Seplat Petroleum Company announces currency exchange rates for proposed final dividend in FY 2020.

Seplat Petroleum Development Company has announced the exchange rates that will be applicable in determining the proposed final dividend for 2020.

According to a notice filed with the Nigerian Exchange Group Plc (NGX) and seen by the Nairametrics, the following rates are applicable to any shareholder that qualifies for and has elected to receive the FY 2020 dividend payment in Naira or Pounds;

  • 1 USD = 410.24 Naira
  • 1 USD = 0.7197 GBP.

According to the notice, the exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 30th April 2021.

It is pertinent to note that upon the satisfaction of pre-requisite conditions, qualified Seplat shareholders are entitled to receive their dividend either in the default local currency (Naira) or the US Dollar. In light of this, the closing date for dividend currency election to the company’s registrar is 18th of May, 2021.

The firm had earlier stated that Shareholders holding their shares on the Nigerian Exchange Group (NGX Plc) without a valid Nigerian Certificate for Capital Importation (“CCI”) will be paid their dividend in Naira as the default currency. On the other hand, Shareholders holding their shares on the NGX with a valid CCI will be paid their dividend in US dollars as the default currency.

The firm also noted that shareholders with a US Dollar default dividend payment scheme can opt to receive their entire dividend payment in Naira subject to the provision of CCI to Datamax Registrars Limited.

What you should know:

  • Seplat Petroleum Development Company Plc is a leading independent energy company listed on both the Nigerian Exchange Group and the London Stock Exchange.
  • The firm had earlier announced a FY 2020 final dividend of $0.05 per share payable to qualified shareholders’, whose names appear in the Register of Members as at close of business on 4th of May, 2021.
  • Within the period under review, the firm reported a loss of $80.2 million.


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