Seplat to pay naira dividends at N996.75/$ exchange rate

Bisola David
Bisola David
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Seplat said that it will use an exchange rate of N996.75/US$ to calculate the amount payable in Naira, subsequent to the announcement of an interim dividend of 3 US cents per ordinary share, or N0.50 per share.

According to The Times, the business will give its Nigerian shareholders an interim dividend of N29.9 for each ordinary share and N0.50 for each share.

Seplat’s Chief Financial Officer, Emeka Onwuka, signed a corporate document stating that the Naira amounts payable were determined using the US dollar exchange rate on November 9, 2023.

The group had previously announced that dividend payments on the Nigerian Exchange Limited would default to Naira for shareholders without a valid Nigerian Certificate for Capital Importation and US dollars for those with a valid CCI.

The dividends to shareholders will be paid in US dollars or in Naira, respectively.

If dividends are to be paid in US dollars to shareholders, they must either hold their shares through depository interests on the London Stock Exchange or show Datamax Registrars Limited proof of their CCI.

Seplat had a pre-tax profit of N62.85 billion for the nine months that ended in September 2023, which is an 18.9% decrease from the same period in 2022.

The decline is a result of large foreign exchange losses the group suffered within the period due to Naira’s devaluation.

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