The chairman pointed out that the N30 billion domestic Commercial Paper programme issued in 2020 to restructure and refinance the company’s debt profile contributed to improve liquidity and positive cashflow, adding that the CP issuance has been fully repaid from cash reserves in August 2021.
On the lubricant business, Torres assured that the company remains active in the lubricant market and has continued to grow its market share which stood at 17 per cent at the end of 2021 financial year, saying that the company has also commenced installation of its end of line automated machines at its blending plants which would be concluded in this year.
He added that this would increase production output of small pack lubricants 1-5 litres by about 30 per cent. Shareholders at the meeting applauded the management for sustaining their dividend policy of paying both interim and final dividend to shareholders. President of Issuers and Investors Alternative Dispute Resolution Initiative , Moses Igbrude said, despite that the government has become the sole importer of petroleum products in the sector, thereby crowding out the private sector, the company had consistently delivered good returns to shareholders.
He urged the company to consistently improve on its solar business to boost electricity generation in the country, while ensuring that the lubricants are of good quality to enhance competitiveness