The Managing Director and Chief Executive Officer of NIPCO Plc, Mr. Suresh Kumar, has disclosed that the company targets to increase the number of its Liquefied Petroleum Gas (LPG) outlets across Nigeria from 70 to 100 before the end of 2024.

Addressing the shareholders and other key stakeholders at the 20th Annual General Meeting (AGM) of the company held at Abuja Continental Hotel, Kumar, who reported a substantial turnover of N780 billion by the company for the year 2023, said growing the number of LPG outlets is part of the company's effort to ensure deeper penetration of product, which is better known as cooking gas.

Kumar said the company's huge turnover in 2023 was a reflection of its robust performance in the Nigerian oil and gas sector.

"This impressive financial achievement underscores NIPCO's strategic initiatives and operational efficiency, which have collectively contributed to its solid market position and growth trajectory," Kumar said.

He said in line with its commendable financial results, Kumar said NIPCO has proposed a dividend payout of N938.3 million for the year 2023.

Kumar said: "The proposed dividend payoff of N5 per 50K share held by investors highlights the company's commitment to rewarding its shareholders and maintaining investor confidence".

According to him, the dividend proposal is a testament to NIPCO's financial health and its ability to generate significant returns for its stakeholders.

"Today's event marks another turning point in the history of NIPCO PLC and underscores our continuous drive to meet the yearnings and aspirations of our promoters," he said.

He said NIPCO had made remarkable strides in expanding its LPG infrastructure, adding the company had increased its LPG penetration across Nigeria, with over 70 outlets in 2023, with a target to grow this number to 100 before the end of the year.

"We have broadened our spread in the LPG sector to several states through our massive skid deployment and other ancillary infrastructure. Our aim is to enhance access to the product at market-friendly rates," he added.