Niger Delta Exploration & Production Plc (NDEP), Nigeria’s pioneering Independent Petroleum Exploration & Production Company, held its Annual General Meeting (AGM) for the year ended 31st December 2009, at the Metropolitan Club, Lagos.
The AGM was a welcome opportunity for members of the Board, Management and Staff of NDEP to engage with shareholders and provide an overview of the activities of 2009, as well as address any queries and concerns they might have.
Shareholders and their proxies were able to vote on key issues affecting NDEP’s operations, including the ratification of the appointment of two new Directors to the NDEP Board, Mr. Ladi Jadesimi and Dr (Mrs) Zuwairatu Mantu, and to approve the dividend for the year ending 31st December 2009. During the AGM, shareholders were also briefed on the progress of the Gas Processing Plant and the Diesel ‘Topping Plant’ Refinery, which are both in late stages of completion.
‘NDEP is a publicly owned company, incorporated in 1992, and was one of the first to give Nigerians direct access to the Oil and Gas sector, at a time when no similar investment vehicles were available’, said Dr ‘Layi Fatona, Managing Director, NDEP. ‘We are fully accountable to our investors and are pleased that so many exercised their right to vote at the AGM. We are extremely grateful for their sterling support, and will continue to reward this, both with the Company’s dividend policy and by increasing shareholder value.’
NDEP strongly adheres to all relevant legislation and the principles of good corporate governance. We use a Corporate Governance Code to guide company matters, including nominations to the NDEP Board of Directors’ continued Dr ‘Layi Fatona. ‘We are pleased to formally welcome two new Directors to the NDEP Board, Mr. Ladi Jadesimi and Mrs Zuwairatu Mantu. Their combined years of expertise garnered from the legal and financial sectors will be invaluable assets to the Company’s direction. We look forward to receiving their future contributions.’
During the AGM, shareholders were also informed of the Company’s latest achievement, Five Million (5MM) barrels of continuous oil production, which was attained in June 2010 and were served a slice of celebratory cake. In addition to the many shareholders that attended the AGM, members of the NDEP Board of Directors were present, as well as NDEP’s Registrars and representatives of NDEP’s auditors, Ernest and Young. The Company’s Audit Committee report was presented by Chief Victor Oyolu, Chairman of the Committee.
NDEP’s audited financial statements for the year ended 31st December 2009 were previously presented to shareholders in the Annual Report and Accounts. This report included statements from the NDEP Chairman, Mr Ben Osuno and Dr ‘Layi Fatona, Managing Director, NDEP. A comprehensive report of NDEP’s Corporate Social Responsibility, including its Heath, Safety and Environment policies were also included, with a detailed summary of the activities of the Host Community Development Trust, set up by Niger Delta Petroleum Resources Ltd (NDPR), to develop and benefit host communities within the Company’s operating areas.