NIPCO Plc Assures Shareholders of Robust Returns

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CBN

NIPCO Plc Assures Shareholders of Robust Returns - METROWATCH

Olusola Bello

Nigerian Independent Petroleum Company, NIPCO Plc, has assured its
shareholders of better returns and improved growth in year 2021 and beyond .

Suresh Kumar, Managing Director of the company, who gave the assurance
at its Annual General Meeting in Abuja, also expressed optimism that it
would actualize the vision of the promoters of the company this year despite
the teething challenges in the nation’s oil and gas industry.

According to him, the creation   of the National Gas Expansion Programme
[NGEP] ,headed by Dr  Mohammed Ibrahim to deepen domestic utilization of gas
is one of the veritable tool that can enhance the performance of the company
in the area of gas marketing .

He added:”With the declaration of 2020 as the year of gas by the Federal
Government, the sector is expected to witness more growth to the benefit of
stakeholders by exuding more confidence in investors hoping that this will
to channel more funds into the sector.

“The renewed interest of the Federal Government in utilization of natural
gas as vehicular fuel through NGEP is also expected to give fillip  to your
company at improving on our bottom lines through the plethora of investment
in providing avenues for a cheaper and cleaner alternative source of energy
for Nigerians  .

“Another major plank in improving the fortunes of your company is in the
area of marketing of a wide range of petroleum products the firm engages in.
We intend to broaden our marketing horizon to ensure the company continues
to take sizeable portion in  product sales.

He told the shareholders that the  shock of the pandemic had put a lot of
pressure on the company’s human capital as they had to grapple on how to
cope with the virus and keeping pace with work schedules.

He said management had to devise several containment measures to ensure
utmost safety of the workforce by adhering strictly to all the COVID -19
protocols as advised  by relevant government agencies.
He said:”It is with immense pleasure that I report to you that all through
the year under review we did not have any downtime due to the fear of the
virus ,a feat I commend our staff’s dedication towards their work. We are
upbeat that with the standards set in, the much dreaded virus will be
properly contained in the overall interest of both the employees and you the
investors.
“As investors continue to have more confidence in us to manage the company
for upward growth, there will be more opportunities for not only advancement
for all cadres of the workforce but also more avenues of new intakes into
the organization”
On corporate social responsibility, Kumar mentioned that his company
intervened  in the area of mitigating the  effects of the pandemic through
donation to the CACOVID fund, packaged by CBN, NNPC, DPR and others
The company  facilitated in conjunction with some other companies the
inauguration of 110 bed isolation centre for COVID -19 patients at Landmark
Convention Centre, Oniru as well as provided of some essential facilities
for the smooth running of the centre.

He said:”In our immediate host community, hundreds of women were offered gas
burners and other accessories to ease domestic cooking and alleviate poverty
.among groups which received the items are petty food sellers in the
neighborhood”

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