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Business News

FG’s NLNG Dividend Drops By 65%, Lowest Level in 10 years

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Nairametrics| The Federal Government’s share of dividends from Nigeria Liquefied Natural Gas (NLNG) dropped by as much as $687 million, from $1.04 billion in 2015 to $365 million in 2016, a 65% drop.

This reflects the lower price environment in the global oil and gas industry caused by an oversupply of the commodity. Furthermore, the low prices and weaker demand caused buyers to take a wait-and-see approach to long-term supply contracts according to analysts.

Nigeria, the biggest natural gas exporter on the continent and fourth largest in the world now faces increasing competition from other suppliers including Angola who was expected to return to the market in early 2016 after ceasing exports in 2015 due to repairs.

Following the relative stability seen in the market since Q4 2016, it is expected that natural gas prices may also stabilize.

Additionally, the lower gas prices are also resulting in greater demand for gas by new natural gas importing nations. According to the International Gas Union (IGU), 4 new gas importers were added to the market in 2015 and one extra in 2016, leading to an expansion of the market.

The NLNG, according to stakeholders, remains a very valuable and efficient asset of the Federal Government.

 

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Obituaries

Ex-Diamond Bank chairman, Seyi Bickersteth is dead

The death has been announced of Seyi Bickersteth, a former chairman of Diamond Bank Board of Directors.

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Erstwhile chairman of Diamond Bank Board of Directors, Mr. Seyi Bickersteth is dead.

According to multiple sources, Mr Seyi was found dead in his Ikoyi apartment. The cause of his death is yet to be unravelled as at the time of reporting this.

Until his death, Mr Seyi was a Regional Managing Partner and Chairman of Andersen Tax, Africa. According to his LinkedIn profile, he started his career at Arthur Andersen as a partner and rose through the echelons to his most recent position, in a career that spanned over forty years.

Mr Seyi is an alumnus of the famous University of Ibadan and York University, Canada where he obtained a Bachelor`s and Masters’ degrees in Economics respectively. He is a fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Chartered Institute of Taxation of Nigeria (FCTI).

Mr Seyi was most remembered for his pioneering role as a team leader of Arthur Anderson team in the 1988 International Merchant Bank (IMB) restructuring exercise. He served in various leadership positions and Boards in top firms like; KPMG, ARM and the defunct Diamond Bank.

Nairametrics had earlier reported the resignation of Mr Seyi from the Board of Diamond Bank in 2018.

Details of his burial and other relevant information will be subsequently communicated.

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Companies

Africa Prudential proposes dividend of N1 billion for shareholders

Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.

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African Prudential could be worth more than N4.55

The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.

This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.

The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.

The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.

What you should know

  • Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
  • Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.

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