First Bank Nigeria Rises Most in Month on Dividend Bets

First Bank of Nigeria Plc, the country’s third-biggest lender by market value, rose the most in almost a month on bets the company will pay a dividend for 2011, with results expected by the end of this month.

The stock added 4.9 percent, its biggest gain since Feb. 23, to 10.46 naira by the 2:30 p.m. close in Lagos, the commercial capital.

“Investors are expecting that the bank’s full-year result will be good and that it will pay a dividend,” Emeka Maubuike, chief executive officer of Compass Investments and Securities Limited, a Lagos-based brokerage, said by phone today.

Nigeria’s central bank introduced a December common year- end for the country’s lenders and some of them have announced their 2011 results, with the rest expected to be released before the end of March.

Third-quarter net income rose 32 percent to 42.9 billion naira ($272 million), First Bank said in a statement to the Nigerian Stock Exchange on Oct. 13.

To contact the reporter on this story: Vincent Nwanma in Lagos at

To contact the editor responsible for this story: Dulue Mbachu at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.