Dipo Olowookere
By Dipo Olowookere
Shareholders of Nigerian Exchange (NGX) Group Plc are currently going about with a beaming smile, going to the nearest joint to declare because of the sound of alerts on their phones.
Their bank accounts are swelling because the interim dividend proposed by the board of the organisation has started coming in.
Recall that in its half-year results, the board recommended the payment of a cash reward of 25 Kobo per ordinary share of 50 Kobo each to be paid to beneficiaries on Thursday, August 31, 2023 (today).
The registrar of the company has already compiled the names of investors to benefit from this largesse and has started to credit the accounts of shareholders who have authorised such payments.
Last month, the board of NGX Group held an emergency meeting, and it was decided that the dividend should be paid to qualified shareholders electronically.
The decision to declare the dividend was reached as a direct response to the input and suggestions received from shareholders at the company’s Annual General Meeting (AGM) held on July 14, 2023.
Commenting on the dividend announcement, the Chairman of NGX Group, Mr Umaru Kwairanga, in a statement, said, “The announcement of the dividend will send a signal to our shareholders that the company has a listening and responsive board following the request at the last annual general meeting.
“We hope to continue enjoying the support of our valued shareholders as NGX Group seeks to execute its strategy to create sustainable growth in the medium to long term.”
On his part, the chief executive, Mr Oscar Onyema, said, “Consistent with our strategic objective to maximise shareholder value, the board of directors has consented to an interim dividend of N0.25 Kobo per ordinary share of 50 Kobo. This translates to a total payout of N495.5 million.
“This initiative underscores better flow through of dividends from an associate company and first-time dividend payments from our flagship subsidiary. It also emphasizes our continued commitment to working collaboratively with our shareholders and other stakeholders in creating and distributing value, even in challenging market conditions.”
