Ardova Plc Set to File 2021 Audited Financial Statement

Olumide Adeosun, Ardova plc
Olumide Adeosun,Ardova plc

The Board and Management of Ardova Plc (Ardova), says “it wishes to allay concerns over the recent suspension of trading of the company’s securities on the Nigerian Exchange Limited (NGX) over the late filing of its 2021 Audited Financial Statements”.
According to a press statement at the disposal of BusinessUpdate “the delay in submission was primarily due to the accounting reconciliations that followed the acquisition of Enyo Retail and Supply Limited (ERSL), a transaction which was concluded in November 2021. Enyo’s accounting has now been harmonized with the IFRS accounting standard already in place at Ardova Plc, following which the group’s Consolidated Financial Statements were completed and duly audited. These audited financial statements were approved by Ardova’s Board of Directors following its meeting on 29 June, 2022, and will be filed with the NGX on or before 8 July, 2022. In accordance with NGX rules, we expect that the suspension of trading will be lifted upon submission.
The Board and Management apologize for inconvenience caused by this administrative circumstance and reassure our stakeholders that Ardova Plc remains committed to the highest standards of compliance and corporate governance.”

Is Nigeria Missing Out On Higher Oil Prices?

Oil barrels
Oil barrels

Written on 09/06/2022 by Lukman Otunuga, Senior Research Analyst at FXTM

Brent crude has gained roughly 57% since the start of 2022.

The global commodity remains supported by ongoing geopolitical risks and rising demand. As oil producers enjoy the rich bounties from surging commodity prices, some countries have failed to make the most of such an opportunity. Nigeria’s sub-optimal oil production, poor infrastructure, and fuel subsidies have sapped the benefits from surging oil prices. For other countries, the rally in oil prices means more foreign exchange reserves, higher revenues, and potential economic growth. In Nigeria’s case, this blessing could turn into a curse.

It is widely known that oil sales make a massive chunk of Nigeria’s export earnings and government revenues. Despite being Africa’s largest crude producer, the country exports the global commodity but imports all by-products amid the weak infrastructure. So as oil prices rally, this could support earnings but also take a chunk out of foreign exchange earnings. It does not end here. Anything that is left is devoured by petrol subsidies which are expected to cost the government almost $10 billion this year.

As FX reserves are drained this continues to worsen Nigeria’s problem of dollar shortages which has dragged the Naira lower. In January of 2022, the government postponed the planned petrol subsidy removal till further notice, citing “high inflation and economic hardship”. Even if the government was to remove the subsidies in the future, the burning question is whether Nigeria has the ability to weather the storm such a move could create.

Focusing back on oil, the global commodity remains supported by supply concerns and prospects of higher demand after China relaxed lockdowns. Although various fundamental forces are pulling and tugging at oil, the path of least resistance remains north. Oil benchmarks are trading near multi-year highs and have the potential to push higher in the near term. This could mean more for pain for Nigeria despite other oil producers cashing in and enjoying the commodities boom.

London Stock Exchange Celebrates Achievements Of Seplat Energy’s Pioneer Chairman, ABC Orjiako

elebrates ABC Orjiako’s Achievements-  L-R: Mr. Basil Omiyi, Chairman, Seplat Energy; Suneel Bakhshi, Chairman, LSEG’s Africa Advisory Group; Dr. ABC Orjiako, Pioneer and Immediate Past Chairman, Seplat Energy Plc; Julia Hoggett, Chief Executive Officer, London Stock Exchange (LSE) Plc; and Roger Brown, CEO, Seplat Energy, during the opening bell ringing ceremony organized by the LSE in honour of Dr. Orjiako for his many achievements at Seplat in  London, June 8.
elebrates ABC Orjiako’s Achievements-
L-R: Mr. Basil Omiyi, Chairman, Seplat Energy; Suneel Bakhshi, Chairman, LSEG’s Africa Advisory Group; Dr. ABC Orjiako, Pioneer and Immediate Past Chairman, Seplat Energy Plc; Julia Hoggett, Chief Executive Officer, London Stock Exchange (LSE) Plc; and Roger Brown, CEO, Seplat Energy, during the opening bell ringing ceremony organized by the LSE in honour of Dr. Orjiako for his many achievements at Seplat in London, June 8.
The London Stock Exchange (LSE) on Wednesday June 8th celebrated the many achievements of Dr ABC Orjiako, the pioneer chairman of Seplat Energy Plc, Nigeria’s leading energy company.

Seplat Energy Plc which is listed on both the Nigerian Exchange Limited (NGX) and London Stock Exchange is driving the country’s energy transition towards cleaner, more reliable energy. Orjiako retired last month after 13 years as the Board Chairman of Seplat Energy Plc.

Orjiako in his reaction at the event in London, said: “It is the magnanimity of the LSE (London Stock Exchange) and LSEG’s Africa Advisory Group (LAAG) that made it possible for us to be here today. It is not an easy thing to ring the opening bell of the LSE; and for me to use this to mark my exit as the chairman of Seplat brings very old memories to me starting from 2014 when we first rang the bell to list our security in this market.”

“One of the things that gladdens my heart is the fact that everything on the board turned green as we rang the bell; this is very important for us in Seplat. Colour green not only signifies good performance in the market but remains a very important symbol in Seplat. It symbolises life, it symbolises what this company represents particularly sustainability and business,” Orjiako said.

The pioneer chairman of Seplat further said: “I want to thank you for this great opportunity. I am the last of the founders of Seplat to leave. For Seplat, it is a promise kept. It is a very strong and apt statement to say that Seplat believes in enduring strong and robust corporate governance practices. We made up our minds from the beginning that this company will fly and grow if we maintain very good corporate governance. So, when we started, we made a promise that the chairmanship of this company would be handed to an independent non-executive chairman”.

Julia Hogget, chief executive officer, London Stock Exchange Plc said, “I have had the opportunity occasionally to meet members in person, but this is really the first opportunity. Not all of us, but a lot of us have managed to come for this important occasion and to acknowledge the many achievements that you (ABC Orjiako) have had in your career.”

Speaking further at the event, she said: “I know this isn’t the end. We need to make sure that this doesn’t feel like an Eulogy but a transitioning from one remarkable stage in life to the next. And we are also thoroughly delighted that we get to keep you with LAAG, because it has been such an important part. Your contributions are such an important part. It is fair to say that there have been many African successes in London since the outset of the advisory group. But Seplat Energy for me, when I was working through this with the team, actually feels like an exemplar of so much of what LAAG is about, but also what we are seeking to achieve for the future as well. And the trailblazing that you have done as chairman, I think is an illustration of that.”

“Seplat Energy was also the first Nigerian company to list ordinary shares simultaneously on the London Stock Exchange and the NGX and $535million was successfully raised during that initial public offering (IPO), which was both oversubscribed and the largest IPO in subject,” Hogget noted.

“It says a lot about the people at the London Stock Exchange that one of the things that they wanted me to make sure I equally reference, apart from the IPO, was the financial innovation that took place following the listing in terms of the cross border settlement mechanism. It is a really an important point. It is also that innovation that enabled the seamless transverse shares between the UK and Nigerian share registers. This mechanism has paved the way for other issuers to use the “Seplat Model” to dual list in London and the UK.

Innovations paved the way for massive effect and I think that is part of the history of the organization as well. So Seplat, apart from being an energy company, has become a financial platform for investors following the IPO. All these with you at the helm, made Seplat the first”.

Also speaking at the event, Basil Omiyi, Chairman, Seplat Energy Plc said: “I am delighted to speak on behalf of the Board and management of Seplat Energy on this special occasion organized by the LSE and LAAG in honour of Dr ABC Orjiako, the Pioneer Chairman of Seplat Energy in recognition of his accomplishments with the Exchange and to mark his retirement from the board of Seplat Energy.”

“We appreciate the kind gesture by the Exchange and London Stock Exchange Africa Advisory Group (LAAG) to honour him. Our Pioneer Chairman, Dr. ABC Orjiako, who is very well known to you, has led our company to build and nurture a very rewarding relationship with the Exchange since its listing” Omiyi noted.

“We are happy to be seen as an example for others to follow and thank the Exchange for the role it has played in enabling Seplat become the Nigerian Champion it has grown to be,” he added.

Also speaking, Suneel Bakhshi, chairman of LSEG’s Africa Advisory Group said: “It is a pleasure to say there is a natural respect from all LAAG members for ABC. I have seen that over the years, when we had some meetings in London, Nairobi, Abuja and hopefully many more to come. I feel that ABC symbolises the spirit of LAAG in so many ways and obviously your confidence with what you achieved in Seplat supports that. You are the reason far beyond the successes of Seplat. We look forward to many more years ABC.”

Seplat Appoints Basil Omiyi, CON,Independent Non-Executive Chairman And Dr Charles Okeahalam as Senior Independent Non-Executive Director

Seplat Energy logo
Seplat Energy logo

Seplat Energy PLC, a leading Nigerian energy company dual listed on both the Nigerian and the London Stock Exchanges, is pleased to announce the appointment of Basil Omiyi, CON, as the Company’s new Independent Non-Executive Chairman, effective immediately. His appointment follows a thorough assessment of internal and external candidates and was approved after a unanimous vote by all Directors of Seplat Energy, in compliance with the Companies and Allied Matters Act in Nigeria (“CAMA”).

In addition, Dr. Charles Okeahalam succeeds Mr. Omiyi as the Senior Independent Non- Executive Director.

Mr. Omiyi has been a member of Seplat Energy’s Board of Directors since March 2013 and as Senior Independent Non-Executive Director from 1 February 2021. During this period, he sat on the Company’s Remuneration, Nominations & Governance, Energy Transition, and Risk Management & HSSE committees.

His experience in the energy industry is extensive, with more than 40 years at Royal Dutch Shell, during which time he held senior roles in Nigeria and Europe, including becoming Managing Director of Shell Petroleum Development Company of Nigeria in 2004 and in addition, Country Chairman of Shell Companies, Nigeria, until his retirement in 2009.

Mr. Omiyi has held several leadership positions in the Nigerian oil and gas industry, including: Chairman, Upstream Industry Group (Oil Producers Trade Section, Lagos Chambers of Commerce & Industry) from 2007-2010; Chairman of the Energy Sector of NEPAD Business Group, Nigeria, and Board Member NEPAD Business Group, Nigeria from 2005-2010; Chairman, of the Oil & Gas Commission of the Nigerian Economic Summit Group from 2005-2010; and Board Member, Nigerian Extractive Industry Transparency Initiative (NEITI) 2007-2010. Mr. Omiyi is also the Independent Non-Executive Chairman of Stanbic IBTC Holdings, a subsidiary of Standard Bank Group, a post he has held since 2015.

In 2011, he was awarded the national honour of Commander of the Order of the Niger for pioneering leadership in Nigeria’s oil and gas sector.

Dr. Charles Okeahalam joined the Board in March 2013 as an Independent Non-Executive Director, and is Chairman of Seplat Energy’s Finance Committee, and a member of the Energy Transition, Remuneration, and Nominations & Governance committees.

Dr. Okeahalam has extensive corporate finance and capital markets expertise and in particular, detailed knowledge of African financial markets, economies and the investment industry. He was a co-founder of AGH Capital Group, a private equity and diversified investment holding company based in Johannesburg, with assets in several African countries. Prior to co-founding AGH Capital Group in 2002, he was a Professor of Financial Economics and Banking at the University of the Witwatersrand in Johannesburg.

His other roles have included advising a number of African central banks and government ministries, the World Bank and the United Nations. He has held several board positions and is a former non-executive chairman of Heritage Bank Limited, Nigeria. Since March 2016 he has served as the non-executive chairman of the Nigeria Mortgage Refinance Company.

Roger Brown, Chief Executive Officer of Seplat Energy, said:

“As the founders of Seplat Energy Dr. ABC Orjiako and Mr. Austin Avuru step off the board and the Company moves into the next chapter of its development, Seplat has once again demonstrated its commitment to strong corporate governance in delivering on its promise of appointing an Independent Non-Executive Chairman.

Mr. Basil Omiyi has been a leading figure in the Nigerian oil and gas sector and also with Seplat Energy, having joined its Board in 2013 and helped it to achieve a dual listing in April 2014. The vast depth of experience and his detailed knowledge of Seplat Energy will be invaluable as we continue to evolve and mature the company. He has provided invaluable guidance as an Independent Director and I look forward to his continued leadership as our new Independent Non-Executive Chairman.

We will also benefit from the considerable expertise of Dr. Charles Okeahalam as Senior Independent Non-Executive Director, especially his experience and knowledge of Africa’s economies and its financial markets.

Under their guidance we will continue to expand and consolidate our position as Nigeria’s leading energy company and the partner of choice to deliver energy transition for Africa’s largest economy and its rapidly growing population.”

SON, NCDMB Synergize To Improve Quality, Scope Of Local Content In Oil And Gas Industry

Executive Secretary, NCDMB, Engineer Simbi Kesiye Wabote and his management during the visit to the SON Corporate Headquarters in Abuja recently.
Executive Secretary, NCDMB, Engineer Simbi Kesiye Wabote and his management during the visit to the SON Corporate Headquarters in Abuja recently.
The Standards Organisation of Nigeria (SON) and the Nigerian Content Development and Monitoring Board (NCDMB) have committed to a marked increase and improved quality of the local content of materials and products used in the Nigerian Oil and GasNigeria.

This commitment was expressed during a courtesy visit of the Executive Secretary of the NCDMB, Engineer Simbi Kesiye Wabote and his management to the SON Corporate Headquarters in Abuja recently.

Engr. Wabote acknowledged the existing collaboration of his agency with SON in the area of standards development but expressed the desire to enhance the cooperation into certification of all local content including materials, machinery, products and services used in the oil and gas sector to assure their quality for greater value.

The Executive Secretary enumerated his organisation’s challenge in executing its mandate of guiding, monitoring, coordinating and implementing the Nigerian Oil and Gas Industry Content Development (NOGICD) Act as including confirming the certification and quality status of equipment, materials, products, goods and services utilized in the Nigerian oil and gas industry.

Wabote called for further collaboration between the NCDMB and SON to achieve uniform standards for all locally fabricated/manufactured equipment, materials, goods and services that will be acceptable to all players in the industry as well as necessary certification and confirmation procedure between the two organisations.

“SON should amplify the circulation of information relating to existing standards for the Nigerian oil and gas industry” as this will go a long way in improving the standards of local content, according to him.

Responding, the SON Director General, Mallam Farouk Salim expressed delight at the collaborative visit, stressing that it aligns with his organisation’s publicly expressed desire to focus greater attention to improved quality of activities, products and services in the oil and gas sector in 2022.

Mallam Salim assured the NCDMB Boss that SON will take deliberate steps to ensure greater involvement of the Board and its staff in standards development activities as well as conformity assessment procedures for the oil and gas sector.

The SON DG offered the organisation’s internationally accredited management systems standards training and certification services, particularly for Quality and Environmental Management to the NCDMB at discounted rates.

He also enjoined the Board to encourage its stakeholders in the oil and gas sector to patronise the SON accredited services as part of its mandate of increasing local content while also saving scarce foreign exchange expended in accessing similar services from abroad.

Mallam Salim disclosed that the SON promoted National Metrology Institute has capacity to support the oil and gas industry in the area of accuracy of measurements through calibration of all equipment and measuring instruments.

The DG SON stated that the organisation recently acquired more equipment including mobile calibration trucks that can visit companies and sites for the calibration of all types of industrial equipment such as for density, temperature, pressure, length and dimension, small and big volume, mass, force, flow, hardness, time and frequency etc.

These metrology services according to Mallam Salim, also provide a huge window for saving scarce foreign exchange in the oil and gas sector.

The two organisations resolved to set up a joint committee to articulate the broad areas of collaboration with a view to developing a memorandum of understanding on increased scope and quality of local content for equipment, materials, goods and services in the oil and gas sector to be signed as soon as possible.

Forte Upstream Services Certified ISO 9001:2015 For Quality Management Compliant By SON

From L-R: Mr. Julius B. Omodayo-Owotuga; Non-Executive Director - Forte Upstream Services Limited, Engr. Felix T. Nyado; Director - Management System Certification Department SON, represented the D.G SON, Mr. Doyin Ogun; Managing Director - Forte Upstream Services Limited and Mr. Jolomi James; Company Secretary - Forte Upstream Services Limited at the presentation of ISO Certificate by the SON in Lagos.
From L-R: Mr. Julius B. Omodayo-Owotuga; Non-Executive Director – Forte Upstream Services Limited, Engr. Felix T. Nyado; Director – Management System Certification Department SON, represented the D.G SON, Mr. Doyin Ogun; Managing Director – Forte Upstream Services Limited and Mr. Jolomi James; Company Secretary – Forte Upstream Services Limited at the presentation of ISO Certificate by the SON in Lagos.
Forte Upstream Services Limited has received the ISO 9001:2015 certification for its quality management system.

The Standard Organization of Nigeria (SON) to the company on Thursday, 28th April 2022 at an event held at the Lagos State Civic Centre presented the certificate for the award which was issued based on the conformity of the company’s Quality Management System to the requirements of the standard ISO 9001:2015.

According to the SON the systems of Forte Upstream was subjected to rigorous certification assessment by auditors, after which the system was adjudged to have conformed to the requirements of the International Standards.

Speaking to Journalists Managing Director of Forte Upstream, Mr. Doyin Ogun said that the certification is a confirmation of his company’s effective quality management system, which has been tested by the Standard Organization of Nigeria (SON).

“The audit process looked at the people, policies that we have, and looked at the system that we use to drive them, and put them to test. This essentially factors in what and how in terms of our policy implementation in order to reach quality levels for our stakeholders, current customers, internal stakeholders, and ultimately our potential customers.

“What we believe is that, when clients see the ISO certification, it means our system have gone through the right kind of tests. It gives us impetus to work with people that we would ordinarily have not been able to work with. It also gives us a better selection chance, when we go out there to look for partners”, he said.

He also added that the certification is now a standard for the company as it is imperative keep to the level by ensuring adequate feedback system with its clients and other stakeholders.”

The certification is in line with the companies drive to improve its processes, procedures, and quality delivery of its services and product.
Forte Upstream Services Limited (F.U.S.L) is a wholly-owned Nigerian oilfield services company, providing solutions over the years to the Nigerian energy sector. The company traces its origin to the early 90s, operating as Star-AP Joint Venture, which at that time was a joint venture between Star Oilfield Supplies Services Limited and the African Petroleum Plc.

The company later operated under the petroleum exploration and production companies. With the acquisition of AP Plc and subsequent change of ownership in 2013, the name was changed from AP Oilfield Services Limited to Forte Upstream Services Limited to reflect the new ownership by Forte Oil Plc.

Meanwhile, Gbonka Oil & Gas Limited have been championing the growth and development of the company after acquiring Forte Upstream Services Limited in 2013.

The ISO 9001 is defined as the international standard that specifies requirements for a quality management system (QMS). Most organizations use the standard to demonstrate the ability to consistently provide products and services that meet customer and regulatory requirements.

Seplat Energy Records 58.6% Revenue Growth To N100.6bn

Seplat Energy logo
Seplat Energy logo

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announced its unaudited results for the three months ended 31 March 2022, recording a rise in profit before tax by 197.8 per cent to N34.7bn from N10.6bn year-on-year. The company also generated cash from its operations to the tune of N74.4bn from N1.7bn year-on-year, rising by 197.8 per cent.

The energy Company also grew its revenue by 58.6 per cent to N100.6bn from N57.9bn year-on-year; as its gross profit soars to N48.8bn from N20.1bn year-on-year, rising by 122.3 per cent.

In its operations, Seplat Energy demonstrated a strong safety record, which extended to 26.1 million hours without LTI from operated assets (2.0 million hours in Q1 2022

Further analysis reveal Strong safety record extended to 26.1 million hours without LTI from Seplat Energy operated assets (2.0m hours in Q1 2022)

Working interest production averaged 47,603 boepd (liquids 29,079 bopd, gas 18,524 boepd), while Full-year guidance remains unchanged at 50-60 kboepd

It also revealed that the Amukpe-Escravos Pipeline is mechanically completed, all commercial terms agreed and are moving through counterparty approval processes for signature.and it is expected to be fully operational by end of Q2 2022.

Also, Sibiri exploration well was drilled successfully wih data analysis underway. Seplat is working with partner to secure regulatory approval for Extended Well Test

During the period in review, it was decided to exit Ubima to focus on more profitable assets; agreement reached to sell Seplat Energy’s share to its JV partner for $55 million. 2P reserves reduce by 2 MMboe from 457mmboe t

A cursory look at the financials for the period in review shows that revenue was 544 up 58.6% to $241.8 million, EBITDA follows on the upswing with 581.6% to $147.4 million (adjusted for non-cash items)

A Strong cash generation of $178.7 million, capex of $25.7 million, strong balance sheet with $312.2 million cash at bank, net debt of $442.6 million as well as an interim dividend of US2.5 cents per share

Seplat also revealed that the FG proposed acquisition of Mobil Producing Nigeria Unlimited is ongoing with a Sales & Purchase Agreement signed on 25 February to acquire Exxon’s shallow water operations in Nigeria, Mobil Producing Unlimited, Nigeria (MPNU).

The acquisition which remains on track and is awaiting necessary approvals, expected to complete in H2 2022

Commenting on the results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: “Seplat Energy delivered a good quarter that benefited from higher oil pricing, which offset lower production owing to continuing problems with the Trans Forcados Pipeline. However, the alternative Amukpe-Escravos Pipeline is mechanically complete and once we have signed the commercial agreements, we expect Chevron to be lifting our oil through the Escravos Terminal in the third quarter.

“Our proposed acquisition of MPNU remains on course. We are awaiting the necessary approvals from government and regulators and expect the transaction to complete in the second half of this year. The effective date of 1 January 2021 means we will benefit from higher recent oil prices and as we have previously reported, the addition of MPNU will nearly treble our production and double our reserves on a pro forma 2020 basis. The acquisition will reinforce our leadership of Nigeria’s indigenous energy sector and enabling us to generate strong future cash flows that will underpin our investment in Nigeria’s energy transition and improve our overall stakeholder returns. It will also bring a significant undeveloped gas resource base which, alongside our ANOH gas project development, will underpin Nigeria’s energy transition and drive domestic and export revenues when developed.

“We announce the decision to divest the Group’s interest in the Ubima marginal field for a consideration of $55million, which marginally reduces the company’s 2P reserves by 2 MMboe to 455 MMboe.

“We have proven we have the financial strength and credibility to attract international finance into Nigeria’s energy sector and this will help us in our aim to deliver energy transition and provide cleaner, more reliable and more affordable energy for Nigeria’s young and growing population.”

Seplat Promotes Quality Education, SDG 4… Pledges Continuous Training of Teachers

R-L: Dr. Chioma Nwachuku, Director, External Affairs and Sustainability, Seplat Energy Plc; His Excellency, Rt. Hon.Comrade Philip Shaibu, Deputy Governor, Edo State; Mrs. Muna Onuzo-Adetona, Special Adviser to the Honorable Minister of State for Education, Hon. Chukwuemeka Nwajiuba; Prof. Fabian Ajogwu SAN, Independent Non-Executive Director, Seplat Energy; and Dr. Joan Oviawe. Hon. Commissioner for Education, Edo State, at the 2022 Seplat JV Education Roundtable & Seplat Teachers Empowerment Programme (STEP) Award Ceremony held in Benin … recently
R-L: Dr. Chioma Nwachuku, Director, External Affairs and Sustainability, Seplat Energy Plc; His Excellency, Rt. Hon.Comrade Philip Shaibu, Deputy Governor, Edo State; Mrs. Muna Onuzo-Adetona, Special Adviser to the Honorable Minister of State for Education, Hon. Chukwuemeka Nwajiuba; Prof. Fabian Ajogwu SAN, Independent Non-Executive Director, Seplat Energy; and Dr. Joan Oviawe. Hon. Commissioner for Education, Edo State, at the 2022 Seplat JV Education Roundtable & Seplat Teachers Empowerment Programme (STEP) Award Ceremony held in Benin … recently
Seplat Energy Plc, leading indigenous energy company and its partners, the Nigerian Petroleum Development Company (NPDC), have awarded certificates to a total of 220 comprising 214 teachers and 6 Chief Inspectors of Education in Edo and Delta States under the Seplat Teachers Empowerment Programme (STEP). This is the second edition of the progrmme, which is aimed at improving the standard of education in Nigeria especially Seplat Energy’s host states and communities.

Over the years, Seplat Energy had made significant impacts with critical initiatives focused on providing quality education for states of its operations and the country. To consolidate its achievements on Sustainability Development Goal 4 for inclusive and equitable quality education, the Company introduced STEP, a customized training programme for secondary school teachers. STEP is a three-month intensive training programme that equips teachers with tools to teach STEAM (Science, Technology, Engineering, Arts and Mathematics).

The Company introduced the STEAM model of learning to secondary schools in Delta and Edo States in order to promote creative thinking, allow for higher student engagement, and offer a well-rounded education. Where STEAM are equal contributors to the process of learning.

In September 2021, the 220 certificate awardees from Delta and Edo States began their training with an initial five-day residential retreat. After that, they continued training via the E-Learning platform developed for the programme.

To commemorate the certificate presentation ceremony held on March 17, 2022, Seplat Energy hosted The Seplat JV Education Roundtable themed: Harnessing the Role of Technology In Nigeria’s Education Sector.

The STEP Certificate Awards Ceremony took place in Benin City, Edo State, alongside the Seplat Education Roundtable, which had educational experts and professionals in a highly engaging panel session. The keynote speaker for the day was Prof. Fabian Ajogwu SAN, an Independent Non-Executive Director at Seplat Energy.

The Honorable Minister of State for Education, Hon. Chukwuemeka Nwajiuba, one of the special guest of honour, was ably represented by Mrs. Muna Onuzo-Adetona, a Special Adviser to the minister.

The panelists comprised Mr. Yinka Akibu of the United Nations Development Programme; Mr. Kehinde Osinaike of the Federal Ministry of Education; Hon. Sijuade Idowu Tiamiyu of the State Universal Basic Education Board Lagos State; and Ini Abimbola of the Association of Sustainability Professionals of Nigeria. The session was moderated by Dr. (Hon) Mories Atoki.

Also present were His Excellency, Rt. Hon.Comrade Philip Shaibu, Deputy Governor, Edo State; and Dr. Joan Oviawe. Hon. Commissioner for Education, Edo State.

In his address, Prof. Ajogwu said: “Education is a collective responsibility. What Seplat Energy is doing is noble and commendable. It is supported by both Edo and Delta state governments. These states should be model states that should be emulated. Other corporates should also be invited to do the same. Spending on education gives us future returns than subsiding consumption.

“Seplat Energy believes that empowering teachers is the first point to awakening education and education has a cost. What we have done is to take part of that cost. The Govt has a role to play as well as other organisations and stakeholders. We should acknowledge this cost and invest in it” Education has a cost, and Seplat energy has written the cheque”.

According to the Edo State Deputy Governor, “Education via technology will promote children to be global competitors, and this can only happen through adequate knowledge of technology. I congratulate Seplat Energy on this initiative and Edo State will continue to partner with the company on education.”

In her remarks, Dr. Chioma Nwachuku, said: “The STEP programme is important because it plays a key role in the socio-economic growth of the country. It supports the attainment of Quality education which is #SGD4. The objective is to take STEAM education to the teachers. We encourage the teachers to transmit their experience with this programme to other colleagues in the sector and the students who are Nigeria’s future.”

“Seplat Energy takes the STEP initiative seriously. This year we have trained over 200 teachers and state CIEs. The programme is designed to ensure monitoring and evaluation of the teachers even after the training and graduation. This ensures sustainability of the programme,” the Seplat Energy Director of External Affairs and Sustainability added.

In her remarks, the Edo State Commissioner for Education, Dr. Joan Oviawe said the State is thrilled to partner with Seplat Energy on education, adding that: “We are excited by what Seplat Energy is doing for teachers and thank the company for its CSR impact in the educational sector an other sectors. Edo state is taking the lead in technology intervention in education in Nigeria with initiatives like this and the The EdoBEST programme.”

The objectives of STEP are to: To train secondary school teachers on skills, innovations, and technologies for deploying STEAM to deliver tutelage better to the students; provide and connect teachers to a collection of STEAM resources to enable them to understand, apply and innovate; and provide schools with resources to enable them to provide the right environment for STEAM implementation to enable students engage in the interdisciplinary nature of STEAM.

STEP which is an annual programme, starts with a five-day residential workshop which provided leadership and self-improvement training, training on STEAM modules and its application to teaching. The teachers were also provided with STEAM gadgets and Apps to support their delivery of quality teaching in our host states. Of the teachers empowered, 75% are from public schools while 25% are from private schools.

The Ministry of Education Delta and Edo States and the Ministry of Science and Technology Edo State are both very excited by the programme because of the multiplier effect it will have in secondary education and have indicated their unwavering support for the programme.

NNPC Promises Nigerians Stable Fuel Supply, Remedial Action On Defaulting Importers

Mele Kyari,GMD, NNPC
Mele Kyari,GMD, NNPC

The Nigerian National Petroleum Company (NNPC) Limited has promised to restore sanity in the supply and distribution of quality Premium Motor Spirit (PMS) also known as petrol across the country within a short period.

The Chief Executive Officer/ Group Managing Director of NNPC, Mallam Mele Kyari made the pledge at the end of a meeting with some oil marketers to resolve the issues generated by the recent supply and discharge of methanol blended petrol in some Nigerian depots.

Kyari emphasized that defaulting suppliers have been put on notice for remedial actions and NNPC is working with the Nigerian Midstream and Downstream Regulatory Authority (NMDRA) to take necessary actions in line with subsisting regulations.

Providing a graphic chronicle of the unfortunate incident, the NNPC CEO said that on 20th January 2022,the company received a report from its quality inspector on the presence of emulsion particles in PMS cargoes shipped to Nigeria from Antwerp-Belgium.

He explained that NNPC investigation revealed the presence of Methanol in four PMS cargoes imported by the following Direct-Sale-Direct-Purchase (DSDP) suppliers as listed in the table below.

Importer Vessel Name Load Port
1 MRS — MT Bow Pioneers — LITASCO Terminal, Antwerp-Belgium

2 Emadeb/Hyde/AY Maikifi/Brittania-U Consortium —- MT Tom Hilde – LITASCO Terminal, Antwerp-Belgium

3 Oando MT Elka Apollon —LITASCO Terminal, Antwerp-Belgium

4 Duke Oil —- MT Nord Gainer —LITASCO Terminal, Antwerp-Belgium

He noted that cargoes quality certificates issued at loadport (Antwerp-Belgium) by AmSpec Belgium indicated that the gasoline complied with Nigerian Specification.

“The NNPC quality inspectors including GMO, SGS, GeoChem and G&G conducted tests before discharge also showed that the gasoline met Nigerian specification,’’ he said.

Kyari noted that as a standard practice for all PMS import to Nigeria, the said cargoes were equally certified by inspection agent appointed by the NMDRA.

“It is important to note that the usual quality inspection protocol employed in both the load port in Belgium and our discharge ports in Nigeria do not include the test for Percent methanol content and therefore the additive was not detected by our quality inspectors’’ he stated . .

However, in order to prevent the distribution of the petrol, the NNPC CEO said the company promptly ordered the quarantine of all un-evacuated volumes and the holding back of all the affected products in transit (both truck & marine).

NNPC Records $224.29million Proceeds from Export Of Crude Oil, Gas In August

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NNPC logo
The Nigerian National Petroleum Company (NNPC) Limited posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021.
A breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that export of crude oil amounted to $7.77million while gas and miscellaneous receipts stood at $65.26 million and $151.26million respectively.
Total crude oil and gas export receipt for the period of August 2020 to August 2021 stood at $1.84billion.

In the Gas Sector, a total of 233.57billion cubic feet (bcf) of natural gas was produced in the month of August 2021 translating to an average daily production of 7,534.67million standard cubic feet per day (mmscfd).

For the period of August 2020 to August 2021, a total of 2,890.67bcf of gas was produced representing an average daily production of 7,303.61mmscfd during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 57.51%, 20.88% and 21.62% respectively to the total national gas production.

The report also indicates that out of the 208.64bcf of gas supplied in August 2021, a total of 131.35bcf was commercialized, consisting of 40.22bcf and 91.13bcf for the domestic and export markets respectively.
This translates to an average total supply of 1,297.54mmscfd to the domestic market and 2,939.31mmscfd of gas to the export market for the month.
Total gas supply for the period of August 2020 to August 2021 stood at 2,792.28bcf out of which 537.51bcf and 1,245.93bcf were commercialized for the domestic and export markets respectively.

In the Downstream Sector, a total of 1.532billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, in the month of August 2021.

A breakdown of the figure indicates that petrol accounted for 99% of total sales, while Automotive Gas Oil (AGO), also known as diesel, accounted for the rest.

Total sale of white products for the period of August 2020 to August 2021 stood at 20.032billion with petrol accounting for 99.81%.

In terms of value, a total sum of ₦203.43billion was made on the sale of white products by PPMC in the month of August 2021.

Total revenues generated from the sales of white products for the period of August 2020 to August 2021 stood at ₦2.619trillion with petrol contributing about 99.76% of the total sales with a value of ₦2.613trillion.

In August 2021, 21 pipeline points were vandalized representing 50% decrease from the 42 points recorded in July 2021.
According to the report, Port Harcourt area accounted for 10%, while Mosimi Area accounted for 90% of the vandalized points.
The August 2021 MFOR, the 73rd in the series, highlights NNPC’s activities for the period of August 2020 to August 2021.
In line with the Company’s commitment to the principles of accountability, transparency and performance excellence, the NNPC Ltd. has continued to sustain effective communication with stakeholders through the publication of the MFOR on its website, in national dailies, and on independent online news platforms.