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Total records N868m unclaimed dividends

BY MICHAEL EBOH

Total Nigeria Plc’s unclaimed dividend stands at N868.195 million as at December 31, 2011. According to the company’s report to its shareholders, the value of the unclaimed dividends rose by N168.683 million from N699.512 million recorded at the end of 2010, representing an increase of 24.11 per cent.

The company said unclaimed dividends totaling N9.129 million; belonging to 3,115 shareholders has been reverted to its coffers following the failure of the shareholders to claim their dividends after 12 years.

The company had in 2010 received N10.381 million being the value of unclaimed dividends which has remained unclaimed for 12 years.

According to the company, its action stems from the company’s Articles of Association, which states that dividends which remain unclaimed for 12 years stand forfeited and be reverted to the company.

The company declared a total dividend of N3.056 billion, representing a total dividend per share of N9 for its shareholders in the 2011 financial year.

The company had earlier paid an interim dividend of N679.04 million, representing N2 per share and a final dividend of N2.377 billion representing N7 per share.

The dividend was in spite of a decline in its profit after tax for the 2011 financial year. Its profit after tax and extraordinary items dipped by 30 per cent from N5.437 billion recorded in 2010 to N3.813 billion in 2011.

The company’s turnover grew by eight per cent to N160.604 billion, from N173.948 billion recorded in 2010 while it recorded profit before tax and extraordinary item of N5.859 billion, rising by one per cent from N5.783 billion recorded in 2010.

“We believe that this performance is and reflects the high level of commitment and dedication to duty of the company’s management and staff in the face of a very volatile and challenging business environment,” said Mr. Stanislas Mittelman, Chairman, Total Nigeria Plc.

Mittelman stated further that the company is playing a huge role in the area of sustainable development in Nigeria.
According to him, the company is committed to the development of the Nigerian economy and is investing its resources to achieve that aim.

Key among its role in economic development, according to Mittelman, is creating employment and support for infrastructural development.

He further stated that the company will focus on boosting its corporate governance and ethical practices, declaring that it will “continue to devote priority to the ‘Business Integrity Policy’ to sustain and strengthen the prevention of fraud and corruption to increase the protection of the company’s assets and its employees.”

On the future plans of the company, Mittelman said, “With a stable and conducive business environment and our belief that security issues will be resolved soonest, your company is poised to face the challenges of the business environment as she has the human capital and experience to do so.”


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Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.