The Nigerian Content Development and Monitoring Board (NCDMB) on Monday announced that it received an interim dividend of N450 million out the N1.5bn declared by the Waltersmith Refinery and Petrochemical Company Limited.

This is contained in statement issued by Mr Daniel Kikile, General Manager in charge of Corporate Communications at NCDMB.

The company said that the payment represents NCDMB’s 30 per cent share in the company for the year ended 2023.

The NCDMB had in July 2018 invested $10m to acquire 30 per cent stake in the 5,000 barrels per day (bpd) modular refinery project located at Ibigwe, Imo State, to support the Federal Government’s policy on modular refinery, stimulate investment and create employment opportunities.

Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary NCDMB, Mr Felix Ogbe confirmed that a total dividend of N4.5bn had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM). 

The company reported a total profit of N23.6bn as profit after tax for the same year. 

İğne said NCDMB expects to receive additional 30 per cent of the outstanding N3bn dividend after the AGM is convened later in the year.

He added that the receipt of this interim dividend payment is a testament to the strong performance and profitability of Waltersmith Refinery and Petrochemical Company Limited. 

“The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future,” he said.

He affirmed that the company is upgrading the refinery capacity from 5000 bpd to 10,000 bpd and the expansion project is 44 per cent completed and on time to be commissioned by early 2025.

NCDMB’s investment in the Waltersmith project was also geared to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors and deepen Nigerian Content in the oil and gas industry.

It was the first third-party investment embarked by the Board, and it provided proof of concept and paved the way for other successful investments by the Board. 

Reports says that two weeks ago, NCDMB received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.

The cheque was presented by the Chairman of the company, Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa, where he was received by the Executive Secretary,  and other members of the Board’s management.

Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company.

The joint venture and culminated in the construction and commissioning of a 300 million standard cubit feet per day (mmscf/d) capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta, Niger Delta, Nigeria. (NAN)

Over the course of the week, investors on the Nigerian Exchange Ltd. (NGX) equities market lost a total of N784 billion, week-on-week.

Specifically, the market capitalisation, which opened the week at N56.296 trillion, shed N784 billion or 1.39 per cent to close the week at N55.512 trillion.

The All-Share Index also declined by 1.

Similarly, all other indices finished lower with the exception NGX Insurance, NGX MERI Growth, NGX MERI Value and NGX Industrial Goods which appreciated by 0.02, 1.13, 0.09, and 0.38 per cent respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.

Profit-taking in MTN Nigeria, Zenith Bank, FBN Holdings, among other declined stocks outweighed buy interest in Guaranty Trust Holding (GTCO), United Bank of Africa (UBA), Fidelity Bank, among other declined stocks to drive the market to a negative terrain.

However, 27 equities appreciated in price during the week higher than 13 equities in the previous week.

43 equities depreciated in price lower than 62 in the previous week, while 84 equities remained unchanged, higher than 79 recorded in the previous week.

On the top gainers table, Sunu Assurances led by 25k to close at N1.25, CAP Plc followed by N4.85 to close at N28.85, Livestock Feeds Plc rose by 21k to close at N1.66 per share.

Japaul Gold and Venture Plc gained 24k to close at N1.91 and Unilever Nigeria advanced by N1.50 to close at N15.10 per share.

On the other side, Oando Plc led the losers table by N2.25 to close at N9.25, Sovereign Trust Insurance trailed by 8k to close at 36k and Thomas Wyatt Plc declined by 36k to close at N1.78 per share.

FBN Holdings shed N3.95 to close at N20.35 and Wema Bank dropped 90k to close at N6.25 per share.

Meanwhile, investors traded 1.839 billion shares worth N34.258 billion in 37,528 deals this
week on the floor of the Exchange.

This is in contrast to 1.597 billion shares valued at N32.313 that exchanged hands last week in 44,915 deals.

The financial services industry, measured by volume, led the activity chart with 1.129 billion shares valued at N22.290 billion traded in 22,008 deals.

Thus contributed 61.38 per cent and
65.06 per cent to the total equity turnover volume and value, respectively.

The conglomerates industry followed with 194.179 million shares worth N2.822 billion in 1,923 deals.

The third place was the construction/real estate industry, with a turnover of 130.702 million shares worth N649.957 million in 556 deals.

Also, trading in the top three equities, namely UBA, Access Holdings Plc and Transnational Corporation Plc, measured by volume accounted for 582.024 million shares worth N10.571 billion in 8,849 deals.

This contributed 31.65 per cent and 30.86 per cent to the total equity turnover volume and value rrespectively. (NAN

The President, Abuja Chamber of Commerce and Industry (ACCI), Emeka Obegolu, has charged its newly inaugurated Governing council members to ensure prosperity of Nigeria’s business community.

Obegolu, represented by his 1st Deputy President, Prof. Adesoji Adesugba, said this while inaugurating the Governing Council of ACCI’s Four Centres in Abuja.

Reports says that the inaugurated officials would be responsible to drive affairs of the centres.

The centres include: “the Nigerian Chamber of Commerce Dispute Resolution Centre (NCC-DRC) to be chaired by Prince Adetokunbo Kayode and Mr Patrick Ikwueto, as vice-chairman.

“The BEST Centre, with Prof Adesoji Adesugba as Chairman and Mr Ezenwa Anumnu as his vice-chairman.

“The Abuja Trade Centre (ATC) is chaired by Dr Johnson Anene, and Mr Abiodun Odusanwo is his vice-chairman.

“The National Policy Advocacy Centre (NPAC) has Dr Aliyu Hong as chairman while Mr Dozie Mbanefo is serving as his vice-chairman.”

Obegolu emphasised the transformative potential of these centres in shaping the business landscape not only in the Federal Capital Territory (FCT) but also across Nigeria.

“The Centres will play a major role in promoting international trade, resolving commercial disputes, fostering entrepreneurship and innovation, and advocating conducive business policies.

“I urge the newly inaugurated leaders to leverage their expertise and networks to drive the success of these Centres, thereby, contributing to the overall prosperity of the business community.”

Responding on behalf of the officials, the chairman of Abuja Trade Centre expressed gratitude for the opportunity to serve.

Anene pledged the commitment of the officials to the development and success of the various centres.

The inauguration of the Governing Councils marks a significant step in ACCI’s mission to create a vibrant and resilient business environment, driving sustainable growth and prosperity for all stakeholders. (NAN)