Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London Stock Exchange, has announced that an exchange rate of N413.64/$ will be applicable in the determination of its proposed Q3, 2021 interim dividend of 2.5 cents

This is according to a disclosure signed by the Chief Financial Officer of the company, Emeka Onwuka and made available on the website of the Nigerian Exchange Limited (NGX).

According to the notice, the rates will be applicable to any shareholder that qualifies for and has elected to receive the dividend payment in Naira of GBP.

The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on the 12th of November 2021.

Exchange rate

1 USD=413.64 Naira
1 USD=0.7468 GBP

The energy giant also seized the opportunity to announce the closing date for its dividend currency election slated for 30th of November, 2021. It further added that: ’’In the absence of a qualifying dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency.”

What you should know

Recall that Seplat Energy Plc had recently leveraged the rebound in oil prices to boost revenues in the third quarter of the year (Q3, 2021). The firm grew its topline by 12% to N62.23 billion, and recorded a PBT of N14.4 billion. Consequently, it declared an interim dividend of US2.5 cents per share.

The energy giant had earlier pegged the exchange rate for its quarterly interim dividend in the second quarter of the year (Q2 2021) at N411.14/$.