Economy
Seplat Adopts N418.77/$1 Exchange Rate for Q1 2022 Interim Dividend Payment
By Dipo Olowookere
One of the leading indigenous oil and gas firms, Seplat Energy Plc, has released the exchange rate conversion for the payment of the interim dividend the board recorded for the first quarter of 2022.
In a notice signed by its Chief Financial Officer (CFO), Mr Emeka Onwuka, it was stated that the Dollar exchange rate is N418.77, while the USD to Pound Sterling exchange rate is £0.7920.
Last month, when it released its earnings for the first three months of this year, the energy company offered to pay shareholders an interim dividend of 2.5 cents.
Seplat trades its shares on the Nigerian Exchange (NGX) Limited and the London Stock Exchange.
Nigerian shareholders, because of the instability of the Naira in the foreign exchange (FX) market, always anticipate the exchange rate to be used for the cash reward.
The organisation uses the official exchange rate to make its conversion, which is why it is offering N418.77/$1 and not the black market rate, which is slightly above N600 to a Dollar.
In the disclosure dated Monday, May 30, 2022, Seplat said the “currency exchange rates will be applicable in determining the Q1 2022 interim dividend to any shareholder that qualifies for and has elected to receive the dividend payment in Naira or Sterling (GBP).”
It explained that “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 May 27, 2022.”
It reminded shareholders that “the closing date for dividend currency election to the company’s Registrars is June 15, 2022,” noting that “in the absence of a qualifying dividend currency election by shareholders to the appropriate registrar, dividends will be paid in their default currency.”
“Shareholders should refer to the company’s announcement on April 28, 2022, for the definition of default currency and dividend currency election forms can be found on the company website at https://seplatenergy.com/investors/dividend,” it said.
