NIPCO Shareholders Laud Management Over Record N1.31 Billion Dividend Payout
ABUJA – Shareholders of NIPCO Plc erupted in praise and jubilation during the company’s 2024 Annual General Meeting (AGM), following the announcement of a record dividend payout of N1.31 billion, translating to N7 per share. The AGM, held at the prestigious Abuja Continental Hotel, marked a historic moment as the company celebrated its highest dividend in over 21 years of operation.
The mood was upbeat as shareholders unanimously applauded the company’s Board, Management, and staff for their resilience and performance, especially in light of Nigeria’s challenging economic landscape and the volatile oil and gas sector.
Chairman of the Confluence Shareholders Association of Nigeria, Mohammed Shakur Ayanda, described the dividend as a remarkable achievement. “We are happy with Bestman Anekwe and his team. The continued robust dividend payout despite economic headwinds shows great commitment and leadership. This is a commendable leap,” he stated.
He further added that NIPCO’s entrepreneurial drive, which began in 2004, has consistently set it apart. “To still deliver this level of return in such a climate is no small feat,” he said, expressing optimism for even better returns in the future.
Alhaji Yakubu Suleiman, a founding shareholder and former director of NIPCO, noted the company’s outstanding performance compared to its peers. “2024 is a year of celebration. The company has outperformed many in the sector. The Board and Management deserve all the accolades,” he said.
Suleiman also highlighted the prompt payment of dividends, noting that shareholders received their bank alerts even before leaving the AGM venue—a rare occurrence in the industry.
Another shareholder, Mr. Ezinwa Chukwudi, marvelled at the company’s ability to navigate challenges. “Given the myriad of issues in the industry, one wonders what magic the management performed to achieve this result. Their prudent resource management is exceptional,” he said.
He described the 2024 dividend as not only satisfying but also a promising sign of better days ahead for investors.
In his address, Chairman of NIPCO Plc, Chief Bestman Anekwe, reflected on the company’s journey since inception. “Since 2004, we’ve remained committed to growth. Today, every shareholder is a co-owner in this success story,” he said.
He commended the core investors, Purebond Ltd, for their business acumen and reiterated NIPCO’s growing prominence in the industry. He also cited a recent commendation from President Bola Ahmed Tinubu as proof of the company’s national impact.
Anekwe expressed deep appreciation to shareholders for their patience and trust over the years. “The seed sown over two decades ago is growing steadily. We are confident that in the near future, our shareholders will continue to reap even greater rewards,” he concluded.
