NIPCO Plc pays N3.25k  dividend per share

…Upbeat on growth potentials in the sector

Shareholders of NIPCO plc, an integrated downstream operator in the nation’s hydrocarbon industry, have approval 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 demostrating 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, Chief 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 country0.

“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, MD/ CEO, NIPCO, Mr 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,” the MD  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.