L- R: Managing Director/CEO, NIPCO Plc, Suresh Kumar; Chairman, Chief (Dr) Bestman Anekwe; Company Secretary, Paul Chukwuma Obi, SAN; Group Executive Director, Corporate Services, Alhaji Abdulkadir Aminu ; and Director, Ramesh Virwani during the company’s 21st Annual General Meeting held at Abuja Continental Hotel, FCT, Abuja.
Shareholders of NIPCO PLC were upbeat on the performances of the company praising the Board, Management, and staff of the company after approving a dividend payout of N1.31 billion, which translates to N7 per share at the 2024 Annual General Meeting, held at Abuja Continental Hotel, FCT, Abuja
The dividend yield the highest since the over twenty one years of operation of the company was very pleasing to the shareholders who spoke in unison at the event in appreciation of NIPCO’s feat
Chairman, Confluence Shareholders Association of Nigeria, Mohammed Shakur Ayanda, said the shareholders were happy with Bestman Anekwe and his team describing the continued robust dividend payments despite the obvious economic challenges, as a commendable leap by the company
He said the doggedness and fighting entrepreneurial zeal of the Management has remained unique since inception of the company in 2004.
According to him, “We are delighted with this result. 2024 was very well especially taking into consideration the daunting challenges in the Oil and Gas sector over the years
He notes that for the company to still be able to pay us a very good dividend, the highest in the overall two decades of its operations gives us hope of better returns on our investments in the years to come.
This feat is very commendable, and it is only a company like NIPCO with an excellent management team supported by experienced board members that can attain this giant leap.
One of the founding shareholders and former director, Alhaji Yakubu Suleiman said NIPCO in comparison to peers in the sector performed far better giving more cause to celebrate in 2024.
“Shareholders have every cause to jubilate for the year ended 2024 for the great efforts of Board and Management of the company. They have performed creditably even in the face of numerous challenges facing the sector over time” he declared.
Alhaji Yakubu expressed delight in the company’s consistent dividend payment, noting that the result is a very positive one commending the great impact of the board and management of the Company.
He noted with extreme pleasure that even before leaving the AGM venue all the shareholders have received bank alerts of their dividend payments, a feat not too common in the industry.
Mr Ezinwa Chukwudi also praised the efforts of the board and management for the good job done in 2024 to have resulted in the result and even wondered what magic was used to achieve the heights with the myriad of challenges in the sector.
He explained that when it comes to prudent management of resources NIPCO management have all it takes to make headway despite noticeable headwinds
According to him, the dividends in 2024 are not mouth watering for the shareholders but also a positive signal of better days ahead
In his remark, chairman, NIPCO Plc, Chief Bestman Anekwe said the company’s journey which started in 2004 has been very thriving for investors across the board and today every shareholder is a co-owner of the company.
He praised the sagacity and business sense of the core investors ,Pure bond Ltd as the company has grown rapidly and highly recognised in the industry ,citing the recent commendation of President Bola Ahmed Tinubu on the contributions of NIPCO to the development of the country
He equally salutes the patience of all shareholders on the journey so far adding that the seed they sowed over two decades ago is growing rapidly with the company competing favourably in the industry
He noted that in the fullness of time, every shareholder would continually reap more benefits from their investment and have more cause to smile
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