THE market will, all things being equal, continue its upward movement this week as liquidity and confidence keep the market afloat. That the market will remain positive, will depend on the factor of dividend payment. Information went out early on the stocks that are very likely to pay dividend and investors cashed in heavily on the information  and  put in good money leading to the rise in the All   Share Index (ASI) as well as the market capitalisation.
With further expectations of dividend payments from some companies, these indices are very likely to move further up. Some stocks that might give out some  dividend at the end of their financial year are considered below. 
Therefore investors are advised to buy into these ones for dividend or for over a stretch of time. These companies are expected to release their full year audited accounts this week or next. If forecast is surpassed, there is bound to be a scramble for their stocks leading to good price appreciation in addition to dividend income.

Ecobank Transnational Incorporated
This west African powerhouse has been, since 2006, very consistent in paying dividend as and when due to its shareholders scattered across the west African sub-region. A look at its dividend payment history shows that it has watered down its percentage due mainly to the stock split it embarked on in 2008 which enlarged its outstanding shares to six billion units.
ETI is the holding company of Ecobank. It (ETI) is listed on all the exchanges of the West African countries. That is why its shares are denominated both in dollar and the country’s local currency. Its international listing shows its acceptability and healthy performance in these exchanges.
The strength of this stock is that its cash cow, Ecobank, is one of the best performing banks in the region, followed by the good performance of some of its interests.. The combined earning power of these diversified interests gives ETI the latitude to pay dividend every financial year.
The full year EPS is projected to peak at 130kobo due to the problem in the financial sector, out of which 20kobo-30kobo could be paid as dividend. The previous EPS peaked at 152kobo. Dividend-minded investors should take note.

Cement Company of Northern Nigerian
This company which is into the manufacture and sales of cement, has been regular in paying dividends except in 2006 when it underwent thorough repositioning and re-engineering to meet the local demand of its products.
The highest dividend it has paid in the last five years is 90 kobo in 2008. It has been irregular in releasing its reports but some how has been consistent in paying  dividend. An analytical look at its report shows poor performance in the turbulent years of uncompetitive and unfavourable industrial polices of the federal government. But as soon as the restrictions were removed, improvements were visible in its financial reports.
The EPS of its last quarter report of 2008, peaked at 120kobo; from which it paid 90kobo. The expectation of analysts is that it will surely surpass this by about 60kobo.
This expectation is premised on the fact that CCNN has expanded its capacity to meet the growing demand of its products especially now that conditions have been made very favourable for cement manufacturing, companies. Companies (Wapco, Dangote Cement,etc  in the same building materials  sector as CCNN  are doing fine. CCNN has joined the profit league.   One very attractive habit of CCNN is its  benevolence in paying dividend even in low performance years. The report being expected is a high performance year.

African Petroleum Plc
AP  is in the down stream petroleum sector where it is engaged in marketing, distribution and sales of refined products such as lubricants, grease, petroleum jelly, premium motor spirit, diesel and kerosine. Truly, it has not been easy for the company in the last five years but with the change in management and ownership, its performance improved.
It has been inconsistent in releasing its reports but has been paying dividends. In its hey days of financial scandals and share manipulations, investors abandoned it. But that was to the happiness of bargain hunters who pounced on it and have caused its upsurge again. The recent increase in its outstanding number of shares to 1.0billion units might lower the dividend which was N5 in 2008. It too has been rewarding its shareholders with dividend payment irrespective of performance in recent times.
The situation where only 3rd and 4th quarter results are released however does not make a good case for AP.  Regulatory  bodies do fine non-regulation complaint companies like AP; but they pay without hassles. Dividend hunters can make some catch here as well as get some price appreciation