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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The first 'indigenisation decree' and the dividend policy of Nigerian quoted companies
Author:Inanga, Eno L.
Periodical:Journal of Modern African Studies
Geographic term:Nigeria
investment returns
Abstract:Shortened version of 'The Dividend Policy of Nigerian Quoted Companies, 1969-73'. Company dividend policy involves the periodic determination of the proportion and stability of a firm' a distributable earnings payable to its equity shareholders. It was necessary to correct the imbalance in the ownership and control of these companies, and this prompted the promulgation in 1972 of the first Nigerian Enterprisis Promotion Decree ('Indigenisation Decree'), which gave Nigerians the exclusive right to the ownership of some enterprises and greater participation than hitherto in the equity ownership of others. It is widely believed that just before this Decree became effective in April 1974, there was a marked upward change in the rate and level of dividend distribution to equity shareholders by the affected companies. This article examines this question and other questions concerning dividend policy decisions in Nigeria. Notes, tables.