By Jude-Ken Ojinnaka
The Nigerian Content Development and Monitoring Board (NCDMB) has announced that it had received an interim dividend payment of N450 million out of the N4.5 billion declared by the Waltersmith Refinery and Petrochemical Company Limited.
According to the announcement, the payment represents NCDMB’s 30 percent share in the company for the year ended 2023.
The NCDMB had in July 2018 invested US $10 million to acquire 30 percent share in the 5,000 barrels per day (bpd) modular refinery project located at Ibigwe, Imo State so as to support the Federal Government’s policy on modular refinery, stimulate investment and create employment opportunities.
Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited on Monday evening the Executive Secretary NCDMB, Engr. Felix Omotsola Ogbe confirmed that a total dividend of N4.5 billion had been approved for the year 2023, pending final ratification at the Annual General Meeting (AGM).
The company reported a total profit of N23.6 billion as profit after tax for the same year.
The Executive Secretary disclosed that NCDMB expects to receive additional 30 percent of the outstanding N3 billion dividend after the AGM is convened later this year.
He said 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 added.
He asserted that the company is upscaling the refinery capacity from 5000 barrels per day to 10,000 bpd, adding that the expansion project is 44 percent 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 upon by the Board, and it provided proof of concept and paved the way for other successful investments by the Board.
He noted that two weeks ago, 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 and management of the company.
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 area, Nigeria.
