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NASCON Stands On Massive Expansion To Increase Dividend Payout By 100% To N2/ps

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The Management of NASCON Allied Industries Plc, has attributed significant growth in the dividend payout by 100 per cent to N2 per share and the company’s impressive run during the year, ending December 31, 2024, to the successful expansion of its market base.

The aggressive expansion, according to the management, led to a significant increase in the company’s sales, with an attendant rise in revenue and profitability.

At the Annual General Meeting (AGM), in Lagos on Thursday, shareholders approved the proposed dividend payout of N2 per share just as the Chairman of the Company, Olakunle Alake pointed to operational efficiency and strategic initiatives as core elements behind the company’s impressive run during the year under review.

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Alake told shareholders that “Our performance has been commendable, a testament to our strategic initiatives, operational efficiencies, and the dedication of our workforce. We have successfully expanded our market presence, which has been instrumental in driving sales. Our continued focus on customer satisfaction and our commitment to delivering high-quality products have allowed us to gain new customers while retaining the loyalty of existing ones.”

He added, “During the year, we adopted several strategic initiatives aimed at enabling the Company to take advantage of growth opportunities. We demonstrated our commitment to sustainability by encouraging responsible resource use. We also engaged in community development efforts, alongside numerous employee welfare and development programs. These efforts reflect our ongoing commitment to value creation for all our stakeholders.”

He also noted that, “In recognition of this positive performance and our commitment to delivering value to our shareholders, we recommend the highest dividend ever declared in our company’s history. This decision reflects our confidence in the company’s prospects and aims to reward our shareholders for their continued support.”

He emphasized that as the company moves into the next year, the primary focus will remain on driving growth through innovation, enhancing operational efficiency, and delivering value to stakeholders noting that the management of NASCON is committed to investing in our people and in technology.

“We will continue to explore new market opportunities to expand our footprint,” he stated.

On his part, the Managing Director of NASCON, Thabo Mabe, noted that 2024 has been exceptionally positive for the company, stating, “We achieved a profit growth of 14 per cent to N15.6 billion, thanks to strong demand for our core products and our strategic market presence.”

According to Mabe, “We optimized strategic opportunities that have positioned us for continued growth. Our operational efficiencies have improved, enhancing our overall profitability.” For the year 2025, he outlined the primary goals, including continuing the revenue growth trajectory, expanding into new markets, and enhancing product lines. He concluded by stating, “We will further invest in our sustainability initiatives and aim to reduce carbon emissions. Our workforce development programs will also continue, focusing on upskilling and fostering a culture of innovation.”

For the year ending December 31, 2024, the company reported revenue growth of 49 per cent, reaching N120.4 billion. Gross profit increased by 25 per cent to N55.5 billion, while EBITDA rose by 19 per cent to N27.4 billion. Profit before tax grew by 15 per cent to N23.7 billion, and profit after tax increased by 14 per cent to N15.6 billion. Earnings per share climbed by 11 per cent to N5.77, with a proposed dividend up by 100 per cent to N2.00.

Commenting one after another on the performance of the Company, shareholders commended the company for its impressive financial performance in 2024 and the declared dividend of N2 per share.

The National Coordinator of the Pragmatic Shareholders Association, Bisi Bakare, praised the company’s remarkable financial achievements.

She noted, “We observed revenue growth of 48.94 per cent to N129.39 billion, up from N18.8 billion. Despite the macroeconomic challenges we faced, profit after tax reached N15.6 billion, up from N13.7 billion. I commend the entire board and management for this outstanding result. Additionally, I appreciate the board for declaring a dividend of N2.00. We thank the board for that, and we hope for increased dividends next year.”

Another shareholder, Dr. Umar Farouk urged the management not to rest on its oars but continue in the commendable trajectory of good performance despite the economic headwind which affected a lot of other companies negatively.

A shareholder, Moses Igbrude, also commended the company for the N2.00 per share dividend and expressed the hope that the management would do even more next year.

New Deputy Managing-Director of the Company, Aderemi Saka expressed satisfaction that the company demonstrated resilience, with remarkable revenue and strong performance in spite of the fact that the year 2024 was marked with various macroeconomic challenges.

“We maintain our market share and increase our revenue. We will keep our head up, continue to provide quality products that stand the test of time and improve on our shareholders value so that we can remain a strong contender in the market.”, Saka stated.

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Business

NUPRC Urges Prompt Compliance, Awards 37 Oil Blocks

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has declared 31 companies as winners of 37 oil and gas blocks under the 2025 Licensing Round.

This followed the successful conclusion of the commercial bid conference on Tuesday in Abuja, despite what the commission described as sustained threats and pressure mounted against members of its evaluation team before the conclusion of the exercise.

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The conference marked the end of an eight-month licensing process, with the winning firms now required to pay their signature bonuses and satisfy other post-award conditions within 90 days or risk forfeiting the assets to reserve bidders.

After the commercial bid conference in Abuja, the Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, disclosed that officials involved in evaluating the bids faced repeated intimidation throughout the process but refused to compromise the integrity of the exercise.

She said the threats persisted until the eve of the commercial bid opening. Eyesan said, “It has been a journey… If you have been told anything contrary to the fact that this process was going to be credible and transparent, do not believe it.”

Commending members of the evaluation committee, she added, “The evaluators have worked tirelessly since June 12. They have been inundated with calls and with threats, serious threats, but they stood their ground. Up until yesterday, we were still threatened, but we stood our ground to say that the times have changed. Nigeria is really open for business.”

She said President Bola Tinubu had mandated the commission to ensure a credible process and thanked the evaluators and observers from the Nigeria Extractive Industries Transparency Initiative (NEITI) for supporting the exercise.

The commission announced that 31 companies emerged successful after 143 companies submitted about 200 bids for 37 oil and gas blocks out of the 50 assets offered during the licensing round.

The successful companies include SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Ramec Italia.

Others are Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.

The commission explained that the successful companies had emerged only as preferred bidders and would receive Petroleum Prospecting Licences (PPL) after meeting all statutory conditions under the Petroleum Industry Act (PIA).

Eyesan urged the winners to immediately commence the post-award process. She said, “These firms will only be presented final awards after the payment of the appropriate signature bonus and the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act, 2021.”

She warned that failure to fulfil the post-award conditions within 90 days would invalidate the awards, allowing the commission to invite reserve bidders.

The commission explained that the commercial bid process was designed to eliminate human interference through an automated weighted scoring system. Officials said technical evaluations had been completed before the commercial bids were opened publicly, while no one, including members of the evaluation team, had prior access to the commercial bids.

“The weighted score is 40 per cent. All these things are automated. The computer calculates everything. Nobody is using a pen to write any figures. This demonstrates the transparent, efficient and robust process built into this licensing round,” the commission stated.

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NCDMB, Renaissance Build Oil, Gas Capacity for 300 Graduates

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NCDMB Emerges Best MDA In Ease Of Doing Business Ranking

The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with Renaissance Africa Energy Company Limited, has launched a specialised 12-month capacity development programme to prepare 300 young Nigerian graduates for careers in the nation’s oil and gas industry

The NCDMB–Renaissance Oil and Gas Field Readiness Training Programme will provide participants with industry-relevant expertise in mechanical, electrical and instrumentation engineering, combining three months of intensive classroom instruction with nine months of structured on-the-job training at partner oil and gas service companies.

The programme has enrolled 300 beneficiaries, comprising 240 trainees in Lagos and 60 in Port Harcourt.

During the inauguration of the programme, the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, said the initiative underscores the Board’s commitment to developing indigenous technical capacity, increasing Nigerian participation in the petroleum industry and supporting the country’s economic growth.

Represented by the Board’s Assistant Manager, Human Capacity Development, Tari Bufazi, Ogbe said the training would equip participants with practical experience and internationally recognised certifications needed to compete in the global energy industry.

“This is more than the commencement of a training programme. It is the beginning of a journey for young Nigerians who will acquire world-class skills in mechanical, instrumentation and electrical disciplines,” he said.

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According to him, specialised competencies in automation, instrumentation and engineering operations have become increasingly critical as Nigeria prepares for a new wave of investments in the oil and gas sector.

“Instrumentation, electrical and mechanical engineering are foundational to the survival, profitability and safety of the Nigerian oil and gas industry. This training is designed to close existing gaps and prepare participants for industry demands,” he added.

Ogbe urged the beneficiaries to seize the opportunity to develop themselves into innovators, problem-solvers and future leaders capable of driving the industry’s growth.

In the same vein, the General Manager, Nigerian Content Development at Renaissance Africa Energy Company Limited, Olarenwaju Lanre Olawuyi, reaffirmed the company’s commitment to building indigenous capabilities through sustained investments in human capital.

Represented by Funso Alabi, Olawuyi said the programme was deliberately structured to expose participants to both classroom learning and practical field experience across mechanical systems, electrical operations, instrumentation and control, software development, networking and cybersecurity.

He noted that the practical component would bridge the gap between academic knowledge and workplace expectations, enabling participants to acquire competencies increasingly sought after by employers.

“At Renaissance, we believe local content development must create real capability, strengthen indigenous expertise and empower Nigerians to lead,” he said.

He also reminded the trainees that technical competence alone would not guarantee success, stressing that professionalism, integrity, teamwork and a strong safety culture remain essential qualities in the oil and gas industry.

The Chief Executive Officer of Radial Circle, the programme’s lead training provider, Ranti Omole, disclosed that the beneficiaries emerged from a highly competitive selection process involving thousands of applicants drawn from the NCDMB database.

He said the objective of the initiative extends beyond issuing certificates, noting that the programme is designed to produce industry-ready professionals capable of making immediate contributions in operational environments.

“We are building competence and skills. By the time you complete this programme, you should be field-ready and able to fit seamlessly into industry operations,” Omole said.

He encouraged participants to remain disciplined, embrace continuous learning and leverage the opportunity to collaborate with colleagues from different parts of the country.

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Nigerian Navy Claims Credit for Raising Crude Oil Production to 1.7m bpd

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The operational successes of the Nigerian Navy’s sustained offensive against oil theft, illegal refining, pipeline vandalism, and militancy in the second quarter of 2026 have aided Nigeria’s crude oil production to reach 1,735 million barrels per day in June.

Recall that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the 1.735 million barrels per day represented 104 per cent of Nigeria’s Organisation of Petroleum Exporting Countries (OPEC) quota.

However, the Director of Naval Information, Capt. Abiodun Folorunsho, in a statement over the weekend, in Abuja, noted that the feat was the highest crude oil output recorded since April 2020.

According to Folorunsho, the offensive against crude oil theft, illegal refining, pipeline vandalism, militancy, and other forms of economic sabotage in the Niger Delta under Operation DELTA SENTINEL was intensified to consolidate first-quarter gains.

“Since April 2026, the Nigerian Navy has conducted over 580 intelligence-driven operations across Rivers, Bayelsa, Delta, Cross River, and Lagos State.

“These operations have resulted in the recovery of over 4.7 million litres of stolen crude oil and illegally refined petroleum products, as well as the arrest of over 91 suspects involved in crude oil theft, pipeline vandalism, militancy and related crimes.

“It also led to the dismantling of over 48 illegal refining sites, interception of multiple vessels engaged in crude oil theft, and the destruction of criminal logistics networks supporting economic sabotage.”

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Folorunsho said that one of the major operational successes recorded was the arrest of the motor tankers – MKPODU, WESTAF, and STELIOS K, which were linked to the theft of more than 900 metric tonnes of suspected stolen crude oil.

He said it resulted in the recovery of over 708,000 litres of illegally refined products and 310,000 litres of stolen crude oil from a single illegal refining site in Ndoni, Rivers.

“It also facilitated numerous intelligence-led operations that dismantled reactivated refining sites, intercepted illicit fuel consignments and prevented criminal syndicates from restoring illegal production capacity across the Niger Delta,” he said.

According to him, coordinated riverine operations led to the deactivation of scores of illegal refining sites, reservoirs, dugout pits, storage facilities, warehouses, concealed fuel caches, pipeline connections and militant hideouts.

The director of naval information also said that the operations exposed a growing trend of criminal syndicates attempting to reactivate previously dismantled refining camps, prompting sustained follow-up operations.

He said the follow-ups prevented the regeneration of illegal refining ecosystems and progressively disrupted the economic viability of crude oil theft networks.

“The Nigerian Navy notes that these sustained operational gains coincide with the recent announcement by the NUPRC of increased crude oil production, exceeding the OPEC production quota.

“This indicates improved security around critical oil and gas infrastructure and the collective efforts of security agencies in fighting crude oil theft.

“Persistent naval presence across the Niger Delta waterways has denied economic saboteurs the freedom of action, disrupted illicit petroleum supply chains, and enhanced the integrity of critical oil and gas infrastructure,” he said.

The naval spokesperson reaffirmed the Navy’s commitment to safeguarding Nigeria’s maritime domain, protecting vital national assets, and enhancing oil production to support the Federal Government’s goal of reaching 2.5 million barrels per day by 2027.

He added that the service would continue to conduct intelligence-led operations and strengthen inter-agency cooperation to further degrade oil theft networks within the Nigerian maritime environment in line with the vision of the Chief of the Naval Staff, Vice Admiral Idi Abbas.

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