Okomu Oil declares N2.00k dividend

Okomu Oil Palm Plc has declared a dividend of N2.00 per 50 kobo ordinary share to its shareholders.

According to a notice filed by the palm oil firm, it is subject to applicable withholding tax and shareholder approval.

It is expected to be paid to shareholders whose names appear in the Register of Members as at the close of business Monday, May 18, 2020.

The dividend will on Friday, May 29th, 2020, be paid electronically to shareholders whose names appear on the Register of Members as at Monday, May 18, 2020, and to those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

While the Register of Shareholders will be closed from May 19th to May 22nd 2020, the Qualification date has been scheduled for Monday, May 18, 2020.

Shareholders yet to complete the e-dividend registration were advised to download the Registrar's E-Dividend Mandate Activation Form, complete them and submit it to the Registrar or their respective Banks.

A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.

Distribution to shareholders may be in cash (usually a deposit into their bank accounts) or the issuance of further shares, otherwise known as shares repurchase. But this is usually done if the company has a dividend reinvestment plan.