Oredola Adeola
The Nigerian Content Development and Monitoring Board (NCDMB) has announced the receipt of a N450 million interim dividend payment from the 5,000 barrels per day Waltersmith Refinery and Petrochemical Company Limited, located in Ibigwe, Imo State.
This interim dividend is a fraction of the N1.5 billion declared by the company for the year ended 2023, which also constitutes part of the N4.5 billion dividend reflecting NCDMB’s 30% ownership stake in the company, derived from its N23.6 billion profit-after-tax for the same period.
NCDMB is expected to also receive additional 30% of the outstanding N3billion dividend after the AGM is convened later this year.
Engr. Felix Ogbe, Executive Secretary NCDMB, made this known on Monday, on the sideline of the Board Meeting of Waltersmith Refinery and Petrochemical Company Limited.
The Executive Secretary NCDMB confirmed that a total dividend of N4.5bn had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM).
Advisors Reports’ check showed that in July 2018, the NCDMB invested $10 million to acquire a 30% equity stake in the 5,000 barrels per day (bpd) modular refinery project in Ibigwe, Imo State, aligning with the Federal Government’s policy on modular refineries to boost investment and job creation.
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 company reported a total profit of N23.6bn as profit after tax for the same year.
The Executive Secretary 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.
He affirmed that 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.
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.
