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LequteMan
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Nigeria - Seplat Petroleum Development Company Plc has clarified its position on payment of dividends to its Nigerian shareholders in dollars, following reports of its alleged 'dollarization' of Nigeria's economy.
In a statement signed by its General Counsel, Dr. Mirian Kene Kachikwu, Seplat described the confusion as a “simple misunderstanding.”
“We are constrained to publicly clarify our dividend payment policy and set the records straight against the backdrop of recent media reports, obviously on the ground of a simple misunderstanding,” Dr Kachikwu explained.
“The slight confusion must have arisen when we paid our interim dividend in November 2014. We had given relevant ‘Nigerian’ shareholders who have domiciliary accounts the option of receiving their dividends in US dollars. Obviously, this act of magnanimity, which was applauded by a number of shareholders, also drew sharp criticism from others.”
Explaining further, she said that the fact of the company is listed on the two bourses means that its annual report has to be denominated in both naira and dollars. “As a Company listed on two exchanges in Lagos and London, we prepare our annual accounts in two currencies, the Nigerian Naira and the U.S. Dollar.”
#Nigeria #SEPLAT #Naira #Dollar
In a statement signed by its General Counsel, Dr. Mirian Kene Kachikwu, Seplat described the confusion as a “simple misunderstanding.”
“We are constrained to publicly clarify our dividend payment policy and set the records straight against the backdrop of recent media reports, obviously on the ground of a simple misunderstanding,” Dr Kachikwu explained.
“The slight confusion must have arisen when we paid our interim dividend in November 2014. We had given relevant ‘Nigerian’ shareholders who have domiciliary accounts the option of receiving their dividends in US dollars. Obviously, this act of magnanimity, which was applauded by a number of shareholders, also drew sharp criticism from others.”
Explaining further, she said that the fact of the company is listed on the two bourses means that its annual report has to be denominated in both naira and dollars. “As a Company listed on two exchanges in Lagos and London, we prepare our annual accounts in two currencies, the Nigerian Naira and the U.S. Dollar.”
#Nigeria #SEPLAT #Naira #Dollar
