Mohammed Shosanya
The Nigerian Content Development and Monitoring Board (NCDMB),has received an interim dividend payment of N450 million out of the 1.5bn declared by the Waltersmith Refinery and Petrochemical Company Limited.
This payment represents NCDMB’s 30% share in the company for the year ended 2023,a statement said on Monday.
Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary NCDMB, Engr. Felix Omotsola Ogbe confirmed that a total dividend of N4.5bn had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM). The company reported a total profit of N23.6bn as profit after tax for the same year.
He hinted that NCDMB expects to receive additional 30% of the outstanding N3bn dividend after the AGM is convened later this year.
He added that the receipt of this interim dividend payment is a testament to the strong performance and profitability of Waltersmith Refinery and Petrochemical Company Limited.
“The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future,” he stated.
According to him,the company is upscaling the refinery capacity from 5000 bpd to 10,000bpd and the expansion project is 44% completed and on time to be commissioned by early 2025.
NCDMB’s investment in the Waltersmith project was also geared to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors and deepen Nigerian Content in the oil and gas industry. It was the first third-party investment embarked by the Board, and it provided proof of concept and paved the way for other successful investments by the Board.
Penultimate week,NCDMB received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.
The cheque was presented by the Chairman of the company, Engr. Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa State, where he was received by the Executive Secretary, Engr. Felix Omatsola Ogbe and other members of the Board’s management.
Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company and it culminated in the construction and commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta State, Niger Delta, Nigeria.
