NDEP Plc Declares Record Dividend

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Niger Delta Exploration and Production Plc (NDEP)’s shareholders have approved a dividend of N17 per share, the company’s highest in its 13th year of consistent dividend payment.

The company’s recent Annual General Meeting (AGM), which held virtually due to the impact of COVID-19 pandemic, as it was organised in line with current Health and Safety protocols and in accordance with the guidelines provided by the Nigerian Corporate Affairs Commission (CAC).

Speaking at the event, the Chairman of the Board of NDEP Plc, Mr. Ladi Jadesinmi, reviewed the outstanding and remarkable previous 10 years journey of the company.

He predicted a future next 10 years of further significant achievements for the Company and assured rewards for shareholders.

The interim Chief Executive Officer of the company, Dr. Layi Fatona, reassured shareholders of the strong positioning of the company, adding that “NDEP is on a solid growth track and is well-positioned to weather the current challenges of the operating environment” , including a low oil price regime, reduced OPEC production quotas and the uncertainties surrounding COVID-19 pandemic.

Fatona also assured shareholders that the well-being of staff and the company’s Stakeholders was of paramount importance to NDEP, adding that the company had made considerable investments towards ensuring the health and safety of its human capital following the outbreak of the COVID-19 Pandemic.

Among the highlights of the company’s financial performances was its Top line Revenue growth of 16 per cent, from N39 billion to N46 billion, the highest in the past decade due to its strong asset quality, and operational processes.

NDEP also recorded a sustained robust share of profit of N9 billion from its associate, ND Western Ltd, while its crude oil revenue rose to N38.3 billion from 29.4 billion in 2018, a year-on-year improvement of 24 per cent, as a result of an increase in production despite the market’s price volatility.