NIPCO To Leverage PIA For Better Operations

Pays N3.25k dividend per share.

The Managing Director/Chief Executive Officer, NIPCO, Mr Suresh Kumar, has said the company would leverage the opportunities being presented by the Petroleum Industry Act (PIA), to expand its operations.

He added that the company was hopeful to use it to further drive its mission of meeting the needs of stakeholders in the deregulated downstream sector.

According to him, NIPCO was poised to continually take its pride of place in the context of the emerging downstream sector under the PIA. Kumar promised that the company will continue to be transparent, diligent, socially responsible and operate within the ambit of full corporate governance in the best interest of stakeholders.

He noted that NIPCO intends to consolidate the gains of the past years and take full advantage of the great potential of the industry for higher growth. He spoke at its 18th Annual General Meeting at Transcorp Hilton Hotel, Abuja, on Friday.

Shareholders of NIPCO Plc, which is an integrated downstream operator in the nation’s hydrocarbon industry, approved the payment of N3.25k as a cash dividend for the financial year ended December 2021 This was said to be 25k per share higher than the dividend paid last year, thereby demonstrated the company’s unwavering commitment to growing the investment of the shareholders.

Chairman, NIPCO Plc, Chief Bestman Anekwe, said the board proposed the total dividend of N609.9m translating into 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 a higher bottom line for the company. Kumar also said that 2022 was significant for operators in the oil and gas industry.