Market Beat in partnership with Data Bank Securities Ltd  wish to bring to our readership this section on Africa's Finances and Markets and we do hope the material embedded therein will be of some use to you.

Nigeria: Access Bank declares N10.5 billion dividend

Access Bank Plc, in its financial result has reported a triple digit growth across key performance indices. The bank has thus declared a N10.5bn dividend pay - out. The Bank by this performance has surpassed its revised forecast for the year.

 According to the bank result the shareholders fund now stand at N172 billion representing a 508 per cent growth over the period. The result recently approved by the Central Bank and released on the floor of the Stock Exchange, showed that the Bank's total assets and contingents continued on the upward trend as it grew by 194 per cent from N408.7 billion in 2007 to N1.2 trillion in 2008.

The outstanding growth in balance sheet size is demonstrative of the underlying growth of public confidence in the Access Bank franchise aided by effective deposit mobilisation strategies and the development and introduction of innovative and solution - based financial products.

 According to the bank financial report the Bank recorded an increase of 137 per cent in profit before tax, rising from N8 billion in 2007 to N19 billion coupled with a 107 per cent growth in gross earnings, from N28 billion to N57.6 billion.

The reassuring quality of the result is strongly indicative of the Bank's commitment to its strategic goal of becoming one of the top 3 financial services groups in Nigeria by 2012.

As a rapidly emerging African financial power house, the Access Bank franchise is increasingly an investor's delight owing to its significantly enhanced shareholder value creation and immense returns potential.

Kenya: Safari COM investors still waiting for refunds a month later

Over a month after the results of the Safari COM Initial Public Offering (IPO) were unveiled, some investors have not received their refunds. In Eldoret, some investors are still waiting for refunds from various stock brokers' to invest the money elsewhere.

They say that some of the brokers are reluctant to refund their money. Investors had applied for shares worth Sh50, 000 only to receive 2,200 shares, the equivalent of Sh11, 000 at the issue price of Sh5 per share.

The shares reached a high of Sh8 at the Nairobi Stock Exchange and are now trading at Sh6.80 cents. Some especially those who depended on business are unable to repay their loans due to the post-election violence that affected their operations.

 The investors appealed to the government to intervene and ensure that the refunds are processed.

The selling agents issuing the cheques have maintained that the delay was because they must ensure there was sufficient proof from the investors before payment.

The Safari COM IPO attracted the highest number of prospective buyers- 860,000 in Kenya's IPO history.

The 10 billion shares that were put on sale were oversubscribed by a massive 453 per cent forcing a reduction in the number of minimum shares allocated to individual applicants.

Zimbabwe: Government says inflation now 2.2 million percent
The country's official inflation rate hit 2.2 million percent on Wednesday.

Reserve Bank revealed the new figures in Harare but a respected economist believes the rate could be as high as 15 million percent. Zimbabwe's annual rate of inflation is the highest in the world.