Shareholders of NIPCO Plc have commended the company’s board and management for sustaining profitability and consistent dividend payments after it reported a turnover of ₦1.98 trillion for the financial year ended 31 December 2025.
At the company’s 22nd Annual General Meeting (AGM), held on Thursday at the Abuja Continental Hotel, shareholders also urged NIPCO to continue investing in technology and renewable energy solutions to strengthen its competitiveness.
The hybrid meeting, attended by institutional and retail investors both physically and virtually, reviewed the company’s performance for the 2025 financial year.
Despite challenging operating conditions in the downstream oil and gas sector, shareholders approved a dividend of ₦8 per ordinary share, amounting to a total payout of ₦1.50 billion.
Presenting the company’s financial results, Managing Director Suresh Kumar reported a profit before tax of ₦17.27 billion and a profit after tax of ₦12.23 billion.
He said NIPCO expanded its network of compressed natural gas (CNG) stations nationwide to support cleaner and more affordable transport fuel, while also increasing liquefied petroleum gas (LPG) bottling and distribution and expanding its retail network with new filling stations across the country’s geopolitical zones.
Kumar said the company remained committed to operational efficiency, safety and creating long-term value for shareholders through continued investment in gas infrastructure in support of the Federal Government’s Decade of Gas initiative.
“We are not just a petroleum marketing company anymore. Gas is the future. In 2025, we commissioned additional CNG stations, and we will double that number in 2026. The demand from transporters switching from PMS is very strong,” he said.
The board also highlighted efforts to diversify the business through investments in compressed natural gas, upstream oil and gas, and hospitality. Through its subsidiary, 22 Hospitality Limited, NIPCO acquired a majority stake in Abuja Continental Hotel, formerly Sheraton Abuja.
Board Chairman Bestman Anekwe said the company recorded growth across its petroleum products marketing, LPG and CNG businesses despite macroeconomic challenges, including foreign exchange volatility, the removal of fuel subsidies and rising operating costs.
“Despite the challenging macroeconomic environment, NIPCO Plc remained resilient. Our investments in gas and retail expansion are already yielding results and positioning us for the next phase of growth,” he said.
Anekwe thanked shareholders for their continued support and reaffirmed the board’s commitment to transparency, good corporate governance and sustainable growth.
Shareholders unanimously approved the audited financial statements, the proposed dividend, the appointment of auditors and the re-election of retiring directors in accordance with the company’s Articles of Association.
Energy analysts said NIPCO’s growing investment in gas infrastructure positions it favourably to benefit from increasing adoption of compressed natural gas in the post-subsidy era.
“NIPCO is one of the few downstream players with real gas infrastructure. With CNG adoption accelerating, they are well placed to capture market share and margins that are better than traditional fuel retail,” said Tunde Bello, an energy analyst at a Lagos-based research firm.
He added that the company’s record of consistent dividend payments and disciplined capital allocation was likely to sustain institutional investor interest.
