By NKIRUKA NNOROM
Listed companies that have the policy of rewarding their shareholders year-on-year with dividends will soon begin to receive recognition for their efforts in boosting investors’ confidence in the Nigerian capital market.
The award, termed “Dividend Payment Award for Nigeria’s Listed Companies (DP Award) is being put together by Bodmas Foundation, and will be overseen by a Board of Trustees to be chaired by Dame Priscilla Kuye, a lawyer and former president of the Nigerian Bar Association.
According to the Foundation, the Award would be presented annually to companies that have achieved unbroken record of dividend payment spanning period of five to 75 years, and would be tracked through their published Annual Reports and Accounts.
In a statement made available to Vanguard, the Board said that the Award consideration would begin from a company’s year of listing on the Nigerian Stock Exchange, NSE, with the pilot phase slated to take place on November, 2014.
Speaking, the Board Chair, Dame Kuye, said the Awards would be given to listed companies as rewards for growing investors’ wealth through dividend payments and for contributing to the growth of the Nigerian economy through their positive turnovers that resulted in the dividend payments.