The Nigerian Content Development and Monitoring Board (NCDMB) has announced that it has received an interim dividend of N450 million from the N1.5 billion declared by Waltersmith Refinery and Petrochemical Company Limited.
The announcement was made in a statement by Mr. Daniel Kikile, the General Manager responsible for Corporate Communications at NCDMB.
The refinery located in Imo state posted a profit-after-tax of N23.6 billion for the year 2023.
The company stated that the payment constitutes a 30% shareholding of NCDMB in Waltersmith Refinery and Petrochemical Company Limited for the fiscal year 2023.
Following a board meeting at Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary of NCDMB, Mr. Felix Ogbe, confirmed that dividends totaling N4.5 billion have been approved for 2023, subject to final confirmation at the upcoming Annual General Meeting (AGM).
Mr. Ogbe noted that NCDMB anticipates receiving an additional 30 percent of the remaining N3 billion dividend after the AGM, scheduled later this year.
He further highlighted that the receipt of this interim dividend underscores the robust performance and profitability of Waltersmith Refinery and Petrochemical Company Limited.
Plans for expansion
He confirmed that the company is enhancing the refinery’s capacity from 5,000 barrels per day (bpd) to 10,000 bpd. The expansion project is currently 44 percent complete and is scheduled to be commissioned by early 2025.
This initiative marked the Board’s first third-party investment, serving as a proof of concept that led the way for other successful investments by the Board.
Backstory
In July 2018, the NCDMB invested $10 million to acquire a 30 percent stake in the 5,000 barrels per day (bpd) modular refinery project situated in Ibigwe, Imo State. This investment was aligned with the Federal Government’s policy on modular refineries, aimed at stimulating investment and generating employment opportunities.
