NNDC to begin power generation, gas processing | Dailytrust

NNDC to begin power generation, gas processing

New Nigeria Development Company (NNDC) Limited

Chairman, Board of Directors of New Nigeria Development Company (NNDC) Limited, Tanimu Yakubu has disclosed plans by the company to venture into power generation, gas processing and midstream activities in collaboration with private companies.

This is as the board approved payment of dividends to the Company’s shareholders after a very long period.

Yakubu disclosed this while presenting the financial statement of the company for the year ended 31st March 2020, at its 52nd Annual General Meeting held in Kaduna on 27 August 2021 a copy of which was made available to Daily Trust on Wednesday.

“NNDC intends to go well beyond upstream activities in our four hydrocarbon blocks in the Benue Trough (OPLs 809 and 810) and Chad Basin (OPLs 722 and 733). NNDC will therefore venture into power generation, gas processing and other midstream activities with the private sector in the lead,” Yakubu said.

The Directors of the company proposed for approval a gross dividend of N100 million at the rate of 20 kobo per share based on earnings per share of 55 kobo and additional appropriations of N15m each for the Young Professional Development Trust and Musa Bello Learning Resource Centre Funds, respectively.

Commenting on the progress achieved by the company during the year under review, the Chairman noted that turnover stood at N854.13m against the corresponding period’s figure of N637.24m, which represents an increase of N216.90m or 34%.

“The nominal value of NNDC quoted investments stood at N761.02m as against their combined market value at N6.26bn as at March 31, 2020,” the chairman said.