The Nigerian National Petroleum Company Limited (NNPC Ltd.) has provided insight into how the lingering conflict between Russia and Ukraine has impacted Nigerian crude oil inflows in the international oil market, leading to a dip in demand from the once-dependable Asian market at the onset of hostilities in the Eastern bloc.

Maryamu Idris, Executive Director, Crude & Condensate, NNPC Trading Limited, said in a panel presentation at the Argus European Crude Conference in London, that in addition to the substantial price shocks impacting commodity and energy prices globally, the conflict between Russia and Ukraine has triggered a situation where India, a primary destination for Nigerian grades, increased its appetite for discounted Russian barrels to the detriment of some Nigerian volumes.

“To illustrate the extent of this shift, Nigeria’s crude exports to India dwindled from approximately 250,000 barrels per day (bpd) in the six months preceding the February 2022 invasion of Ukraine to 194,000 in the subsequent six months afterwards. And so far, this year, only around 120,000 bpd of Nigerian crude volumes have made their way to India,” she said.

On the other hand, she noted that the Nigerian crude flow to Europe has increased in a bid to fill supply gaps left by the ban on Russian crude, pointing out that six months before the war, 678,000 bpd of Nigerian crude grades went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year.

“This trend makes it evident that Nigerian grades are increasingly becoming a significant component in the post-war palette of European refiners. Several Nigerian distillate-rich grades have become a steady preference for many European refiners, given the absence of Russian Urals and diesel. Forcados Blend, Escravos Light, Bonga, and Egina appear to be the most popular, and our latest addition — Nembe Crude – fits well into this basket. This was a strong factor behind our choice of London and the Argus European Crude Conference as the most ideal launch hub for the grade,” Idris also said.

On production challenges, Idris remarked that, like many other oil-producing countries, Nigeria had faced production challenges aggravated by the COVID-19 pandemic, including reduced investment in the upstream sector, supply chain disruptions impacting upstream operations, ageing oil fields, and oil theft by unscrupulous elements. These factors, she said, contributed to production declines in the second half of 2022 and early 2023.

Idris, however, noted that the challenges are fast becoming a thing of the past with the introduction and implementation of a new framework for the domestic petroleum industry (the PIA of 2021), rejuvenating the business landscape, and re-positioning NNPC Limited to adopt a more commercial approach to the management of the nation’s hydrocarbon resources.

According to her, NNPC Limited has secured vital partnerships with notable financial institutions to promote upstream investments to restore and sustainably grow production capacity in the coming years.

“NNPC Limited is championing concerted efforts in partnership with host communities and private stakeholders to address the security and environmental challenges in the Niger Delta to further fortify production growth. Suffice to say we have already begun seeing significant progress on the rebound. In September 2023, Nigeria recorded its highest crude oil and condensate output in nearly two years, reaching 1.72 million barrels per day. This, we believe, is just the beginning of our production rebound.”

She affirmed that in addition to sustainably growing upstream production volumes, NNPC Limited is also increasing its participation in the downstream sector in line with a ‘wells-to-wheels’ approach, taking the country’s unique hydrocarbon molecules as close as possible to end-users.

The vehicle for this, she said, is the restructured NNPC Trading Company, focused on growing NNPC’s presence in the global market for crude, condensate, gas, and petroleum products.

The Argus Crude European Crude Conference Panel Session was held with the theme, ‘The Invisible Hand: How Are Shareholders and Asset Managers Meeting the Crude Industry? What Does This Mean for the Future of Crude in Europe?’

Vice President Crude of Argus, James Gooder, moderated the event.

A group consisting of shareholders with major stake in Nigeria’s indigenous oil giant, Seplat Energy has vouched for the authenticity, sanctity and correctness of the company’s half-year results, which reported stellar performance.

The group, Eagle Eye shareholders of Seplat Energy, also expressed confidence in the management’s capability to deliver superior returns and place the organization on the path of sustainable growth.The move by Eagle Eye shareholders is coming on the heel of unfounded and infantile allegations by a few shareholders against the dual-listed firm on its half-year results that ended June 2023.

In a statement, Eagle Eye shareholders described the purported joint press conference by the leader of the Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, and one Lemmy Ughegbe said to be the Executive Director of Make A Difference Initiative (MADI) as a platform to regurgitate stale and erroneous allegations against Seplat. ‘The exercise is a continuation of the recent onslaught of series of baseless allegations and ill-motivated lawsuits against Seplat Energy and its Chief Executive Officer Mr. Roger Brown”, it added.

The shareholders group emphasized that ‘As representatives of the Majority shareholders of Seplat Energy, we are appalled by this renewed media offensive, after a seeming truce ostensibly occasioned by the reversal suffered in the law courts, by this group of individuals led by Mr. Moses Igbrude but apparently being aided and abetted by a former major shareholder of the company”. A major plank of the posturing of Igbrude and his co-travelers is the claim that Seplat spent $19.4m on legal fees and the unconscionable demand for a probe and the sack of the Board. We consider it a travesty that Mr. Igbrude whose initial sponsored petition introduced the flurry of false and orchestrated allegations against Seplat, its CEO, and its Directors/Officers, still have the temerity to be grandstanding. The group further asserted that It is noteworthy that Igbrude’s position formed the basis of the initial regrettable actions taken by the Ministry of Interior and the criminal charge brought against Seplat and its officers, which was promptly withdrawn by the Nigerian Immigration Service, while Seplat and its officers were entirely discharged by the Federal High Court (Abuja) in April 2023.

According to the group “It is also an irony that Igbrude and his cohorts will be talking glibly about the provision for legal fees made in the company’s Half Year report when they were the same people who ignited an avalanche of lawsuits that necessitated the need for Seplat to defend its hard-earned reputation and the high integrity of its officials. The chicanery, which the cases evinced, just like this recent joint press conference, offended civilized conduct even as it stretched freedom of expression to an absurd limit”. “As representatives of the majority shareholders”, the statement continued, “we were alarmed that a company in which we have made a significant investment and from which we derive ample returns will be unduly maligned and castigated in public by a clique of 13 minority shareholders holding less than 800 shares out of 589m shares (0.0001% of the company’s issued shares)”. Seplat’s half-year results showed strong cash generation of $259 million and moreover demonstrated continued operational excellence and resilience as evidenced by an unrivaled safety record having now clocked up a commendable 4.2 million hours without a Lost Time Injury.It is clear from the excellent results for the first half of 2023 that Seplat has put its recent travails behind it, delivering good returns despite the distractions faced as a handful of shareholders orchestrated jumped-up allegations against the company and its leaders and successfully defended.

A future assured company, of which every well-meaning shareholder should be proud of, Seplat extended the Share Sale and Purchase Agreement (SSPA) for the acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU) to preserve the transaction. Evidently, revenues rose by 3.8% to $547.0m (including overlight of $504m on improved production, offset by lower oil price, cash generation of $259.1m, funding capex of $80.8m and improved shareholder returns. The company’s balance sheet remains strong with $381.0m cash at the bank, despite the impact of the devaluation of the Naira on USD cash balances. That ISAN and MADI or people acting at their behest, as disgruntled minority shareholders, would disparage such a high-performing company beggar’s belief. Their desperation also led them to query the noble intention of the Nigerian Immigration Service (NIS) as well as the Federal Government in toeing the path of fairness and patriotism.

We urge the Financial Reporting Council of Nigeria (FRC), Securities and Exchange Commission (SEC), Corporate Affairs Commission (CAC), and other responsible government agencies like the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to roundly ignore Igbrude and his likes whose penchant of crying wolf where there is none is becoming legendary. The Eagle Eye shareholders of Seplat Energy, further restated its “unwavering confidence in the Board and Management of Seplat Energy. We state categorically that the action of Igbrude and his fellow litigants was ill-motivated with the intention of diminishing the value of Seplat Energy, which has by its consistent superlative performance, remains at the apex of the best-performing company in Nigeria”.

Sustainability and energy transition are at the heart of Seplat Energy’s business, and the two remain the cardinal pillars of the company’s strategy.

The Director, New Energy at Seplat Energy, Mr. Effiong Okon said this whilst delivering a keynote titled ‘The Transition Towards Energy Sustainability: Strategies and Tools for Developing Countries’ at the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference & Exhibition (NAICE) 2023 held in Lagos.

Okon, who represented the CEO, Seplat Energy, Mr. Roger Brown, also stressed that government had critical roles to play in the development of the energy industry.

‘We are a Nigerian success story, proving to international investors we can succeed and inspiring others to follow our lead. Sustainability and energy transition are the heart of our business, the two main pillars of our strategy. We believe universal access to energy will transform Africa and we are working towards that goal in its largest economy,” he said.

According to Okon, the development of Africa’s energy system offers major opportunities to stimulate the creation of decent jobs that require wide-ranging skills.

“The scale of the African energy opportunity is huge and it is right across the value chain, because the entire value chain must work from end to end to deliver energy to customers. But you can see potential problems if governments don’t create environments that allow success to flourish,” the Seplat Energy director said.

He urged governments to provide the right regulatory and pricing frameworks for energy investments to be attractive, ensure security and reliability of the essential infrastructure, and also ensure governance is strong at all levels, so that international partners have the confidence to invest or partner in other ways.

He added: “So, government should choose private sector partners wisely, based upon their competence to do the job properly and to budget. Thus, governments across Africa must look at the entire value chain and focus on enabling success in each of those areas and making sure they all come together so the system works from end to end.

“The scale of universal access to energy across Africa will take a huge amount of investment and much of this investment will be directed towards the private sector. So, this is the end game for Africa’s governments and companies in the energy sector. We need to deliver universal access to energy both for powering homes and for cooking.

“By doing so we will achieve strong multiplier effects that will drive social and economic development and an improvement in living standards across the continent. This will make a huge difference to Africa. As we do this we need to be mindful of climate change and the need to transition to lower-carbon fuels like natural gas and renewables, and we have to achieve this transition without creating an environmental mess for our children to clear up.”

The Board and Management of Seplat Energy Plc are pleased to announce the appointment of Mrs. Chioma Y. Afe as the Director, External Affairs and Sustainability effective June 15th 2023.

Chioma is an accomplished strategic Senior Communications Executive and Business Leader with over 25 years’ experience in developing and implementing high-impact communication strategies that drive business growth, enhance brand reputation and drive revenue growth. She is recognized as a self-motivated, passionate, dedicated, and proactive leader with a strong problem-solving mindset and an exceptional work ethic.

She joins us from the Access Bank Group, where she served in various capacities, leaving the organisation as Group Head of Marketing and Communications for the banking Group, and a member of the executive team, supervising corporate and retail communication teams across Nigeria and the African subsidiary markets.

Prior to this, Chioma was the Divisional Head of Corporate Communications at Diamond Bank Plc. She has also worked in DSTV (MultiChoice Nigeria Ltd), Cadbury Mondeleez, Airtel, Coca-Cola Nigeria, British American Tobacco (BATN), Andersen and Tequila Nigeria Limited in various leadership and managerial capacities, both locally and across the African continent.

A lifelong learner, she has an MBA from the Imperial College Business School, London, a Diploma in Marketing from the Institute of Direct Marketing London and a bachelor’s degree in English from the University of Port Harcourt. She is a Board Member of Women in Management, Business & Public Service (WIMBIZ), EXCO member of the Advertisers Association of Nigeria and a Full member, National Institute of Marketing Nigeria.

She is married with four beautiful children.

The shareholders of Ardova Plc, (the “Company”) at a Court Ordered Meeting held in Lagos, on Wednesday 31 May 2023, have approved the Scheme of Arrangement (“Scheme”), for the holders of its fully paid ordinary shares of 50 kobo each, subject to the approval of the Securities and Exchange Commission (“SEC”) and the Court.

Each Scheme shareholder of the Company, subject to the sanction of the Court and delivery of the sanction for registration at the Corporate Affairs Commission (“Effective Date”), shall receive ₦17.88k per Scheme share held by such Scheme shareholder.

Upon the Effective Date of the Scheme, Scheme shareholders of the Company will be able to realise their holdings in the Company at 28% premium to the Company’s share price of ₦13.90 on 30 November 2022, being the last traded price prior to the offer.

According to the proposed Scheme presented to shareholders, the transaction provides an avenue for the core shareholder to support the Company in raising the required capital to expand its business operations in order to improve profitability.

The Chairman for the Meeting, Mrs. Aniola Durosinmi-Etti, stated that, “In recent years, the macro-economic environment in Nigeria had been particularly difficult on the general operations of businesses in the country”.

She added that “over the past five years, the Company has recorded declining margins despite growth in its top-line”. She noted that operating costs had impacted the Company’s ability to pay decent returns as evidenced by its dividend payout history in the last five years.

She expressed that the management is committed to the long-term survival of the oldest and leading indigenous energy group in Nigeria.

The Manufacturers Association of Nigeria wishes to felicitate with the President and Management of Dangote group on the completion and commissioning of its Petroleum Refinery located in Ibeju-Lekki, Lagos.

The refinery which is situated on land spanning approximately 2,635 hectares is the World’s Largest Single Train 650,000 barrels per day Petroleum Refinery with a 9000 KTPA Polypropylene Plant ever built. It is gratifying to note that the Refinery can meet 100% of Nigeria’s requirement for all refined products (Gasoline, 57 million litres per day; Diesel, 27 million litres per day; Kerosene, 11 million litres per day and Aviation Jet, 9 million litres per day) and also have a surplus of each of these products for export. Therefore, the coming onboard of the Dangote Refinery promises to bring to pleasant end, the nightmare of long queues at petrol filling station and the disruption of social and economic activities that come with it.The Refinery when fully operational is expected to generate $10 Billion from the export of refined petroleum products and save Nigeria an estimated $10 Billion in foreign exchange. With State-of-the-art technology, the refinery is designed to produce with 100% Nigerian Crude with the flexibility to process other crudes from Africa, Middle East, and US Light Oil. It has a Self-sufficient Marine facility with the ability for freight optimization. With the Largest Single order of 5 SPMs anywhere in the world, Diesel & Gasoline Products from the refinery will conform to Euro V Specifications. The refinery design complies with the World Bank, US EPA, European emission standards, and the Department of Petroleum Resources (DPR) emission/effluent standards.

To cushion the potential impact of increase in mean sea level due to global warming, the company took appropriate measures using the world’s largest, 2nd and 10th largest dredgers to elevate the sea height by 1.5 metres. Dangote Group is one of the few companies in the world executing a Petroleum Refinery and a Petrochemical complex directly as an Engineering, Procurement, and Construction (EPC) Contractor. Globally, apart from three companies, no individual owner has done the complete EPC Contract for a Petroleum Refinery

On employment, the Refinery offers the highest number of employees by any private company, including 100,000 indirect employments at retail outlets; 26,716 filling stations and 129 depots in Nigeria. Quite interestingly, the16,000 trucks for transport will create additional jobs and, in the process, the company has trained over 400 artisans selected from host communities in the areas of Masonry, Carpentry, AC Electricians, Plumbing, Welders, Iron-benders and Auto Mechanics.

For all the determination and trail blazing zeal to bring this dream into reality, “we Congratulate the President/CEO of Dangote Group, Alhaji Aliko Dangote, GCON on the occasion of the official commissioning of this pride-of-Africa birthed-in-Nigeria project”, Segun Ajayi-Kadir, mni
Director General of the Manufacturers Association of Nigeria, MAN, said.

Minister of Transportation, Mu’azu Jaji Sambo has charged the new Vice-Chancellor of the Federal University of Transportation,Professor Umar Adam Katsayal, mni to run with the vision that birthed the institution, graduating scholars that will break new grounds with cutting-edge interventions in the country’s transportation sector.

The minister congratulatory message follows the approval of his appointment as the Vice Chancellor of the Federal University of Transportation, Daura, Katsina State by President Muhammadu Buhari, GCFR

Congratulating Prof. Umar Adam Katsayal, mni, the Minister implored him to make the institution a university of national unit and wished him well on his new appointment.

In a letter signed by the Permanent Secretary, Federal Ministry of Transportation, Dr Magdalene Ajani, she conveyed the President’s approval, for a five-year tenure, effective from whenever the Vice-Chancellor assumes duty, in line with the Federal University of Transportation (Establishment) Act 2022, Part 1 Section 3(6).

Professor Umar Adam Katsayal is a professor of Pharmacognosy and Drug Development at the Ahmadu Bello University, Zaria, with teaching and research experiences in Nigerian Universities spanning over two decades. He is an experienced Professor with a demonstrated history of working in the education management industry. Skilled in Lecturing, Public Speaking, Management, and Strategic Planning. He is the consultant on the establishment of the University as well as the Chairman Interim Management Committee of the University.

The Transportation University would, among other things, pave the way for the domestication of railway engineering and general transportation sciences in Nigeria, thereby bridging the technology and skill gap in the railway and ultimately the transportation sector. It is believed that the University can reach the target of training people, technology transfer and developing the railway industry which is in huge demand in Nigeria and the West African region as a whole.

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has kicked off the 3rd edition of its Seplat Teachers Empowerment Programme (STEP) in Benin City Edo State, empowering a total of 300 teachers from both Edo and Delta States.

The STEP initiative launched in 2022 seeks to promote teacher’s creative thinking, allow for higher student engagement, and offer a well-rounded education for recipients of the programme. The programme empowers teachers by providing them with resources to support their delivery of quality teaching in Seplat Energy’s host states, Edo and Delta State.

The official kick off of this year’s edition was preceded by a four-day residential workshop which provided leadership, self-improvement introduction to Science, Technology, Engineering, the Arts and Mathematics (STEAM) training and its application to teaching.

This year, 905 teachers wrote the online qualifying test, and 300 teachers qualified from both states for the 4 day-long residential training. The training which was a huge success, will continue online for a further 3 months.

In her opening remarks, Seplat Energy’s Director, External Affairs and Sustainability, Dr. Chioma Nwachuku, represented by Joseph Ofili, Business Relations Manager, stated that Seplat Energy in conjunction with its JV partners, Ministry of Education and Ministry of Science and Technology, decided to embark on this initiative to empower teachers towards providing a better education platform for students who are the future leaders.

“The initiative is designed to foster creative thinking; problem solving abilities; teacher – student engagement and produce well rounded educated students” she said, adding that this year’s edition features the empowerment of 300 teachers from 90 qualifying schools across Edo and Delta States as well as Chief Inspectors of Education in the states and key personnel of the ministry of education to ensure an impactful delivery of the programme.

She further stated that the participant were split 75% public sector, 25% private sector, explaining that all participants had been issued electronic devices and internet data to continue the online training for the next 3 months.

Dr. Nwachuku noted that the success of the programme was largely attributed to the support received from the Ministry of Education and Ministry of Science and Technology as well as Seplat Energy’s JV partner- Nigerian Exploration and Production Ltd (NEPL) formally Nigerian Petroleum Development Company Ltd.

Responding to the opening remarks, the Edo State Commissioner for Education, Mrs. Joan Osa Oviawe commended Seplat Energy for STEP Initiative which she branded as a transformative training programme. She also commended the quality and robustness of courses being offered and urged the teachers to share the learnings from the programme with their colleagues who were unable to be part of it. She also encouraged the teachers to ensure their schools and students benefit from the additional knowledge received from the STEP initiative.

Enumerating some of the immediate positive impacts of the STEP Initiative, Mrs. Oviawe stated that the commission will engage the STEP beneficiaries as Master Trainers to facilitate the planned digital learning training programme for Edo State teachers, being set up by the Edo State government under its Education reform programme- “Edo Best 2.0”

Mrs. Oviawe further reinstated the commitment of the Edo State Ministry of Education to continue the partnership with Seplat Energy and other agencies in delivering the transformative CSR initiative.

Also speaking at the event, the Delta State Commissioner for Secondary Education, Mrs. Rose Ezewu, represented by Mrs. Clementina Ojuma, Director of Schools Department, Delta State Ministry of Education, commended the efforts of Seplat Energy and NPDC “for the determination to continually uphold it corporate social responsibilities to its host states, which has sustained quality education in Edo and Delta States over time.”

She said: “You have been carefully selected for this training which is an uncommon opportunity for you to gain knowledge and become equipped with skills and tools in the field of Science, Technology, Engineering, Arts and Mathematics, generally known as STEAM”. She noted that Delta State had witnessed an increase in students participation in local and national Science and Technology competitions since the launch of the STEP initiative whilst encouraging the teachers to ensure that their schools and students benefit from their learnings.

Over the last two editions, Seplat Energy has empowered 363 persons (inclusive of 49 Chief Inspectors of Education). The Ministry of Education of both Delta and Edo States are very excited by the programme because of the multiplier effect it had had and will continue to have in secondary education. Both states, therefore, have continued to commend Seplat Energy for the feat whilst indicating their unwavering support for the programme.