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Nigerian investor Temitope Lawani will pocket $802,000 in dividends from his stake in the London-based Vivo Energy Plc in June.
In its audited statement for 2020, Vivo Energy reported a 40-percent drop in profit, with earnings plunging to $90 million in 2020 from $150 million the previous year.
Vivo Energy is a British downstream petroleum company headquartered in London. It is a leading fuel and lubricant marketer and distributor in Africa. A Royal Dutch Shell and Engen Petroleum licensee, Vivo Energy sources, distributes and markets Shell- and Engen-branded fuels and lubricants across its retail network, which comprises 2,330 service stations throughout the African continent, spanning 23 countries.
Vivo Energy’s reduced earnings were triggered by a 17-percent decline in revenues due to the impact of weaker aviation and marine volumes arising from COVID-19-related travel restrictions.
Despite the pandemic’s impact on the company’s operations in 2020, its board of directors recommended a final dividend of $0.038 per share, which is equal to the proposed full-year dividend of $0.038 per share paid to shareholders last year.
The final dividend will amount to a total dividend payout of about $48 million, in line with the company’s progressive dividend policy.
Lawani is a co-founder and managing partner of Helios Investment Partners, the world’s largest Africa-focused private investment firm. He is also the co-CEO and a director of Helios Fairfax Partners.
Lawani is a major shareholder in Vivo Energy. He owned 22,111,221 issued shares in the company before selling 1 million units on June 4.
Following the transaction, his shareholding and share interest, together with entities closely associated to him, amounts to 21,111,221 ordinary shares, Moneyweb reported.
Lawani’s current stake in Vivo Energy qualifies him to earn a dividend of $802,000 from the company’s operations in 2020.
