By Taofik Salako, Deputy Group Enterprise Editor
Shareholders of Niger Delta Exploration & Manufacturing (NDEP) Plc have permitted a fee of dividend of N17 per share for the 2019 enterprise yr, the best payout within the firm’s 13 years of constant dividend fee.
The 25th Annual Basic Assembly (AGM) was held just about as a result of affect of COVID-19 pandemic and in keeping with the rules supplied by the Company Affairs Fee (CAC) and Securities and Trade Fee (SEC).
Chairman, Niger Delta Exploration & Manufacturing (NDEP) Plc, Mr Ladi Jadesinmi, stated the corporate had witnessed outstanding efficiency over the previous 10 years and predicted one other decade of additional important achievements for the corporate.
He assured the shareholders that the corporate would proceed to discover methods to reinforce returns on their investments.
Appearing Chief Govt Officer, Niger Delta Exploration & Manufacturing (NDEP) Plc, Dr. ‘Layi Fatona, additionally reassured shareholders of the sturdy positioning of the corporate.
In line with him, NDEP is on a strong development observe and is well-positioned to climate the challenges of the working atmosphere together with a low oil worth regime, diminished OPEC manufacturing quotas and the uncertainties surrounding COVID-19 pandemic.
Fatona assured shareholders that the well-being of employees and stakeholders is of paramount significance to NDEP, including that the corporate had made appreciable investments in direction of guaranteeing the well being and security of its human capital following the outbreak of the COVID-19 pandemic.
NDEP’s income grew by 16 per cent from N39 billion in 2018 to N46 billion in 2019, the best up to now decade because of its sturdy asset high quality and operational processes.
The corporate additionally recorded a share of revenue of N9 billion from its affiliate, ND Western Restricted, whereas its crude oil income rose to N38.Three billion from N29.four billion in 2018, a year-on-year enchancment of 30 per cent, on account of a rise in manufacturing regardless of the market’s worth volatility.
In 2019, NDEP recorded 10 million man-hours with no Loss Time Harm (LTI), regardless of a big improve in exercise ranges, whereas common day by day manufacturing at its Ogbele Subject elevated to a report 7,500 barrels per day throughout the yr underneath assessment.
Complete gasoline manufacturing of 13.330 billion commonplace cubic toes (Bscf) was recorded with a minimal technical flare of 193.92 million commonplace cubic toes (MMscf) about 1.45 per cent of manufacturing by its subsidiary, ND Fuel Restricted, whereas the corporate additionally reported the profitable completion of the primary of two phases of its refinery growth challenge, marked by the manufacturing of refined petroleum merchandise simply after midnight of December 31, 2019.
The second part (Practice-3) is on the remaining levels of mechanical completion. The Ogbele Refinery is the primary fully-fledged modular refinery in Sub-Saharan Africa.
“From our modest beginnings and small Nigerian shareholder base, we have now grown into a totally built-in power firm, with Sub-Saharan Africa publicity and over 1600 shareholders.
Efficiently holding our 25th AGM, and celebrating our 13th yr of constant dividend funds present simply how far we have now come, the strong fundamentals and prudent sources administration of NDEP Plc,” Fatona stated.
NDEP Plc is an Unbiased built-in power firm by means of its wholly-owned working corporations – Niger Delta Petroleum Assets Restricted (NDPR), ND Fuel Restricted and ND Refineries Restricted.
It owns a variety of property together with its flagship asset, the Ogbele Oil and Fuel Subject with a totally self- managed Circulate Station, 11,000 barrels per day processing capability refinery that can quickly be commissioned, a 100 million commonplace cubic toes per day gasoline processing plant, and an operations and administration (O&M) enterprise in South Sudan.