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Rak Unity to Transfer Unclaimed Dividends to Liquidation Account



By Aduragbemi Omiyale

Ahead of its dissolution, Rak Unity Petroleum Plc has announced its intention to transfer all unclaimed dividends of shareholders into the companies liquidation account as required by the law.

Rak Unity is preparing to wind up and according to the Companies and Allied Matters Act (CAMA) 2020 and the Companies Winding-up Rules, it must hand over all unclaimed dividends and undistributed assets to the public fund of the federation domiciled with the Corporate Affairs Commission (CAC).

In compliance with these rules, the board has announced plans to transfer the assets but has given shareholders of the company till October 31, 2021, to come forward to claim their dividends.

In a notice to the stock exchange, which was signed by the liquidator, Mrs Chinwe Chiwete, Rak Unity said “details of concerned shareholders and investors have been uploaded in the company’s website,”

“The concerned shareholders and investors are requested to follow the steps stated in the website and claim dividend on or before October 31, 2021, otherwise, the liquidator shall, with a view to complying with the applicable laws, take the necessary actions to transfer the unpaid/unclaimed dividend into the companies liquidation account,” it added.

“Any person who requires further information may contact the liquidator by e-mail to [email protected],” the statement further stated.

For a while, investors have not been able to trade shares of Rak Unity because the NGX has suspended trading in the stocks as a result of the planned dissolution.

At the 18th Annual General Meeting (AGM) of the organisation held on Friday, June 4, 2021, at the Shell Hall, Muson Centre, Onikan, Lagos, shareholders approved the voluntary winding up of RAK Unity.

Before the suspension, it was trading its equities on the Alternative Securities Market (ASeM) unit of the NGX, boasting of 56,624,893 issued share capital, with Toparte Nigeria Limited controlling 85 per cent, while a diverse group of Nigerians hold the remaining 15 per cent.

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