Japaul Oil And Maritime Company, the first company in the maritime sector to be quoted on the Nigerian Stock Exchange, (NSE), has continued to grow and expand its operations in the upstream oil and gas sector of the economy.
King Alfred Diete Spiff, OFR, the company’s chairman who spoke during its Annual General Meeting, said the firm was able to make profit despite the downturn which was experienced in the industry. This, according to him, was because the management was able to adopt survival strategy.
According to him the management achieved this feat by been very selective with the kind of jobs it did and the kind of areas of operation were business are carried out.
“We also ensured maximum security of all the company’s assets which include oil vessels” adding that virtually all the vessels within Nigeria were laid up because the main income of the company for the year came from vessels that were engaged outside the country. He was, however, optimistic that with the return of peace to the Niger Delta, the company should be able to engage all its vessels that were laid up and more income will come in.
The managing director and chief executive officer of the company, Jegede A. Paul also lamented the effects of the insecurity in the Niger Delta as well as the global economic meltdown as it affects the company saying that next year will be much better for the company.
He called on the government to ensure implementation of Nigerian Content Law as well as Cabotage Law as it will help indigenous firms to grow adding that the company has the vision of becoming oil producing one. “We hope to have oil block of our own soon. We have all the equipment to do this”, he said.
Chairman, western zone of the shareholders, Chief Aderemi Oyepoju expressed gladness of the shareholders at the impressive progress the company is making since its inception as it has witnessed an increase in the dividends paid to the shareholders every year.
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