NCDMB receives N450m interim dividend from Waltersmith Refinery

approval 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 hinted that NCDMB expects to receive additional 30% of the outstanding N3 billion 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 5,000 bpd to 10,000bpd and that 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 thirdparty investment embarked on by the Board, and it provided proof of concept and paved the way for other successful investments by the Board.

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 its 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 of the NCDMB and other members of the Board’s management.