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NETCO HOLDS AGM --- DECLARES N2.5 BILLION PROFIT

NETCO recently held its Annual General Meeting (AGM) at the NNPC Corporate Headquarters Abuja. Barrister Ayokunle Ajayi, NETCO Company Secretary and Legal Adviser, welcomed the Board of Directors and Stakeholders to the 2012, 2013 and 2014 AGM and formally read out the notice of the meeting.

 

The Board Chairman, Engr. Rabiu Bello, NNPC Group Executive Director / Chief Operating Officer, upstream said despite the challenges in the oil and gas industry, NETCO recorded an impressive performance during the years under review. He expressed confidence that given the necessary support by Shareholders and other stakeholders, NETCO had the competence and capacity to perform better in subsequent years.

 

Engr. Rabiu Bello stated that the reason for combining the Annual General Meetings was due to migration of the National Accounting Standards to International Financial Standard Reporting which took the external Auditors a while to complete. He stated further that there was no substantive Managing Director in NETCO over a period of fifteen months, hence the inability to hold the meeting all this while.

 

He commended the Management of NETCO for keeping faith with the Shareholders’ vision by sustaining the efforts in progressing the business from an EPC Company to an EPCM (Engineering, Procurement, Construction & Management) Company.

 

The NNPC GED/COO expressed his profound gratitude to all stakeholders for the support given to NETCO and also thanked the Management and Staff of NETCO for their hard work, commitment, drive and quest for excellence.

 

The Managing Director, NETCO, Engr. Siky Aliyu while presenting the Management report said 2014 was relatively a good year for NETCO in view of the fact that oil price was at its peak as this led to increase in activities in the oil and gas industry. He was optimistic that when the Petroleum Industry Bill is passed into law, more successes would be recorded in the industry.

 

On the company’s over view, Engr Siky Aliyu said NETCO recorded a feat by its emergence as the first Indigenous Engineering, Procurement, Construction and Management (EPCM) Company in Nigeria, following the exit of AMEC Contractors from the Mobil Integrity Projects - EPCM 2 Contract. While stressing that the Company set for itself an ambitious man hour target of 640,000; only 567,347 was actually achieved in 2014. He however said NETCO revenue increased by 49% from N7.9 billion in the previous years to N11.8 billion in 2014. Also, profit after tax increased by 160% from N963M in year 2013 to N2.5b in year 2014.

 

On Projects, the MD NETCO reported that NETCO won four (4) contracts and successfully executed eight (8) projects within the year under review, NETCO successfully renewed its ISO 9001:2008 and ISO 14001:2004 certifications. As a result of compliance with relevant extant laws, regulations and procedures, there were no reported work related deaths, serious injury or damage to NETCO or third party property.

 

Engr. Siky Aliyu concluded his report to the Shareholders by stating that Management would continue to give priority to Staff welfare.

 

He thanked the Shareholders and Stakeholders for the tremendous support and confidence reposed in the Management team in NETCO which had contributed in no small measure to NETCO’s successes. He also applauded the Management and Staff of NETCO for their unflinching support, commitment, willingness to break new frontiers and for their relentless drive for improved service delivery. He stated further that NETCO will strive harder to be the best and preferred Engineering, Procurement, Construction and Management (EPCM) Company in the Nigerian oil and gas industry.

 

Speaking to some Media Houses who covered the AGM at the sidelines, Engr. Aliyu said the Egina Project was a showcase for NETCO and that it was the first time in Nigeria that NETCO Collaborated with two other indigenous companies and recorded over 500,000 man - hours on the project. According to the MD NETCO, the entire detailed engineering of the Egina FPSO design works was delivered on time, safely and within budget.

 

Engr. Aliyu said there were a lot of capabilities in – country and that NETCO being an indigenous and the largest engineering company was garnering other resources to execute upcoming projects which are in the pipeline and called for the support of all stakeholders to take NETCO to a higher level.

 

Other stakeholders who graced the occasion included the external auditors from KPMG, the Media and NNPC Top Management.