NCDMB reaps dividend rewards as Waltersmith refinery pays N450 mln interim dividend

The Nigerian Content Development and Monitoring Board (NCDMB) celebrated a financial milestone on Monday as it received an interim dividend payment of N450 million from Waltersmith Refinery and Petrochemical Company Limited.

This dividend payout reflects NCDMB’s 30% stake in Waltersmith for the fiscal year 2023.

The NCDMB’s investment journey with Waltersmith began in July 2018 when it injected $10 million to acquire a 30% equity stake in the modular refinery project located in Ibigwe, Imo State.

This strategic investment aimed to align with the Federal Government’s modular refinery policy, spur investment, and foster job creation.

Following a recent Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, Felix Omotsola Ogbe, the Executive Secretary of NCDMB, confirmed the approval of a total dividend of N4.5 billion for the year 2023, pending final ratification at the Annual General Meeting (AGM).

The company reported a robust profit after tax of N23.6 billion for the same period.

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Engr. Ogbe expressed optimism about receiving an additional 30% of the outstanding N3 billion dividend after the AGM later this year.

He hailed the interim dividend payment as a testament to the impressive performance and profitability of Waltersmith Refinery and Petrochemical Company Limited, expressing NCDMB’s pride in its partnership with the company.

Moreover, Ogbe disclosed that Waltersmith is on track to upscale its refinery capacity from 5,000 bpd to 10,000 bpd, with the expansion project currently 44% completed and scheduled for commissioning by early 2025.

NCDMB’s investment in the Waltersmith project underscores its commitment to drive industrialization in Nigeria’s oil and gas sector and enhance Nigerian content participation.

This investment, the first of its kind by the Board, has served as a proof of concept and paved the way for subsequent successful investments.

In another recent development, NCDMB received a $1 million cheque from Nedogas Development Company Limited (NDCL), representing a return on investment on one of the Board’s strategic investments.

NDCL, a joint venture between Xenergi Limited and NCDMB Capacity Development Intervention Company, spearheaded the construction and commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility in Delta State, Nigeria.