NIPCO Shareholders Okay N563m Dividend

Nigeria Independent Petroleum Company (NIPCO)
  • NIPCO Shareholders Okay N563m Dividend

Shareholders of NIPCO Plc have approved the payment of N563 million as dividends for last year. This represents a dividend per share of N3.

At the Annual General Meeting (AGM) in Abuja, shareholders commended the board and management of the company for the consistent payment of dividend since the company started operations in 2004.

A shareholder, Sani Yau, said shareholders were excited by the fact that the company had been paying dividend yearly, despite the economic headwinds.

He added that the company had shown a lot of concern in social investment through its plethora of interventions in education, donations for the upkeep of children in orphanages and sports promotion.

Key extracts of the audited report and accounts of NIPCO for the year ended last December 31 showed that turnover rose by 35 per cent from N170 billion in 2016 to N205 billion this year while profit after tax rose from N1.8 billion in 2016 to N2.1 billion last year.

NIPCO Plc Managing Director, Mr Sanjay Teotia, in his maiden address to shareholders, said the management team has remained focused on pursuing its major targets, especially growing its market in petroleum products marketing.

According to him, management would continue to emphasise the transformation of the company’s systems and processes to deliver value to shareholders and other stakeholders.

He outlined other major targets of the company to include making steady progress to ensure more visibility of NIPCO stations nationwide; ensuring friendly customer care at all its business lines across the nation; aligning with government in providing access to LPG at affordable price and supporting government in providing fuel to motorist through use of Compressed Natural Gas (CNG).

“We are not oblivious of the fact that to take the organisation to the next level, we must improve on our core competencies and explore other business ventures and opportunities. We are upbeat of improving performance taking into consideration the organisation highly motivated and skilled employees as well as exemplary customer service at all our strategic business units,” Teotia said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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