Having approved its final dividend of 7.5 cents per share at last week’s Annual General Meeting (AGM), Seplat Energy’s shareholders will be delighted to learn they have enabled the company to pass an impressive milestone in the history of any company.

The above was contained in a statement issued by Edgar Oche, Consulting Communications Specialist, and made available to this medium.

Edgar in the statement said, once the final dividend is paid, along with the 20 percent higher dividend of 3 cents per share announced for the first quarter of this year, Seplat’s $537 million returns to shareholders in the form of dividends since the Initial Public Offering (IPO) in 2014, will have surpassed the $535 million it raised from shareholders.

The statement further stated that “to return to shareholders more than you raised in the IPO is an impressive feat, one that takes good management and a strong focus on profitability and the generation of cash. It takes a talented workforce, committed to following the company’s leadership in the pursuit of success that enables such generous returns. To reiterate, this milestone is evidence of a well-managed company with happy and hard-working staff. The profitability and dividend payments are facts that speak for themselves.

“Yet malign forces wished to prevent Nigeria’s leading independent energy company from achieving this remarkable milestone and it seems they wish to destroy the company’s success. Three law suits, brought by 13 shareholders owning less than 800 shares between them are claiming, against the evidence, that all is not well, that the company is poorly managed and rife with racism that would surely sour its performance. 

“In the latest case, they even tried to stop the Annual General Meeting (AGM) which is a regulatory obligation for companies.  But how can they claim this in the face of these self-evident achievements and the strong start to 2023 recorded in its recent first quarter results?

“Shareholders are having none of it. At last week’s AGM they voted to receive the company’s accounts, meaning they did not see any problems with them. They voted to support the resolution on directors’ remuneration, meaning they were happy with the way the CEO and directors were running the company. In fact the majority voted for each and every resolution. 

“They did not object or raise concerns about allegations brought by the 13 shareholders, in fact quite the opposite, they were frustrated with the attacks of the few. They can see clearly that this is obviously a co-ordinated scheme, a conspiracy intended to deceive both the courts and the shareholders that this successful, profitable company is somehow underperforming.

“When these matters come to court, the plaintiffs should think very carefully before they take their oath and swear to tell the truth.”