Tag: RAK Unity Petroleum Company Plc

In a bid to expedite its winding up process, the Liquidator of Rak Unity Petroleum Company Plc, have given shareholders of the company with unclaimed dividends until 31st of October, 2021 to claim their dividends or risk forfeiting it to the Companies Liquidation Account.

This is according to a notice signed by the Liquidator, Mrs Chinwe Chiwete and filed with the Nigerian Exchange Limited (NGX).

Corroborating this, the recent notice filed with the NGX reads: ‘’Notice is hereby given that pursuant to the Companies and Allied Matters Act 2020 and the Companies Winding-Up Rules (‘’Applicable Laws’’), the Liquidator is required before dissolution of the Company to pay all unclaimed dividends or undistributed assets of the Company in the hands or under the control of the Liquidator into public fund of the Federation kept by the Corporate Affairs Commission (‘the Commission’’) and known as Companies Liquidation Account.

‘’Accordingly, the details of concerned shareholders and investors have been uploaded in the company’s website http://www.rakunity.com The concerned shareholders and Investors are requested to follow the steps stated in the website and claim dividend on or before 31^st of October, 2021 otherwise the Liquidator shall, with a view to complying with the Applicable Laws, take the necessary actions to transfer the unpaid/unclaimed dividend into the Companies Liquidation Account.’’

Individuals with further questions concerning the announcement or developments related to the information are urged to contact the Liquidator via email at: [email protected]

What you should know:

• Recall that the shareholders of Rak Unity Petroleum Plc., during its Annual General Meeting held on 4th of June 2021 had authorized the company to commence the process of voluntarily winding up the Company. The authorization which is in line with Section 622 of the Companies and Allied Matters Act (CAMA) 2020 provided a legal basis for further action.
• Consequently, in line with Section 624 of CAMA 2020, the Nigerian Exchange Limited (NGX) in August 2021 suspended trading in the shares of the company. This was necessary in order to enable the parties involved finalize the winding up process.

Rak Unity Petroleum Company Plc, a major distributor of petroleum products in Nigeria, has announced plans to wind up its business, subject to the approval of the members of the company in the imminent general meeting.

This decision was reached during the recently concluded Annual General Meeting of the company, held on the 4th of June, 2021 at Marina-Lagos.

An excerpts of the resolutions read: ‘’ THAT the Company be wound up voluntarily in accordance with the provisions of the Companies and Allied Matters Act 2020 subject to the approval of the members of the Company in the general meeting.’’

Additionally, in a bid to facilitate the winding up of the company, the shareholders resolved to appoint Mrs. Chinwe Chiwete of EPIC law firm as its liquidator. Confirming this, a part of the notice read thus: ‘’ THAT Mrs Chinwe Chiwete of the law firm of EPIC Legal of Block 74, Plot 22B, Emma Abimbola Cole, Lekki Phase 1, Lagos be appointed liquidator for the purposes of winding up of the Company, subject to the approval of the members of the Company in the general meeting.’’

It is pertinent to note that RAK Unity Petroleum was incorporated on 20th of December, 1982 as a limited liability company. It was listed on the second-tier of the Nigerian Stock Market (ASeM) on 21st of March, 1989.

Rak Unity Petroleum Plc is engaged in the sale and distribution of petroleum products. The Company is also engaged in the business of storage of oil, gas, kerosene, among others.