• Saturday, December 09, 2023
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Okomu Oil rises to record on dividend


Okomu Oil Palm, PLC of Nigeria rose to the highest on record after it announced a plan to pay dividends and bonuses to shareholders, according to Lambeth Trust & Investment Co.

The shares gained for an eighth day, rising by the maximum daily limit of 10 percent to N96.49 by the close in Lagos, Nigeria’s commercial capital, the highest since at least February 2002 when Bloomberg began compiling the data. About 7.2 million shares were traded, or more than 16 times the three- month daily average.

“The company notified brokers yesterday of its intention to pay a dividend of 7 naira per share and issue 1 for 1 bonus for last year,” David Adonri, chief executive officer of Lagos- based Lambeth, said by phone today. “Investors are buying its shares to partake in the impressive distribution.”

An e-mail sent to the company’s secretary wasn’t immediately returned. Okomu is yet to release its full-year results. It plans to double output of palm oil to 60 tons an hour from 2013, Chairman Gbenga Oyebode said in December.

The company’s shares have more than doubled this year, compared with a 22 percent rise in the Nigerian Stock Exchange’s All-Share Index.