friday, August 8, 2008 on the basis of one new ordinary share for every four ordinary shares held by them on that day.