NipCo To Advance Investment Into Nigeria’s Fuel Transition Initiative

NIPCO Plc has reaffirmed its commitment to sustainability and good corporate governance principles to drive growth and long-term value in the oil and gas sector.

The company’s commitment to sustainability is reflected in its investments in Compressed Natural Gas (CNG). which recognised its potential over 15 years ago and is committed to upscaling investments in it .

The Chairman of the company, Dr. Bestman Anekwe, who  disclosed this during the company’s 21st Annual General  Meeting held in Abuja, said focus on sustainability has yielded positive results.

“The company’s vision aligns with the federal government’s goal of promoting gas as a transition fuel. NIPCO PLC’s focus on sustainability has positioned it as a leader in Nigeria’s oil and gas industry.

“The company’s board of Directors is pleased with the progress made and is confident that NIPCO PLC will continue to drive long-term value for its shareholders. NIPCO PLC future plans include continued investments in staff development and building a culture of stellar service delivery,” he averred.

“The company’s robust financial performance in 2024 is a testament to its strategic investments and commitment to sustainable business practices. NIPCO PLC total turnover stood at N1.458.46 billion, with a profit after tax of N11.50 billion.

“The Nigerian hydrocarbon industry experienced significant fluctuations in 2024, driven by global economic turbulence and energy transition. Despite these challenges, NIPCO PLC adapted new strategies to capitalise on emerging opportunities and create value for its stakeholders,” he declared.

Anekwe stated that, the company’s Earnings Per Share (EPS) stood at N61.26, and the Board of Directors proposed a final dividend of N7 per share, which was unanimously approved by shareholders.

NIPCO , he noted, remains focused on enhancing profitability through diversified revenue streams and advancing sustainability.

According to him., the company’s commitment to good corporate governance principles has fostered improved business practices, positioning it for continued success in Nigeria’s downstream sector.