Port Harcourt Refining Company (PHRC) Assures Fire Incident Is Under Control

NNPC logo
NNPC logo
The Nigerian National Petroleum Company ltd has stated that a minor fire incidence that occurred this morning 01/01/2022 at the Port Harcourt Refining Company (PHRC) has been put out.

The incidence which was contained in less than two hours according to a press statement made available to BusinessUpdate, was caused by a spark while a 33,000 litre truck was discharging naphtha into a tank at the PHRC.

The management of the refinery led by the Managing Director, who was at the scene supervising the operation, the statement further adds, immediately mobilized the safety structure at the PHRC and with support from the Federal Fire service, successfully brought the fire under control.

The management of the PHRC, it noted, “wishes to reassure Nigerians resident in the neighbourhood of the facility that they have no cause to worry about the incident; and to also affirm that the safety of life and of property is at the top of its priority list.

The incident affected only the discharging truck and the pump bay. No other property was damaged.”

The management and staff of the PHRC is therefore expressing its profound appreciations to all those that contributed in bringing a speedy end to the incidence; while wishing all Nigerians a very happy and fulfilling New Year 2022.

NNPC’s Petroleum Products Sales For July 2021 Hit N203b, As Gas Production Rose 4%

NNPC Maga Station
NNPC Maga Station
A total sum of ₦203.73billion was made on the sale of white products in the month of July 2021 by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Ltd.

This was contained in the July 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR), the 72nd edition of the Report.

The report also revealed that total revenues generated from the sales of white products for the period July 2020 to July 2021 stood at over ₦2.563 trillion where PMS contributed about 99.67% of the total sales.

Similarly, a total of 1.544billion litres of petroleum products were sold and distributed by the PPMC, in the month of July 2021 with PMS accounting for 99% of total volume.

Total sale of petroleum products for the period July 2020 to July 2021 stood at 19.535billion litres and Premium Motor Spirit (PMS) accounted for 99.73% of total volume, the report stated.

The report also indicated a 5.23 percentage increase in the average daily gas supply to power plants in the month of July 2021 which stood at 759million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250MW against the June 2021 figure of 721mmscfd to generate 3,181MW.

According to the report, national gas production in July 2021 increased by 3.99% at 232.69Billion Cubic Feet (BCF) compared to output in the previous month, translating to an average daily production of 7,502.28mmscfd.

For the period July 2020 to July 2021, a total of 2,891.53BCF of gas was produced representing an average daily production of 7,305.43mmscfd.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 58.67%, 20.45% and 20.89% respectively to the total national gas production.

In the Downstream sector, to ensure sustained increase and effective distribution of petroleum products, especially Premium Motor Spirit (PMS), across the country, the NNPC has continued to diligently monitor the daily stock of petrol to achieve success in this regard.

In July 2021, the MFOR noted that 42 pipeline points were vandalized representing 10.64% decrease from the 47 points recorded in June 2021.

This month, Port Harcourt area accounted for 40% and Mosimi Area accounted for 60% of the vandalized points.

In the Upstream, NNPC recorded total export receipt of $191.26million in July 2021 as against $188.00million in June 2021.

Receipts from crude oil amounted to $12.95million while gas and miscellaneous receipts stood at $78.69million and $99.61million respectively.

Total crude oil and gas export receipt for the period July 2020 to July 2021 stood at $1.73billion.

Seplat Energy Sacks Austin Avuru As Non-Executive Director


Seplat Energy logo
Seplat Energy logo
The Board of Seplat Energy has announced the termination of the contract of appointment of Mr. Austin Avuru as a Non-Executive Director on 22nd December 2021, due to breaches of the Company’s corporate governance policies and his fiduciary duties. The Board has called for his resignation as a Director of Seplat Energy.

In line with Seplat Energy’s Memorandum and Articles of Association, Platform Petroleum Limited has been asked to nominate a candidate for his replacement on the Board, and a further announcement will be made in due course.

 Seplat Energy Plc Plc is a leading indigenous Nigerian energy company with a strategic focus on Nigeria, listed on the Premium Board of the Nigerian Exchange Limited,NGX and the Main Market of the London Stock Exchange, LSE. Seplat is pursuing a Nigeria focused growth strategy and is well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds. 

NNPC Alerts Nigerians, Says It’s Neither Recruiting Nor Conducting Survey

NNPC logo
NNPC logo
The Nigerian National Petroleum Company Limited (NNPC), has drawn the attention of the general public to a fake competition trending online which claims to celebrate a so called “Anniversary Event”.

In the purported contest, unsuspecting participants are encouraged to carry out a survey by filling out a questionnaire on their knowledge of the Company, with the eventual winner standing the chance of winning some cash reward of up to $8,000 (Eight thousand dollars).

The NNPC says it has nothing to do with the purported anniversary event contest and is advising members of the public to decline any participation in the survey as it is a SCAM.

In the same vein, NNPC would also like to once again inform the public that the information circulating in the Social Media that NNPC is conducting a recruitment exercise IS NOT TRUE and the public should disregard it in its entirety.

The NNPC in a statement signed by its Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, reiterated that whenever it decides to conduct a recruitment exercise or send out information to the public, it will do so through authentic public communication channels, particularly the NNPC’s website (www.nnpcgroup.com).

NNPC Appreciates Nigerians For Shunning Panic Buying; Assures Of Adequate Supplies During Yuletide

The Nigerian National Petroleum Company Ltd wishes to express its appreciation to Nigerians for always heeding its advisories not to engage in panic buying of petrol.

The NNPC is once again giving Nigerians strong assurance that we have product sufficiency that will last far beyond the festive period.

Indeed, our stock has risen from a reserve of 1.7 billion litres to over two billion litres within the last one month.

Thus, we once again urge Nigerians not to engage in panic buying but to fully enjoy the spirit of the festive season as we continue to work tirelessly to ensure sufficient supply of petrol to every part of the country.

Once again the NNPC extends sincere appreciations to all Nigerians for your understanding and support.

We wish you all happy celebrations.

NNPC Posts ₦141.96bn Trading Surplus

NNPC Towers
NNPC Towers
The Nigerian National Petroleum Company (NNPC) Limited has announced a huge leap in trading surplus of ₦141.96billion recorded in June 2021 compared to a deficit of ₦37.46Billion in May 2021.

This is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR).

A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07% or N89.27billion to stand at N894.64billion. Similarly, expenditure for the month decreased by 29.32% or N299.44billion to stand at N721.93billion.

Thus, in the period under review, expenditure as a proportion of revenue was 0.81%, compared to the figure in May which stood at 1.04%.

The report also noted that the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an Upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).

The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line.

According to the report,
to ensure continuous supply and effective distribution of Premium Motor Spirit (PMS) across the country, a total of 1.63bn litres of PMS translating to 54.50mn liters/day were supplied in June 2021.

The report indicated that in June 2021, 47 pipeline points were vandalized representing 26.56% decrease from the 64 points recorded in May 2021. Port Harcourt Area accounted for 43%, while Mosimi and Kaduna Areas accounted for 51% and 6% respectively of the vandalized points.

In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in the month of June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd).

For the period of June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84%, 20.26% and 19.90% respectively to the total national gas production.

The 71st edition of the MFOR highlights NNPC’s activities for the period of June 2020 to June 2021.

In line with its commitment to transparency and accountability, NNPC has continued to sustain effective communication with stakeholders through this report via publications on its website, independent online news portals and in national dailies.


Leveraging Technology For Financial Inclusion Takes Front Burner At CAMCAN Workshop


Leveraging Technology for financial inclusion takes front burner at CAMCAN worksho Experts seek ways to boost financial inclusion through technology at CAMCAN workshop

he Capital Market Correspondents Association of Nigeria  (CAMCAN) has concluded plans to hold its 2021 annual workshop, a strategic forum to articulate issues that can move the Nigerian capital market and economy forward.

This year’s workshop scheduled for December 4 and 5, at Orchid Hotels, Lekki, Lagos is coming at a period when all hands are on deck to address the challenges facing the economy and  the capital market in particular.

This year, experts, regulators and other stakeholders will gather to discuss the theme: “Technology as a tool for financial inclusion in Nigeria.”

The unprecedented impact of the coronavirus pandemic (COVID-19) has continued to force businesses to expand their possibilities and adopt new ways of performing their duties through technology.

The association in a statement said that the theme was predicated on the compelling need to strengthen the competitiveness of the Nigerian economy of which the capital market is the hub of medium and long term source of finance in the post-COVID -19 era.

Mr Olaniyi Toluwalope, who is the Managing Director/Chief Executive Officer of eTranzact International Plc, one of Nigeria’s leading payment technology companies, will be the guest speaker.

Toluwalope is a highly accomplished, dynamic and result-oriented Fintech professional with solid credentials and a proven track record in formulating and implementing operational and financial strategies, identifying investment opportunities, structuring and negotiating multi-party transactions.

His over 22 year career spans financial technology, investment banking, corporate accounting, corporate finance, equity investment advisory and research providing qualitative and quantitative investment advisory and research to institutional investors, among others.

He gathered his experience in global institutions including JPMorgan Securities Investment Bank, Citigroup and Credit Suisse First Boston’s Investment Bank all in New York City as well as PricewaterhouseCoopers (PwC).

Toluwalope has provided advisory initiatives to Fortune 500 companies on mergers and acquisitions as well as equity and debt capital structuring.

Some of the key companies he advised include General Electric, United Technologies, Danaher, Northrop Grumman, Boeing, Dow Chemical, Sherwin Williams, Apollo Capital, Bain Capital and Georgia Gulf Corporation, among others.

He has a first degree in Accounting, and an MBA from the prestigious University of Virginia’s Darden Graduate School of Business.

He Graduated as a Deans Merit Scholar and was appointed as a Second Year Investment Banking Coach for the first year students preparing for internships in Investment Banking.

He was elected President of the Darden African Business Organisation, (DABO).

He was part of the global business exchange programme at IESE Business School as a student of the University of Virginia.

For his outstanding role in leading the company’s transformation in 2018/2019, he was recognised by the Nigerian Stock Exchange and Business Day Newspaper as one of Nigeria’s Top 25 CEOs.

The workshop will also feature a panel of specialists from regulatory organisations and operators in the capital market, who will discuss and bring more perspectives to the guest speaker’s presentation.

The Director-General of the Securities and Exchange Commission, Dr Lamido Yuguda, will be the special guest of honour, while the Managing Director/Chief Executive Officer, FMDQ Group, Mr Bola Onadele and the Chief Executive Officer of the Nigerian Exchange Ltd., Mr Temi Popoola, will be guests of honour.

Also, expected are the Managing Director of APT Securities and Funds Ltd., Mallam Garba Kurfi and the Group Managing Director/ Chief Executive Officer, GTI Capital Group, among others.

The workshop is powered by United Bank for Bank  Plc (UBA), FMDQ Group, Flour Mills of Nigeria Plc, NGX Ltd., Zenith Bank Plc, SEC, GTCO and Access Bank Plc, among others.

CAMCAN is the umbrella body for journalists in the print and electronic media reporting activities in the nation’s capital market.

The annual workshop is part of our contributions to the developemnt and growth of the nation’s economy by bringing regulators, operators and company executives to discuss economic issues that affect the market in particular and the economy in general.

A.B.C. Orjiako Steps Down As Chairman Of Seplat Energy


Dr. A.B.C Orjiako, Seplat Energy
Dr. A.B.C Orjiako, Seplat Energy

Seplat Energy Plc has announced the exit of its Chairman, Dr. A.B.C. Orjiako who decided to step down as Chairman and from the Board of Directors of Seplat Energy Plc.

Dr Orjiako wad said to have notified the Board of Directors of his decision Wednesday, November 17, 2021.  In order to facilitate an orderly transition Dr Orjiako will remain as Chairman until the next Annual General Meeting in May 2022, when an Independent Chairperson will take over.

Dr A.B.C. Orjiako is the co-founder and pioneer of Seplat Energy. Since 2009, as Chairman of the Seplat Energy Group, Dr. Orjiako has taken the Company through a number of acquisitions and was the driving force behind Seplat Energy becoming the first and only Nigerian corporate to dual list on the Nigerian Stock Exchange and the Main Board of the London Stock Exchange in 2014.

The Board of Seplat Energy   thanked its Chairman for his strategic vision, drive and limitless energy to create Nigeria’s leading indigenous independent energy company.

Dr. A.B.C. Orjiako, Chairman of Seplat Energy plc, commented: “The past twelve years at Seplat Energy have been exhilarating for me.  As Chairman, I am proud that the Board, Management and entire Staff of Seplat Energy were able to achieve several enviable milestones and exceptional successes, notably the acquisition of eight oil and gas assets, expansion of the Oben and development of the ANOH gas plants and the dual listing on both the Nigerian and London Stock Exchanges – a first by a Nigerian company”.

“While there were challenges along the way, we overcame these by the special grace of God, the outstanding performance and professionalism of each member of the Board and Management, and the sterling efforts of our staff.  I will continue to give my utmost energy and commitment to the Company until I step down from the Board at the next AGM,” he said.

Mr. Basil Omiyi, a Senior Independent Director of Seplat Energy plc, commented: “On behalf of all members of the Board, I would like to thank Dr A.B.C. Orjiako for his immense contribution as a co-founder and Chair of Seplat Energy since inception.”

“He has been Chairman during both exciting and challenging times, and his dedication has been constant throughout.  The Board and Management look forward to working with him during the transition period and we will miss his insight, expertise and leadership when he finally steps down in May,” Omiyi said.

The Seplat Energy Chairman’s decision to step down and be replaced by an Independent Chairperson is a testament to the strong corporate governance and best practices he instilled in the Board.


Ardova Announces Largest Local Currency Bond Issuance Of N25.3 billion Series 1 Fixed Rate Bonds under a N60 billion Debt Issuance Programme


L-R: Mrs. Aniola Durosinmi – Etti Independent Non-Executive Director, Ardova Plc; Mr. Chuka Eseka - CEO,, Vetiva Capital Management Limited; Mr. Olumide Adeosun - CEO, Ardova Plc; Mr. Moshood Olajide CFO, Ardova Plc; Mr. Eric Fajemisin - ED, Corporate And Transactional Banking Stanbic IBTC Bank and Mr. Olusola Adeeyo Independent Non-Executive Director, Ardova Plc at the signing ceremony for the Ardova Plc N25.3bn series 1 Bond issuance recently in Lagos
L-R: Mrs. Aniola Durosinmi – Etti Independent Non-Executive Director, Ardova Plc; Mr. Chuka Eseka – CEO,, Vetiva Capital Management Limited; Mr. Olumide Adeosun – CEO, Ardova Plc; Mr. Moshood Olajide CFO, Ardova Plc; Mr. Eric Fajemisin – ED, Corporate And Transactional Banking Stanbic IBTC Bank and Mr. Olusola Adeeyo Independent Non-Executive Director, Ardova Plc at the signing ceremony for the Ardova Plc N25.3bn series 1 Bond issuance recently in Lagos

Ardova Plc  has announced the successful completion of a N25.3 billion Series 1 (Tranche A and Tranche B) Fixed Rate Senior Unsecured Bond Issue (“the “Bond Issue”) under its N60 billion Debt Issuance Programme.

The Bond Issue is the largest local currency bond issuance by an indigenous oil and gas company in the history of the Nigerian debt capital markets.
The Bond Issue was 143% subscribed and comprised 7-year Tranche A and 10-year Tranche B bonds. The 7-year Tranche A bonds priced at 13.30% and the 10-year Tranche B bonds priced at 13.65%. The Bond Issue attracted participation from a diverse range of institutional investors including pension funds and asset managers, supported by an A rating from DataPro and an A- rating from GCR. The strong level of oversubscription demonstrated investor confidence in Ardova’s niche position as a leading indigenous integrated energy company, its strong management team, business strategy and credit profile.

Ardova will apply the proceeds of the Bond Issue to fund expansion projects and its working capital requirements.

Vetiva Capital Management Limited and Stanbic IBTC Capital Limited acted as Lead Issuing House and Joint Issuing House respectively to the Bond Issue. Other professional parties include Banwo & Ighodalo and Aluko & Oyebode who acted as Solicitors to the Issue and Solicitors to the Trustees respectively, and PricewaterhouseCoopers who acted as Reporting Accountants.
Commenting on the landmark issuance, Mr. Olumide Adeosun, Chief Executive Officer of Ardova, expressed delight at the overwhelming success of the Bond Issue and thanked the Issuing Houses and other professional parties for working tirelessly to ensure the timely and successful completion of the Bond Issue.”
Mr. Adeosun also added: “We are humbled by the warm reception of our Series 1 (Tranche A and Tranche B) Bonds Issue by Nigeria’s ever growing institutional investor community. The 7-year and 10-year tranches provide Ardova with the much-needed flexibility to expand and diversify our operations as well as increase our footprint across the country. Our relationship with Nigeria’s debt capital markets commenced in December 2016 with the issuance of the Company’s debut bonds. This landmark transaction evidences our commitment to nurturing this relationship and adopting the debt capital markets as a fundamental part of our funding strategy on our journey towards being the largest supplier of energy in Nigeria.”

Chuka Eseka, Managing Director/Chief Executive Officer of Vetiva Capital Management Limited, speaking on the bond issuance said: “Vetiva is delighted to have provided Ardova with full-scope advisory and issuing house services on the Issue. The success of the transaction demonstrates investors’ confidence in the management, vision and purpose of the Ardova team and we thank the Board and management of Ardova for giving Vetiva the opportunity to lead on this landmark transaction. We are very proud to be associated with Ardova and look forward to extending our advisory capabilities to the Company on its other strategic initiatives.”

Also commenting, Funso Akere, Chief Executive of Stanbic IBTC Capital, said: “Stanbic IBTC Capital is delighted to have advised Ardova on its successful return to the Nigerian debt capital markets. We thank the institutional investor community for supporting the Bond Issue, as its success should encourage other similar companies to access the domestic debt capital markets for their strategic funding needs. We also thank the Board and management of Ardova for giving the Issuing Houses a free hand to guide the process and look forward to working closely with Ardova on subsequent issuances under its ₦60 billion Debt Issuance Programme.”

NNPC Cautions Against Panic Buying This Yuletide


The general public has again been adviced not to engage in panic buying of Premium Motor Spirit, more commonly known as petrol.

The NNPC while handing down the advice noted that it has over 1.7 billion litres of petrol in stock and that more product is expected to arrive into the country daily over the coming weeks and months.

The corporation further noted that it is unnecessary to entertain any fear of scarcity of petrol throghout the festive season and beyond.

The NNPC in a statement signed by Group General Manager, Group Public Affairs Division of the corporation, Garba Seen Muhammad said it is  unaware of any plan by goverment to cause an increase in the pump price of petroleum. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has made that declaration last week.

In view of these assurances therefore, the NNPC is advising motorists and other consumers of petrol to maintain their regular pattern of the purchase of petrol without getting into a panic situation that may send the wrong signals around the country.

The NNPC is also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country during the festive season and beyond.