NDEP Plc Holds 22nd AGM: 10th Year of Consecutive Dividend Payments

On 26th July 2017, Niger Delta Exploration & Production Plc (NDEP) held its 22nd AGM, at the Muson Centre, Lagos. Mr Ladi Jadesimi, NDEP Plc Chairman presided over the meeting and a broad spectrum of NDEP shareholders attended.

At the AGM, shareholders received a detailed update of the Company’s activities for the period under review. Dr. Layi Fatona, MD, gave a presentation that highlighted the progress of the company by looking at snapshots from the past as well as more recent activities. By August 2016, NDPR had attained over 11 years of uninterrupted oil and gas production. In addition, the Final Investment Decision to increase the capacity of Ogbele Mini Refinery expansion from 1,000 to 11,000 bbls/d capacity was taken in 2016.

As part of NDEP’s strategic vision beyond 2017, the company’s investments in Nigeria and Sub Saharan Africa are the two platforms that will drive future growth. Looking to the future, Dr. Fatona outlined a succession plan for the Company which was extremely well received by the AGM attendees.

Audit Committee

There were some changes to the NDEP Plc Audit Committee. As Chief Victor Oyolu and Engineer Alex Ogedegbe decided to allow other shareholders to contribute (by not offering themselves up for re-election), two new members were appointed, Mr Femi Akinsanya and Mr Eddie Efekoha. Chief Gbola Akinola remains on the Audit Committee.

Record Dividend Payment

Shareholders also approved the sum of N6 per ordinary share as dividend, marking the Company’s 10th year of consecutive dividend payment. This is despite the challenging operating environment affecting the local economy and the wider oil and gas industry.

Dr. ‘Layi Fatona, MD commented, ‘Even in challenging times, NDEP Plc continues to grow its operational footprint, while adhering to the values of its founding fathers. 2016 was a remarkable year. Gross Profit of N11.40Billion was attained, and we celebrated 10 years of consecutive dividend payments. Our loyal shareholders have been with us on this remarkable journey and we are ever grateful for their support.’

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