Nipco Recommends N3 Dividend to Shareholders

May 26, 2021

By Adedapo Adesanya

Nipco Plc has proposed the payment of N3 as a final dividend to its shareholders for the 2020 financial year.

This was disclosed by the company in a notice on Tuesday to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.

The payment will be subject to approval at the 17th Annual General Meeting (AGM) of the company scheduled for Wednesday, June 2.

According to the oil and gas investment company, its AGM will hold at the Lagos Hall of Transcorp Hilton, located on 1, Aguiyi Ironsi Street, Maitama, Abuja at 11:00 a.m.

If the dividend payment is approved at the meeting, shareholders of the company will be credited on the payment date which is Thursday, June 3, according to the release.

However, the qualification date for the dividend was Tuesday, May 18. This means only those who held the company’s shares as of this date will be eligible to receive the stipulated dividend payment.

The notice noted that the closure of the company’s register was from Wednesday, May 19, 2021, to Monday, May 24, 2021 (both dates inclusive).

At the close of trading at the NASD OTC bourse on Wednesday, Business Post gathered that the company’s stock closed flat at N67 per unit.

Nipco Plc is a fully integrated oil and gas company that started its business with a petroleum storage tank farm at Dockyard Road, Apapa, Lagos.

Presently, NIPCO handles annually a throughput of 1.9 billion litres (1.6 Million Metric Tonnes).

In line with the company’s mission, NIPCO expanded its operations with the commissioning of LPG storage and distribution terminal in the year 2008.

Subsequently, NIPCO ventured into retail marketing of petroleum products in the year 2009. It made a foray into the Compressed Natural Gas (CNG) business as a pioneer in the industry in 2010.

Currently, the company is venturing into the upstream oil and gas business by taking minor stakes in Oil Mining Lease (OML) 40.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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