Shareholders of NIPCO Plc, an integrated downstream operator in the Nigeria’s oil and gas industry, have approved the payment of N3.25 kobo per share as cash dividend for the financial year that ended in December 2021.
This represents an increase of 25k per share from the dividend paid for the year that ended in December 2020. The increase in the company’s dividend payment was a demonstration of the company’s unwavering commitment to grow the investment of the shareholders.
The shareholders at the recent 18th Annual General Meeting (AGM) held at Transcorp Hilton Hotel in Abuja, approved the dividend payout and all the resolutions before them at the meeting.
Speaking at the statutory meeting, the Chairman of NIPCO Plc, Chief Bestman Anekwe said the board proposed the total dividend of N609.9million, translating in N3.25k per share, despite the harsh operating environment over the years
He applauded the exemplary performance of the management team and the entire workforce for turning in higher returns for the company.
Anekwe said the company would remain committed to strengthening and expanding its operations in both white products and gas across the country.
“We have been able to penetrate into most areas in the country thereby increasing our customer strength while maintaining the stellar performance we are noted for,” he said.
In his own remarks, the Managing Director and Chief Executive Officer of NIPCO Plc, Mr. Suresh Kumar said the company would take advantage of the opportunities in the Petroleum Industry Act (PIA) to further drive its mission of meeting the needs of stakeholders in the deregulated downstream sector .
“This year 2022 will be significant for operators in the Oil and Gas industry with the PIA implementation and attendant reforms .
“We hope to harness the business opportunities in the country and significantly expand our investment in the industry within the framework of right operating which is key to boosting investors’ confidence,” Kumar explained.
According to him, the company is poised to continually take its pride of place in the context of the emerging downstream sector under the PIA.
Suresh promised that the company would continue to be transparent, diligent, socially responsible and operate within the ambit of good corporate governance in the best interest of all the stakeholders.
He said NIPCO would consolidate the gains of the past years and take full advantage of the great potentials of the oil and gas industry for higher growth.
