By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE) – First dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc (Seplat) said last Friday shareholders of the company with valid Certificate for Capital Importation (CCI) will be paid their 2014 dividend in U.S. dollars, it said in a filing with the Nigerian Stock Exchange (NSE).

Capital Importation Certificate is aimed at providing customers with statutory evidence of capitalinflow/investment into a Nigerian company. It legitimizes and facilitates the repatriation of dividends and capital to the foreign investor.

“Shareholders that   hold their   shares on the Nigerian Stock Exchange with a valid CCI will be paid their dividend in US dollars as the default currency. However, those   shareholders   may   instead   elect   to   receive their entire dividend payment in naira. Partial elections are not permissible,” the company added.   

Similarly, the first dual listed Nigerian oil and gas upstream firm affirmed that

shareholders  who  hold  their  shares  through  the  Depository    Interest listed  on  the  London  Stock  Exchange (LSE)  will  be  paid  their  dividend  in   US dollars   as   the   default  currency. “However,  those  shareholders  may instead  elect  to  receive  their  entire  dividend  payment  in  pound  sterling. Partial elections are not permissible,” Seplat said.

It disclosed that the exchange   rate for the   naira or pound sterling amounts payable will be determined  by  reference  to  the  exchange  rates  applicable  to  the  US  dollar  on the 21 Mav 2015 and will be communicated by the company on the 22 May 2015.

On the contrary, the company said shareholders  that  hold  their  shares  on  the  NSE and do not hold a valid CCI will be paid  their dividend  in  naira.

According to Seplat investors who wish to be paid  their  dividends  in  a currency   other   than   their   default   currency   must   make   the   election  to   the company’s registrars  by  27  May  2015  otherwise  the  dividend  will   be  paid  in the default currency.

“The election form will be sent out to the relevant shareholders and can also be found on the company website seplatpetroleum.  The shareholders holding their  shares  on  the Nigerian  exchange  with  a valid  CCI  should  notify  the  registrars  of  that fact,” Seplat added.

It further affirmed that the final dividend of 9 US cents per share is subject to shareholder approval at the Annual General Meeting (AGM) to be held in Lagos, Nigeria on 02 June 2015.

The company said if approved, the final dividend is to be paid on or shortly after 10 June 2015 to shareholders on the register as of 2lst May 2015. “The Nigerian shareholder register will be temporarily closed on 22nd May 2015 to enable  the company’s registrar, DataMax Registrars Limited (DataMax), to prepare for the payment of the final dividend,” Seplat said.

Seplat says shareholders who are yet to provide their account details for the direct credit of the final dividend payment should provide necessary information to DataMax.

Also, Holders of Depositary Interests on the London Stock Exchange should contact the Company’s UK depositary,   Computershare.

Seplat on April 15 offered shareholders of the company N18.00 ($0.09)per share dividend for the period ended December 31, 2014.