After Starting Operations, a Nigerian Refinery Makes Profits, Pays FG N450 Million as Dividend [Video]

• The Nigerian Content Development and Monitoring Board (NCDMB) has received a dividend of N450 million from the Waltersmith modular refinery
• The NCDMB invested about $10 million in the refinery in 2018 to deepen investment in the Nigerian oil and gas sector
• The Board also disclosed that it would receive additional dividends after its Annual General Meeting (AGM) later this year

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

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

The NCDMD invested about $10 million in 2018 to acquire a 30% stake in the 5,000 barrels per daily modular refinery project in Ibigwe, Imo State, to support the Nigerian government’s policy on modular refinery, stimulate investment and create jobs.