The board and management of NIPCO Plc has made a total dividend payout of N563 million, which was approved by all shareholders of the oil company without a single opposition at the 15th Annual General Meeting (AGM), held in Abuja.
Having announced a turnover for the 2017 financial year which grew by 35% from N170 billion in 2016 to N207 billion in 2017, the board and management of the oil and gas company, recommended the cash dividend of 300 kobo (N3).
In April, 2017, NIPCO Investments Limited, a subsidiary of NIPCO Plc, completed the takeover of Mobil Oil Nigeria Plc, after acquiring a 60% majority equity stake of ExxonMobil Oil Corporation in Mobil Oil Nigeria Plc, in a deal valued at $301 million. The deal which was regarded as the biggest downstream sector deal on the Nigerian Stock Exchange (NSE) in recent years, had ExxonMobil transferred its total shareholding of 216.36 million ordinary shares of 50 kobo each to NIPCO Investments Limited.
In compliance with SEC Rules and Regulations, NIPCO Plc, in June, 2017, launched a Mandatory Takeover (MTO) bid for minority shares in Mobil Nigeria Plc.
Following complains by retail investors of the short timeline for the MTO as well as the qualification date for the takeover bid, the new owners of Mobil Nigeria Plc, subsequently, extended the deadline for its MTO bid to July 27, 2017, which was initially June 29, 2017. NIPCO, at the time, announced that it will pay N417.12 per share which was higher than the company’s share price. NIPCO, however, maintained that the share price will only apply to shareholders who are in the shareholding register of Mobil as at April 10, 2017.
About NIPCO
Formerly IPMAN Petroleum Marketing Company Limited (IPMCL), NIPCO Plc is well known for the distribution of White Oil products, CNG and LPG in Nigeria. Acquired by an Indian Consortium, the oil and gas company markets its products through strategic business units – NIPCO Retail, nCNG, Nipcogas, Lubricants and now NMCG.
