By MICHAEL EBOH
A total of 41 companies quoted on the Nigerian Stock Exchange, NSE, have failed to pay dividends to their shareholders for more than five years.
A breakdown of the companies, according to data obtained from the NSE, shows that three companies last paid dividends six years ago; six companies paid dividends seven years ago; one company last paid dividends eight years ago, one last paid nine years ago; three companies last paid dividends 10 years ago while six companies last paid dividends 11 years ago.
Also, three companies last paid dividends 13 years; three last paid 14 years ago; four companies last paid 15 years ago; three companies last paid 16 years ago, two companies paid 17 years ago; one paid 19 years ago; two paid 20 years ago; one company last paid dividends 26 years ago; one company last paid 29 years ago and one company last paid dividends 31 years ago.
Further analysis shows that majority of the companies identified as the worst offenders where redundant and are likely to be delisted from the NSE soon.
Stokvis Nigeria Plc is the worst culprit, as it last paid dividends to its shareholders in 1981 — 31 years ago; while Nigerian Sewing Machine Company Plc followed on the list as it last paid dividends in 1983 — 29 years ago.
Champion Breweries last paid dividends in 1986 — 26 years ago; Afroil Plc and Anino International Plc last paid dividends in 1992 — 20 years ago; while Rak Unity Petroleum Company Plc last paid dividends in 1993 — 19 years ago.
Premier Breweries Plc and Studio Press (Nigeria) Plc, last paid dividends in 1995 — 17 years ago; West Africa Aluminium Plc, Hallmark Paper Products Plc and Lennards (Nigeria) Plc last paid dividends in 1996 — 16 years ago; Golden Guinea Breweries Plc, International Breweries Plc, Costain (West Africa) Plc and Rokana Industries Plc last declared dividends in 1997 — 15 years ago; while Arbico Plc, Union Ventures and Petroleum Plc and Abplast Products Plc last declared dividends in 1998 — 14 years ago.
Eterna Plc, Interlinked Technologies Plc and Juli Plc last paid dividends in 1999 — 13 years ago; while six companies — Livestock Feeds Plc, G.Cappa Plc, Union Dicon salt Plc, Confidence Insurance Plc, Premier Paints and Capital Oil Plc, last paid dividends in 2001 — 11 years.
Three companies — DN Tyre and Rubber, formerly Dunlop Nigeria Plc, Nigerian Wire and Cables Plc and Nigerian Wire Industries Plc, last paid dividends in 2002 — 10 years ago; Afrik Pharmaceuticals Plc last paid in 2003 and Wema Bank Plc last paid in 2004.
Six companies — John Holt Plc, P.S. Mandrides and Company Plc, Vono Products Plc, Linkage Assurance Plc, Pharma-Deko Plc and Alumaco Plc last paid dividends in 2005 — seven years ago; while three companies, Cadbury Nigeria Plc, Royal Exchange Plc and First Aluminium Nigeria Plc last paid dividends in 2006 — six years ago.