After declaring an interim dividend of 3 US Cents per ordinary share with a face value of N0.50 per share, the company has specified that it will use an exchange rate of N996.75/US$ to determine the equivalent Naira amount.
In practical terms, the company is set to distribute an interim dividend of N29.9 per ordinary share with a face value of N0.50 to its Nigerian shareholders.
According to the official filing signed by Seplat’s Chief Financial Officer, Emeka Onwuka, the computation of Naira amounts payable took into account the exchange rate for the US dollar on November 9, 2023. The company had previously communicated that shareholders on the Nigerian Exchange Limited without a valid Nigerian Certificate for Capital Importation (“CCI”) would default to receiving dividends in Naira. On the other hand, those with a valid CCI would default to receiving dividends in US dollars.
Shareholders are provided with the flexibility to receive their dividends in either Naira or US Dollars. For those opting for USD payments, it is imperative to furnish Datamax Registrars Limited with evidence of the CCI or hold their shares through depository interests on the London Stock Exchange.
In the financial results for the nine-month period ending September 2023, Seplat reported a pre-tax profit of N62.85 billion, marking an 18.9% year-on-year decline from the corresponding period in 2022. This downturn is primarily attributed to substantial foreign exchange losses incurred by the group during the period, owing to the devaluation of the Naira.
