Oil & Gas
SHAREHOLDERS of the Niger Delta Exploration and Production, NDEP, Plc, have cause to smile. The NDEP, at its annual general meeting, AGM on Tuesday, June 29, approved a dividend of N7 per share.
Realnews reports that the foremost independent integrated energy company has been consistent in paying dividend to its shareholders for the past 15 years.
During the AGM, which was held virtually in compliance with COVID-19 health and safety protocols and relevant regulatory guidelines, Ladi Jadesimi, chairman of NDEP, in his statement, said though the dividend of N7 was significantly lower than its record N17 per share for the preceding year, it was a prudent approach based on the effects of the COVID-19 pandemic.
It also reflects NDEP’s solid fundamentals and commitment to its growth strategy and cash preservation, Jadesimi said.
According to him, despite the effect of the Pandemic on business operations in 2020, NDEP “demonstrated its resilience by meeting all its obligations, attaining new milestones and ended the year in profit albeit modestly with staff strength intact.”
“We rose to the challenges posed by COVID-19 and the prolonged lockdown”, he said, adding that “the board and management carefully monitored industry developments and took steps to reposition NDEP and its subsidiaries while sustaining efficiency and ensuring company survival.”
With a profit-after-tax of N1.6 billion for the company and N16.8 billion for the group, he added that NDEP entered 2021 on a solid financial foundation.
He also announced the appointment of Gbite Falade and Adegbola Adesina as the group managing director\executive and chief financial officer of the company, respectively. He thanked Layi Fatona, pioneer managing director of NDEP for coming out of retirement to hold fort until Falade’s appointment. Both appointments were ratified at the AGN by shareholders.
Among the highlights of the company’s operations for the year under review, according to the chairman, was the 15th anniversary of the first oil production from its Ogbele marginal oil field, which had produced 20mm barrels of oil, 95 ascf of gas and over 169mm litres of diesel as at 2020 year end.
He also announced DPR’s approval for the introduction of hydrocarbon to the train of its Ogbele Refinery which he said would take the full fledged refinery, the first of such privately own and operated in Nigeria.
Realnews reports that NDEP Plc is the foremost independent integrated energy company in Nigeria. Through itd wholly-owned operating companies, Niger Delta Petroleum resources Ltd, NDPR, ND Gas Ltd and ND Refineries Ltd – it owns a range of assets including its flagship asset, the Ogbele oil and gas field with a fully self-managed flow station, the soon to be commissioned refinery with 11,000bbl/d processing capacity, a 100mmscf/d gas processing plant and a joint venture in South Sudan with Nile Petroleum.
– July 3, 2021 @ 7: 13 GMT |
Tags: Adegbola Adesina Gbite Falade Ladi Jadesimi Layi Fatona NDEP NDEP approves N7 dividend for shareholders Niger Delta Exploration and Production
