… Upbeat on growth potentials in the sector
Shareholders of NIPCO plc, an integrated downstream operator in the nation’s hydrocarbon industry, have approved the payment of N3.25k as cash dividend for the financial year ended December 2021
This is 25k per share higher than the dividend paid last year thereby demonstrating the company’s unwavering commitment to growing the investment of the shareholders.
The shareholders at the 18th Annual General Meeting held at Transcorp Hilton,Hotel,Abuja approved the dividend payout and all the resolutions put before them at the meeting.
Speaking at the statutory meeting , Chairman, NIPCO Plc , Bestman Anekwe said the board proposed the total dividend of N609.9m translating in N3.25k per share despite the harsh operating environment over the years
He applauded the exemplary performance if the management team and the entire workforce for turning in higher bottom line for the company .
Chief Anekwe said the company will remain committed to strengthening and expanding its operations in both white oils 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 declared .
In his own remarks, the managing director / CEO, NiPCO, Suresh Kumar said against the backdrop of opportunities being presented by the Petroleum Industry Act (PIA) ,the company is hopeful to use it to further drive it’s 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 .” Suresh posited.
According to him ,NiPCO is poised to continually take it’s pride of place in the context of the emerging downstream sector under the PIA .
Mr Suresh promised that the company will continue to be transparent,diligent,socially responsible and operate within the ambit of food corporate governance in the best interest of stakeholders .
He said NIPCO intend to consolidate the gains of the past years and take full advantage of the great potentials of the industry for higher growth.