Ardova Scheme: Shareholders Approve The Transfer Of Shares At N17.88 Per Share

Olumide Adeosun, Ardova plc
Olumide Adeosun,Ardova plc
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.

MAN Felicitates With The President And Management Of Dangote Group On The Completion And Commissioning Of Its Petroleum Refinery

Dangote Refinery, Lekki, Lagos
Dangote Refinery, Lekki, Lagos

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.

Mu’azu Jaji Sambo Congratulates Pioneer Vice-Chancellor Of Federal University Of Transportation Daura

Hon. Minister of Transportation, Mua'zu Jaj in a congratulatory hand shake with the Vice Chancellor of the Federal University of Transportation, Daura, Katsina State Professor Umar Adam Katsayal, mni Sambo
the Vice Chancellor of the Federal University of Transportation, Daura, Katsina State Professor Umar Adam Katsayal, mni

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.

Shareholders Laud Seplat Energy’s $204.4m 2022FY Profit, 15 Cents Per Share Dividend

L-R: Chioma Afe, Director External Affairs & Sustainability, Seplat Energy Plc; Acting Chief Executive Officer, Sam Ezugworie; Vice-President, Finance, Eleanor Adaralegbe; Board Chairman, Basil Omiyi; Company Secretary/General Counsel, Edith Onwuchekwa; and New Energy Director, Effiong Okon, at the Seplat Energy 10th Annual General Meeting (Virtual) … on Wednesday...
L-R: Chioma Afe, Director External Affairs & Sustainability, Seplat Energy Plc; Acting Chief Executive Officer, Sam Ezugworie; Vice-President, Finance, Eleanor Adaralegbe; Board Chairman, Basil Omiyi; Company Secretary/General Counsel, Edith Onwuchekwa; and New Energy Director, Effiong Okon, at the Seplat Energy 10th Annual General Meeting (Virtual) … on Wednesday…
Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE) has held its 10th Annual General Meeting (AGM) virtually with shareholders, regulators, company directors, and the media, amongst other stakeholders joining virtually.

In his address to shareholders and other stakeholders during the AGM, Mr. Basil Omiyi, the Chairman of Board, Seplat Energy, said for the 2022 full year, the Company’s total revenue rose by 29.8 per cent to $951.8m while profit before tax rose by 15.3 per cent to $204.4m.

With the healthy financial performance and solid cash position, the Seplat Energy Board recommended a special dividend of US 5 cents per share to be paid to shareholders, in addition to the final quarterly dividend of US 2.5 cents per share. This brings total dividend for the year to US 15 cents per share. The shareholders at the meeting approved the dividend payout, which will be made on or around 16 May 2023 to shareholders whose names appear in the Company’s Register at the close of business on 18 April 2023.

Mr. Omiyi said the Company’s oil business started the year on a strong footing, with working interest production of 29,078 barrels of oil per day (bopd) and 30,338bopd in Q1-2022 and Q2-2022 respectively, adding that: “However, in the third quarter, production was impacted negatively by evacuation problems at the Forcados Oil Terminal (FOT), not being available for a period.

“Thankfully, the much-delayed launch of the Amukpe-Escravos Pipeline (AEP) provided some relief as we were able to flow c.10,100bopd (working interest production) during the period. The AEP is now a major export route for our largest assets at OMLs 4, 38 and 41. As a result, our reliance on the Trans Forcados Pipeline and FOT is significantly lower, reducing risks of downtime while providing a solid base for stronger export volumes and revenues.”

According to the Seplat Energy Chairman, the Company’s gas business remained strong through the year, as good progress was made with the construction of the ANOH Gas Processing Plant, which now awaits the completion of third-party infrastructure before it can commence operations, projected for the final quarter of 2023.

“The positive impact of renegotiated Gas Sales Agreements (GSAs) in H2-2022 provided healthy support for revenue growth and profitability and we continue to focus on increasing capacity utilisation at our Oben Gas Processing Plant,” he added.

Over the past 12 months, Mr. Omiyi said the Company had taken significant steps towards fulfilling its new purpose and vision with regards to energy transition, and was scaling up its Midstream Gas business to increase the amount of natural gas supplied towards powering Nigeria’s electricity grid thereby displacing diesel use in power generation, while the Company’s New Energy business has been tasked with developing power and renewable energy.

Mr. Omiyi explained: “At the same time, we have strengthened our approach to understanding and evaluating climate risk, which we have re-designated as a key risk to our business.

“We have adopted a new Board-approved Climate Change Policy and have advanced a major component of our decarbonisation strategy: eliminating routine flaring by the end of 2024 through our Flares Out initiative, which is six years ahead of Nigerian regulatory requirements and the World Bank’s initiative to achieve Zero Routine Flaring by 2030.

“These steps form part of a transition plan that will align our business strategy with the overarching goal of the Paris Agreement to limit mean global temperature rise to well below 2°C and contribute to supporting Nigeria’s pathway to achieving carbon neutrality by 2060. This plan is subject to evaluation, approval and oversight of our Board and Management teams and is underpinned by actionable, specific initiatives for decarbonising our operations and increasing the overall sustainability of our business model.”

In accordance with guidance provided by the Taskforce on Climate-related Financial Disclosures, and as required under the terms of our listing on the London Stock Exchange, the Chairman announced that the Company had published its first Climate Risk and Resilience Report, which is a separate and comprehensive document that outlines its approach to climate change risk.

Reacting to the Seplat Energy Chairman’s comment, a shareholder, Mr. Patrick Ajudua, said: “I want to commend the company for the special dividend of 5 cents, in addition to the final dividend of 2.5 cents, bringing the total to 15 cents. We are, indeed, very grateful and we appreciate the Board for being consistent in dividend payment and ensuring a generous reward to the shareholders at a very difficult time, when most companies are even finding it difficult to maintain profitability.”

Mr. Matthew Akinlade, President, Noble Shareholders Solidarity Association, said: “I wish to commend the Board and management for a good performance, in spite of the challenges of year 2022, a you were able to raise revenue by about 38% and cost of sales at just 18%, which shows an effective management of the company’s cost.”

Speaking at the meeting, the Chief Operating Officer, Seplat Energy, Mr. Samson Ezugworie, said: “As part of Seplat Energy’s drive to become a leading supplier of lower[1]carbon and renewable energy, we are exploring ways to expand into these new and exciting markets. The first and most obvious option is to provide more gas for Nigeria’s power sector, to reduce the country’s reliance on imported diesel fuel, which is highly carbon intensive and a drain on the nation’s wealth.

“We will also look at hybrid systems where we install solar or other renewable technology alongside gas, which will provide baseload power at all times.”

43rd AGM: Ardova Group Announces 10.71%  Revenue Growth for 2021 Financial Year


Ardova Plc held its 43rd Annual General Meeting (AGM) at the Southern Sun Hotel, Ikoyi on 27 September 2022. In adherence to the guidelines from the Corporate Affairs Commission (CAC), the AGM was held by proxies that could exercise shareholder voting rights. Also, the proceedings of the AGM was broadcast in real-time for all stakeholders via an online livestream.

At the AGM, the company declared a gross revenue of N192.47 billion in the 2021 financial year, representing a 5.95 % increase from the 2020 revenue of N181.66 billion, whilst the group revenue closed at N201.44 billion which is a 10.71% increase from 2020.

The company also grew shareholders’ funds by 6.58% y-o-y, to N20.91 billion in FY 2021 (FY2020: 19.62 billion) as a result of an 11.85% growth in retained earnings. The group also expanded its total asset base by 95.7% y-o-y to N126.80 billion.

Commenting on the 2021 performance and AP’s strategy going forward, Chief Executive Officer, Ardova Plc, Olumide Adeosun said:

“Ardova continues a journey of growth and economic impact. Our shareholders are a major part of our vision to drive business expansion and transformation. We have ventured into partnerships in areas of our diversified investments resulting in capital projects that will deliver efficiency for the group. Our revenue growth is an attestation to the efforts and positive decisions made despite bearing economic challenges and we hope to continue to outperform market expectations with solid profit margins”.

Mr. Adeosun also added that “Ardova remains focused on a future beyond traditional fuels and taking necessary bold initiatives. By expanding our footprint across the nation through the acquisition of Enyo, we have widened the network of AP’s retail station outlets and shortened our proximity to the end customer, making it easier to deliver at widescale retail the cleaner energy products that will materialise from our present capital investments.”

Mr. Moshood Olajide, Chief Financial Officer/Executive Director, Finance & Business Support, Ardova Plc, noted, that the increase in the group’s revenue was primarily driven by growth in the fuels business which constituted 86.7%. Lube sales recorded 52% growth resulting in 12.8% of revenue, the transport and logistics business constituting 0.3%, and LPG & Cylinder sales with 0.2% of the group revenue.

Mr. Adeosun stated that Ardova remains committed to delivering shareholder value saying “The capital investments we have carried out in 2021 are primed to make us a fully transformed integrated energy company, where the value we create for customers by being increasingly integrated into their lives, sustainably impacts our balance sheet”.

Ardova Plc’s shareholders approved all proposals made by the Board of Directors at the Annual General Meeting (AGM):

• Ratification of Annual Report and Financial Statements
Shareholders unanimously accepted the Audited Financial Statements with the Statement of Profit or Loss and other Comprehensive Income for the year ended 31 December 2021, the Report of the Directors, Report of the Auditors and Statutory Audit Committee thereon.
• Un-issued shares
The directors were authorised to take all steps necessary to comply with the requirements of Section 124 of the Companies and Allied Matters Act 2020 and the Companies Regulations 2021, as it relates to the unissued shares of the Company.

Ardova Plc logo
Ardova Plc logo
Seplat JV Empowers Additional 300 Teachers In Edo, Delta At STEP 3rd edition

L-R: Grace Amadi, General Manager Sustainability, Seplat Energy; Clementina Ojuma, Director of Schools Department, Delta State Ministry of Education; Joan Osa Oviawe, Edo State Commissioner for Education; Joseph Ofili, Business Relations Manager, Seplat Energy; Esther Icha, CSR Manager, during the presentation of a tablet computer to a beneficiary at the 3rd edition of the Seplat Teachers Empowerment Programme in Edo
L-R: Grace Amadi, General Manager Sustainability, Seplat Energy; Clementina Ojuma, Director of Schools Department, Delta State Ministry of Education; Joan Osa Oviawe, Edo State Commissioner for Education; Joseph Ofili, Business Relations Manager, Seplat Energy; Esther Icha, CSR Manager, during the presentation of a tablet computer to a beneficiary at the 3rd edition of the Seplat Teachers Empowerment Programme in Edo

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.

Energy Transition: Seplat Energy Commits To Providing The Right Energy For Nigeria’s Growth

Seplat Energy logo
Seplat Energy logo

Leading indigenous energy company, Seplat Energy Plc has expressed the resolve to supply the right mix of energy to support Nigeria’s growth, noting that this is the greatest business opportunity ahead of it,

In doing so, the company said it remained committed in making positive social impacts and contributing to Nigeria’s achievement of the United Nations’ Sustainable Development Goals (SDGs).

Mr. Effiong Okon, the Director, New Energy at Seplat said this while delivering a keynote at the 45th edition of the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) themed: ‘Operationalising a Clean Energy Transition for Sustainable Development in Africa’ on Wednesday.

Okon, who represented Mr. Roger Brown, CEO Seplat Energy, said for a successful energy transition in Africa: “We must support the goals of the Paris Agreement and align with society’s objective to get the world to net zero carbon emissions by 2050, if not before.; as lower-emission hydrocarbons, particularly gas, have a role to play during energy transition by replacing diesel generators and biomass.

“Though hydrocarbon export will continue to be a mainstay of the Nigerian economy and will fund Nigeria’s growth as well as its energy transition, the Oil & Gas Industry has a role to play as a responsible steward of Nigeria’s oil and gas assets, including those that might be divested.”

According to him, in the longer term, the reality and threat of climate change requires the decarbonisation of energy systems in Nigeria, but sustainability and transparency must be at the heart of business operations and decision making.

Speaking on ‘just transition’ Okon noted that there is the need to balance decarbonisation with development, adding that: “Global warming and climate volatility are existential threats to humanity and nature. The world needs to accelerate efforts to achieve net-zero and mitigate warming effects. Africa’s climate, agriculture and people will suffer most in the coming decades. The problem has been caused by emissions from developed-world countries that have enjoyed their ‘carbon privilege’ and built strong economies on fossil fuels.

“However, we need to consider the reality in the continent. Poverty, hunger, unemployment, population growth abound here. Africa contributes just 3.3% of global emissions. Most Africans (600 million) lack access to reliable energy, which hampers development. Use of inefficient and costly diesel / petrol generators saps financial resources, drains foreign exchange and creates pollution.

“Biomass use for cooking causes deforestation, health problems and nearly 0.5 million premature deaths in Sub-Saharan Africa every year. The developed-world’s drive to impose decarbonisation on Africa will constrain development.”

Making the case for gas, the Seplat Director said the developed-world pressures to abandon fossil fuels are being pushed back by recognition of the need to drive development with reliable energy.

COP27, he explained, would focus on how best to achieve this balance for the benefit of tomorrow’s 2.5 billion Africans, of whom 500 million will be Nigerian, adding that given current low emission levels, Africa can achieve a disproportionate improvement in living stands through a globally small increase in emissions from cleaner gas for power and cooking.

He called on players in the continent to leverage oil and gas revenues to cash flow transition, but also tap international transition funding where available, hence the need for good corporate governance.

The Seplat Energy executive therefore urged industry operators to focus on quick wins first, which are: decarbonising the upstream and focus on producing ‘advantaged’ low-carbon barrels with low Scope ½; end routine flaring and redeploy gas to power operations and local communities; and deploy renewables to power operations where possible, and share with local communities.

He added: “We need to develop gas as transition fuel (Gas-to-power to replace diesel, move along value chain into power, e.g. business parks, large buildings; hybrid gas-to-power / solar offerings; and bottled gas products for domestic use. In addition, we can expand into renewables (hydro, wind, geothermal, blue/green hydrogen; and develop and monetise carbon capture and storage.”

IOCs’ Divestment: Opportunity For Indigenization In Nigeria – Seplat Energy CEO

Roger Brown, CEO., Seplat Energy
Roger Brown, Seplat CEO

In this era of divestments by the International Oil companies (IOCs) from Nigeria, indigenous energy companies with the right competences and wherewithal are natural partners to government in the quest to harness oil and gas assets, the Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, has said.

The Seplat Energy CEO made this assertion at the Nigerian Association of Petroleum Explorationists (NAPE) Divestment Workshop themed, “The Big Sale: Opportunities in the Nigerian Oil & Gas Industry from Asset Divestments” held in Lagos on Thursday.

The event had industry players, regulators, government, financiers, oil servicing companies, sector analysts and the media, amongst others.

Mr. Brown, in his presentation dubbed “Our Divestment Opportunities Journey, Lessons Learned, Best Practices and the Success Stories … What’s Next Post Post-Divestment – Vision 2030”, said the IOCs will continue to exit onshore and shallow water terrain of the Niger Delta, noting that the move should be considered as an opportunity for indigenization, and not a negative for Nigeria.

He said indigenous energy companies have a Nigeria investment appetite, and are not looking to leave the country, adding that they understand the country risk well and have a more practical approach to macro events with long term investment horizon.

According to him, Nigeria accounts for 1% of world daily oil production, but the potential in the sector remains vast. “The sector players need to work together more collaboratively to ‘grow the pie’. It is a shared risk and shared prosperity scenario. We should work together to grow and monetise the nations resources, particularly when worldwide demand for liquids will fall – at some point,” he added.

Mr. Brown explained: “Capital will only travel to and stay in Nigeria when the investment landscape is transparent and stable. Given the uncertainties, investors struggle to value the future –there is always some event that impacts value

“Equities are extremely undervalued, foreign currency unavailability for exit is a barrier to inward investment. Debt lenders are uncomfortable if equity is scarce – don’t want to be the only solution, particularly if adverse events happen.”

The greatest business opportunity ahead, Mr. Brown noted, is to supply the right mix of energy to support Nigeria’s growth. In doing so, he said all energy companies must make a positive social impact and contribute to Nigeria’s achievement of the United Nations’ Sustainable Development Goals (SDGs).

Narrating the Seplat energy transition story, Mr. Brown said Seplat Energy is developing its upstream business by selectively expanding its asset base, optimising the gas/oil mix, increasing production, reducing costs and carbon intensity, and increasing revenue assurance by diversifying routes to market.

For midstream gas, he said the company is committed to the development of Nigeria’s gas resources to accelerate the replacement of diesel and biomass and support economic growth through the supply of reliable, low-cost energy. Gas-to-power provides baseload electricity to support renewables.

For new energy, Mr. Brown said Seplat Energy remains committed to achieving a world-class capability in renewable energies, through the development or acquisition of new skillsets that open up new and profitable markets.

In the quest for success leveraging the divestment opportunities in-country, Mr. Brown maintained that crude oil theft on export pipelines should be dramatically reduced/eliminated; cash call payment should be made in advance of spend; gas market should be fully market-driven – willing buyer and willing seller scenario; there should be clear position of government on divestment processes with a strong adherence to existing laws whilst embracing the spirit of the Petroleum Industry Act (PIA); and there should be currency stability with robust macroeconomic policy.

He said more financing institutions should be willing to lend to Nigerian businesses, adding that there is the need for expansion of African banks alongside African development banks.

Also present at the workshop were: Dr. James Edet, NAPE President; Engr. Gbenga Komolafe, Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) represented by Mr. Abel Nsa of the Commission; Austin Avuru, FNAPE, Executive Chairman, AA Holdings; Mr. George Osahon, FNAPE, Chairman Energia; Mr. Chike Nwosu, Chief Executive Office, Waltersmith Petroman Oil limited; Mrs. Ireti Samuel- Ogbu, Managing Director Citibank Nigeria Limited; Dr. Layi Fatona, FNAPE, former Managing Director ND Western; Dr. Ebi Omatsola, Non- Executive Director, Conoil Plc, among others.

NIMASA  To Deploy Special Mission Aircrafts To Fight Oil Theft – Jamoh

Special Mission Aircraft
Special Mission Aircraft

Dr. Bashir Jamoh, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), has given assurances that two special mission aircrafts in the deep blue project fleet of the agency will be deployed to fight oil theft and protect the nation’s economy.

Speaking at the recently held 16th edition of the Maritime Seminar for Judges organized by the Nigerian Shippers’ Council, Jamoh described oil theft, pipeline vandalism and illegal refining as unlawful activities capable of threatening the economic and environmental well-being of the country.

He said the aircrafts from the mobile assets of the deep blue project, will support existing platforms being deployed by other security agencies, which NIMASA has subsisting Memorandum of Understanding with.

Jamoh explained that the aircrafts would assist in patrolling oil facilities, installations and other assets to observe suspicious human and vessel movements in and around the facilities

The NIMASA DG while restating the agency’s commitment to a crime free and secure maritime domain, reminded participants at the seminar of President Muhammadu Buhari’s interest in rebuilding stakeholders and investors’ confidence in the country’s maritime sector.

According to him, approval of the President for procurement of the assets, his coming to commission them in Lagos and their deployment for security duties have contributed immensely to the fight against maritime crimes.

He said, “We shall be deploying our 2 special mission aircrafts for aerial surveillance to prevent and fight oil theft in the country. With this, we aim at using the aircrafts to patrol sensitive areas, record suspicious human and vessel movements to process intelligence for timely action by our security agencies

“The oil industry is critical to our national economy and no space of the sector should be left for criminals to occupy or operate. We have recorded gains in our maritime security efforts and more needs to be done to sustain and consolidate on these gains.

“Our collaborations with security agencies which we have MoUs with is, among other reasons, to collaborate and work ahead of criminal elements. I am happy to state that our synergies have been beneficial to the country in many ways,” Jamoh said.

NACCIMA Blames Worsening State Of Nigeria’s Business Environment On Insecurity And Poor Infrastructure

From Left  Chief Godswill Nwanorue, Abia Transport Commissioner, Chief John Udeagbala, NACCIMA National President, Chief Ogochukwu Mgbii, Director, RightChoice Group and Catholic Bishop of Aba, Bishop Augustine Echema at the opening of the RightChoice Electronics Plaza in Aba, Abia State on Friday, July 8, 2022.
From Left
Chief Godswill Nwanorue, Abia Transport Commissioner, Chief John Udeagbala, NACCIMA National President, Chief Ogochukwu Mgbii, Director, RightChoice Group and Catholic Bishop of Aba, Bishop Augustine Echema at the opening of the RightChoice Electronics Plaza in Aba, Abia State on Friday, July 8, 2022.

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Haas decried the worsening state of tbusinesses in the country as a result of insecurity and poor Infrastructure.
National President of NACCIMA Chief John Udeagbala who disclosed this at the opening of RightChoice Electronics, a World-Class Electronics Showroom on Azikiwe Street, in Aba, Abia on Friday, expressed concern that the endemic insecurity and poor Infrastructure were worsening Nigeria’s business environment.

The NACCIMA President thanked the MD of RightChoice Electronics for his resilience that birthed the showroom even in worsening business environment in Nigeria.

“The business environment has not been too good because of the obvious reasons of insecurity which has become endemic and the poor infrastructure.

“Talk about commuting, businesses cannot deliver products and goods and so we are still suffering from this poor infrastructure and that is what is worsening Nigeria’s business environment.

“We have been talking about what can be done to improve things.

“You could see now that the government has no money. If you look at the budget and capital expenditure, government is barely having money to pay.

“The execution of capital expenditure is very bad because of fuel subsidy payment.

“So if we must get to the root of this problem rather than scratching from the top, it is either we fix our refineries or we will continue these stories”, he said.

Udeagbala said NACCIMA is in support ofç the removal of fuel subsidy because it is riddled with corruption and the right people are not benefitting from it.

The Catholic Bishop of Aba Diocese, Abia, Bishop Augustine Echema who blessed the showroom urged youths to be responsible at workplaces and businesses to grow such establishments and create more jobs for others.

He warned them against destroying the endeavours of one’s employers and relatives because of greedy and jealousy adding that such actions reduce employment opportunities and also draw God’s anger.

He said that any child who bites the hand that feeds him will not eat from such hand again.

The Bishop urged youths to desist from obtaining by tricks, robbery, kidnapping and destruction of businesses and workplaces under their watch but to be productive stressing that God blesses genuine efforts.

He prayed God to bless RightChoice Electronics, to ensure that Aba people benefitted from it while God will take the glory.

He also counseled every resident of the city to get their PVCs and be obedient saying that obedience is the first law in heaven.

Echema called on Aba people to come out from Social Media and take real life actions that will benefit the nation by being “a structure to good candidates who have no structure” in the coming elections.

The Managing Director, of RightChoice Electronics, Chief Ogochukwu Mgbii, said the company was incorporated in 2007 with focus on importation of electronics and electrical appliances, Distribution.

He said from a small shop on 20 Pound Road in Aba, Abia, they have expanded businesses to Port Harcourt in Rivers and Uyo, in Akwa Ibom.

He said the establishment and opening of the Aba world-class showroom as is obtainable abroad is a dream come true.

He thanked the company’s supporters and customers who made the project possible.

The Abia governor, Dr Okezie Ikpeazu, represented by Chief Godswill Nwanorue, Abia Transport Commissioner expressed joy over the establishment of the showroom in Aba.

He promised that the Nnamdi Azikiwe Road in Aba will be rehabilitated for such big establishments to be easily accessible to their customers.