Niger Delta Exploration & Production PLC (NDEP), Nigeria’s leading integrated E&P Company, was recognized by NASD PLC, the Over-the-Counter (OTC) Securities Exchange, for being the most appreciated security in 2018.
Out of the 39 securities that were listed on the NASD OTC Securities Exchange, NDEP’s share price rose the highest to become the Most Appreciated Security in 2018.
NDEP’s share price opened in January 2018 at N123.01 and closed at N308 in December 2018, indicating a share price increase of over 150%. Contributing to the outstanding share price appreciation were several factors, including NDEP’s strong financial performance for the 2017 financial year, its consistent dividend payments policy (celebrating 11 years of continuous dividend payments) and the Company’s high level of corporate governance and financial reporting. At a macro level, oil price recovery and stability within the global economy also contributed to the high share price.
The NASD PLC Most Appreciated Security award was presented to the MD, NDEP, Dr. Layi Fatona at the NASD annual Business Breakfast Meeting held on 7th February 2019.
Dr. Layi Fatona MD, NDEP Plc, commented, ‘Over the years, we have established a solid foundation for value creation and enhancement as evidenced in NDEP’s consistent and strong records. As our strategy to provide long term shareholder value is being recognized, we will remain focused to harness the maximum value of our investments.
‘Our business approach and operating model will continue for the foreseeable future, which aims to grow earnings, increase profitability and return sustainable value to shareholders and key stakeholders.’