Coming on the back of earning US$1million from Nedogas and additional dividend in the offing from the modular refinery, the agency’s strong focus on investing in key areas of the oil and gas sector to spur economic development is paying off. The projects are bright spots in the local content journey.   

 The Nigerian Content Development and Monitoring Board (NCDMB) announced on Monday that it had received an interim dividend payment of ₦450million paid out of the ₦1.5billion declared by Waltersmith Refinery and Petrochemical Company in the year ended 2023.

This payment represents NCDMB’s 30 percent shareholding in the modular refinery.

NCDMB had in July 2018 invested US$10million to acquire 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 job opportunities.

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Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, Engr. Felix Omotsola Ogbe, Executive Secretary of NCDMB confirmed that a dividend of ₦4.5billion had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM). The company reported ₦23.6billion as profit after tax for the financial year.

The Executive Secretary hinted that NCDMB expects to receive an additional 30 percent of the outstanding ₦3billion dividend after the AGM is convened later this 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. “The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future,” he stated. He affirmed that the company is upscaling the refinery capacity from 5,000bpd to 10,000bpd; the expansion project is 44 percent completed and on time to be commissioned in 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, as well as deepen local content in the oil and gas industry. It was the first third-party investment embarked by the Board, providing proof of concept and paving the way for other successful investments by the Board.

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, Engr. Emeka Ene when he visited the Nigerian Content Tower in Yenagoa, Bayelsa State, where he was received by the Executive Secretary, Engr. Felix Omatsola Ogbe 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 partnership led to the construction and commissioning of a 300MMscfd Kwale Gas Gathering (KGG) and injection facility in Umusam, near Kwale in Delta State.

Meiza Nigeria