Oil company Rak Unity Petroleum, which has been in business for 40 years, has finished its liquidation procedure.
The Punch reported that this information was sent in a notification to the Nigerian Exchange Limited that was signed by the liquidator, Chinwe Chiwete.
The voluntary winding up of RAK Unity Petroleum Company Plc, according to the liquidator, has been completed.
The Corporate Affairs Commission had been keeping track of the Company’s liquidation account since June 27, 2023, and three months later, on September 26, 2023, the Company was judged to have been liquidated.
Final payouts to shareholders were made by First Registrars and Investor Services Limited (Registrars) “prior to filing the liquidation account.”
At the company’s annual general meeting on June 4, 2021, shareholders decided to put it into members’ voluntary winding up and the appointment of Chinwe Chiwete of EPIC Legal as the liquidator of the Company.
Final payments were issued to shareholders earlier this year, and those who did not claim their payouts were informed that all unclaimed money had been handed to the CAC for deposit into the Companies Liquidation Account in compliance with the law.
RAK Unity Nigeria Company Limited was the name under which the company was founded on December 20, 1982, in accordance with the Companies Act of 1968. On November 16, 1987, the company was converted to a public company, and its name was changed to RAK Unity Petroleum Company Plc.
Rak Unity was one of the businesses that were listed on the NGX’s Alternative Securities Market board. For several weeks, the stock had been trading flat. As a result of this development, there are now only three corporations on the board. In the meantime, the NGX has disclosed that it is in the process of closing the board.
On March 21, 1989, the liquidated company became the first indigenous player from Nigeria to list on the stock exchange, according to information gleaned from its website.
Rak Unity Petroleum Company’s market capitalization stood at N16.988 million as of September.
RAK Unity Petroleum has the goal of becoming one of the leading marketers and distributors of petroleum products in Nigeria and the West Africa subregion when it started operating there a number of years ago.
