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NDEP Proposes N7 Dividend to Shareholders

By Adedapo Adesanya

Oil and gas investment company, NDEP Plc, has proposed the payment of N7 as a final dividend to its shareholders for the 2020 financial year.

This was disclosed by the company in a notice on Thursday to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.

The payment will be subject to the approval of shareholders at the 26th Annual General Meeting (AGM) of the company scheduled for Tuesday, June 29.

According to the oil and gas investment company, its AGM will hold at 15, Babatunde Jose Road, Victoria Island, Lagos at 12:00 noon.

If the dividend payment is approved at the meeting, shareholders of the company will be credited on the payment date which also coincides with the AGM.

However, the qualification date for the dividend was Wednesday, June 9. This means only those who held the company’s shares as of this date will be eligible to receive the stipulated dividend payment.

The notice noted that the closure of the company’s register was from yesterday, June 10.

At the close of trading at the NASD OTC bourse on Thursday, Business Post gathered that the company’s stock closed flat at N297.69 per unit.

NDEP Plc is Nigeria’s first integrated oil and gas investment company. It was incorporated on March 25, 1992 (as the Midas Drilling Fund) and assumed its current name in November 1996.

Although not listed on the Nigerian Exchange (NGX) Limited, it is one NASD OTC Exchange with shareholders’ number in excess of 700 from the different geopolitical zone of the country.

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