Aradel Board Recommends N35 Dividend for Shareholders

By Adedapo Adesanya

The board of directors of an oil and gas investment company, Niger Delta Exploration and Production (NDEP) Plc, which has now transformed into Aradel Holdings, has disclosed plans to pay N35.00 in dividends to new and existing shareholders for the 2023 financial year.

This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange.

The notice indicated that the proposed dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend scheduled for Thursday, August 17.

This means only those who hold the company’s shares as of this date will be eligible to receive the stipulated dividend payment.

The payment will be subject to the approval of shareholders at the Annual General Meeting (AGM) of the company scheduled for Tuesday, August 29, 2023.

According to the notice, its AGM will hold in the Outdoor Ball Room of the Federal Palace Hotel, located on Victoria Island, Lagos, by 10:00 a.m.

If the dividend payment is approved at the meeting, shareholders of the company will be credited on the same day of the meeting.

The notice noted that the closure of the company’s register was Friday, August 18.

Recall that NDEP recently rebranded its name as Aradel Holdings as part of efforts to transform the energy industry and set new standards for innovation, growth, and sustainability.

According to the firm, the change will allow it to reflect on its long-term strategy of becoming Africa’s leading organisation in the delivery of sustainable energy solutions that support economic growth.

Aradel Holdings will continue to focus on exploration and production, as well as invest in renewable energy and other emerging technologies to further diversify its investment portfolio to ensure long-term strength.