Bassey Inyang in Calabar
Elano Investments Limited, the managers of the proceeds of 7.5 per cent shareholding of six host communities of Idorama Eleme Petrochemicals Limited has declared that N5,275,972,855 accrued to the benefiting communities for the financial year which ended on March 31,2018.
Chairman of Elano Investment Limited, Chief Gomba Okanje, who made the announcement while addressing shareholders at the 6th Annual General Meeting (AGM), disclosed that from the dividend declared, N2,300,212,689 has been distributed to the host communities.
Okanje, also disclosed that N1,764,210,841 billion was committed to community development programmes.
“This high expenditure was necessitated by the payment of compensations for properties damaged by some misguided host community youths.
“Compared to last year’s dividend of N4,688,785,575, there was an increase of about N687,187,280 in the dividends received in this reporting year.”
At the AGM which held in Calabar, Cross River State, the chairman said the company had also embarked on developmental programmes in the benefiting communities.
“When we met at our fifth AGM, we informed you that your company was entering a stage of diversification and consolidation to ensure the achievement of sustainable development of the host communities through our programme in education, healthcare, infrastructure, housing estate, and security.
“Our Health Insurance Programme has a portfolio of 6,600 beneficiaries from all our host communities and has saved many lives through critical surgical procedures such as caesarean deliveries, regular preventive medicine, and hospitalisations.
Our educational programme offered more than 200 bursary awards to students in tertiary educational institutions all over the country and has assisted recipients to earn their academic qualifications. The infrastructural programme has opened up the host communities through road networks and double sided drains.”