Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Company News

Why Seplat is paying dividends in dollars

Nairametrics by Nairametrics
May 15, 2015
in Company News
Why Seplat is paying dividends in dollars
Share on FacebookShare on TwitterShare on Linkedin

Seplat issued a corporate disclosure today on the website of the NSE confirming that it will be paying its recently proposed dividend in dollars. It will be paying a final dividend of 9 US cents per share payable on the 10th of June 2015, if the shareholders of the company approves it.

Why pay dividends in dollars?

Most people will wonder why Seplat is paying dividend in dollars even though it is a company registered in Nigeria and doing business in Nigeria. The difference however is that Seplat’s functional currency is the US dollar. The functional currency is basically the official currency that a company uses to report in its financial statements. Companies typically report in a functional currency that represents a huge portion of their earnings source. For example, Dangote Cement chooses Naira as its functional currency because it earns most of its money in Naira. However, Seplat earns most of its money in dollars because it sells crude oil by exporting it and earning dollars.

RelatedPosts

Zenith Bank Plc announces retirement of Non-Executive Directors

Wema Bank to begin N40 billion rights issue in August

Who can get dividends in dollars

According to Seplat, the dividend will only be paid to shareholders who have a Certificate of Capital Importation (CCI). A CCI is basically a document you obtain from the CBN as a proof that you imported dollars into Nigeria. CCI ensures that those who import dollars into Nigeria can also take their money out in dollars. As such, they have access to buy dollars from the CBN rather than from the parallel market when they want to take their money out.

So for shareholders of Seplat who have a CCI from investing in the Nigerian Stock Exchange, Seplat will pay them in US dollars. However, for shareholders who do not have a CCI  they will get paid in Naira using the exchange rate applicable as at May 21 2015. For those who have CCI who prefer to have their shares in Naira, they can also be paid in naira but must notify Seplat not later than May 27, 2015. Seplat will also not pay part dividend in naira or dollar.

Get the press release here

Related

Tags: seplat

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Despite market sell-off, these crypto’s have positive YTD return
    • Why Dogecoin and Solana might keep dropping
    • Fuel scarcity: IPMAN meets NMDPRA, says price to remain N165 per litre at stations

    Follow us on social media:

    Recent News

    Top 5 cryptocurrencies to watch in May 2022

    Despite market sell-off, these crypto’s have positive YTD return

    July 4, 2022
    Why Dogecoin and Solana might keep dropping

    Why Dogecoin and Solana might keep dropping

    July 4, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com