Financial Energy Review
Chairman NIPCO Plc ,Chief Bestman Anekwe ; Company Secretary ,Paul Chukwuma Obi and Non – Executive Director ,Ramesh Virwani at the company’s 19th Annual General Meeting held at Abuja Continental Hotel
………by Ben Ndubuwa…….
NIPCO PLC, an integrated Oil & Gas company has lauded the Federal Government’s efforts in deepening gas utilization in the country in consonance with global energy transition.
The renewed vigour in the direction of the gas realm would buoy the aggressive usage of gas in the country, improve infrastructure and attract more investors to the development of Nigeria’s gas industry.
The Managing Director of NIPCO PLC, Suresh Kumar disclosed this in his address to shareholders at the company’s 19th Annual General Meeting (AGM), held at the Abuja Continental Hotel.
Kumar explained that the government has done well and should be commended for its efforts in deepening gas utilization in Nigeria.
The Managing Director noted there is still a need for more concerted efforts in the areas of infrastructure by stakeholders in the industry to guarantee access to the products at ease.
According to him, operators have based their hopes on the speedy completion of the Abuja-Kaduna-Kano (AKK) gas pipeline and the subsequent connection of more cities to the gas pipeline across the country.
While speaking on NIPCO’s daunting efforts in the industry and indeed gas sector, the NIPCO’s helmsman today the company’s shareholders that “It is worthy of note with its wholly owned subsidiary, NIPCO Gas Limited (NGL). The company has continued to deepen domestic gas utilization through access to both CNG for auto use and piped natural gas for industrial usage. “It has constructed and laid over 100 kilometres big gas pipeline and currently in Lagos – Ibadan expressway linking Ogun State to its neighbouring Oyo State via gas pipeline.”
According to him, NIPCO Gas Limited (NGL) embarked on the construction of three CNG refill stations in the Federal Capital Territory (FCT) and environs in 2022 to facilitate access to gas by motorists and other end users.
He equally informed that these two of the stations are almost ready in the FCT with the Abuja airport road station servicing the newly inaugurated mass transit buses for civil servants in the territory among other motorists.
“NGL is entrenching its presence across the federation encouraging a switch to natural gas by motorists and industries as a preferred energy source through massive investment in infrastructure to improve access. “It is also a stakeholder in the Federal Government National Gas Expansion Program with her footprints in several states with conscious plans to cover the entire country soonest,” he added.
Despite the challenges associated with gas infrastructure, the MD told the teeming shareholders, “Our dear company has been able to pull through with a modest performance that has contributed to guaranteeing a good return on your investment. Our company will continue to act in concert with its peers in the industry to achieve energy security for Nigeria.”
While reviewing the company’s 2022 performances, he hinted, “Our performance in 2022 was mainly on a long-term growth strategy that was anchored on prudent management of resources, cost optimization, teamwork and unflinching support of the Board of Directors.”
On human capital development, Suresh affirmed that the human capital element of the company will continue to elicit management positive attention even in the face of economic challenges that are fast affecting the standard of living nationwide.
According to him, “My management team, with the kind support of the Board will continually improve the lots of the workforce which in turn, we are sure will impact favourably on productivity.”
On the company’s outlook, Kumar stressed, “I am upbeat about the future of your company. My optimism is predicated on the strategic investment plans being marshalled by my management team with the purposeful direction of the Board.
He noted that the unwavering commitment of the workforce is a good pointer to more glorious years of operations ahead.
While praising the company’s board of directors and shareholders, the NIPCO boss said, “The Board of Directors of your company have always been a major pillar of support to the management through worthy policy directives in moving the company forward. As shareholders of this company with thousands of others, your support has been two-fold – investors and customers. We will not let you down in the march to take NIPCO PLC to the next level.”
