Shareholders of Mobil Oil Nigeria Plc have approved a dividend of N5 per share recommended by the company’s board for the year ended December 31, 2012.
They gave the approval at the company’s 35th Annual General Meeting held in Lagos.
A statement from the company said that shareholders at the meeting also urged Mobil to perform better in order to pay increased dividend in the coming years.
The Chairman/Managing Director, Mobil Oil, Mr. Adetunji Oyebanji, said that the tough operating environment had affected some of its operations in the year under consideration.
He, however, said that despite this, the company managed to stay afloat, thus increasing the dividend payout to shareholders.
He said, “In the face of these challenges that affected our financial performance, we maintained our focus on the base business, and continued to lead the industry in safe work practices and operating control. We had zero accidents related to distribution trucking and work-related employee or contractor activities.
“Our control environment remained robust with continued strong results in all internal audits and unit internal assessments completed in 2012. Our efforts did not go unnoticed. In November 2012, and for the second year running, the company won the Pearl Award for the best downstream petroleum marketer in Nigeria for 2011.
“As we continue to plan for the challenges ahead, the directors recognise the need to constantly focus on shareholder returns that are competitive and of long-term value. We are therefore pleased to declare a dividend of N5 and this represents an increase of 20 per cent over last year and is consistent with our vision of delivering robust returns to our shareholders.”
Oyebanji added that the company would continue to support free competition and the deregulation of prices and margins to ensure an economic return for investors.
“Government has an important role to play in enforcing standards that will be uniformly applied to all operators in the industry; as shareholders and partners in the business, I ask you to raise these issues with the relevant authorities to make the changes that will restore investor confidence in the sector, meet our energy challenges and stimulate economic growth,” he added.
