Russia-Ukraine Crisis Takes Toll On Nigeria’s Crude, Affects Inflow Into International Markets – NNPC Ltd.

L-R: Maryamu Idris, Executive Director, Crude & Condensate, NNPC Trading Limited and Vice President Crude of Argus, James Gooder, moderator at the event
L-R: Maryamu Idris, Executive Director, Crude & Condensate, NNPC Trading Limited and Vice President Crude of Argus, James Gooder, moderator at the event

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

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

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

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

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

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

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

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

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

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

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

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

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

SEPLAT Majority Shareholders Uphold Sanctity Of Half – Year Results… Express Confidence In Management

Seplat Energy logo
Seplat Energy logo

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

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

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

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

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

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

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

Sustainability, Energy Transition Fundamental To Our Business – Seplat Energy  Lagos,

Director, New Energy at Seplat Energy,Mr. Effiong Okon delivering the Keynote Speech at this year's SPE NAICE
Director, New Energy at Seplat Energy,Mr. Effiong Okon delivering the Keynote Speech at this year’s SPE NAICE

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

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

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

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

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

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

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

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

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

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

Seplat Energy Appoints Chioma Afe As Director External Affairs And Sustainability

Chioma Y. Afe, Director External Affairs and Sustainablity, Seplat Energy
Chioma Y. Afe, Director External Affairs and Sustainablity, Seplat Energy

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

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

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

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

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

She is married with four beautiful children.

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.