All Posts in "Day: May 11, 2023"

Seplat Files Stay Of Execution On Officials

Mohammed Shosanya

Seplat Energy says it’s aware of certain media publications that the Federal High Court, per Hon. Justice I. E. Ekwo, sitting in Abuja in suit number FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others granted ex parte Interim Orders against Seplat Energy and some of its Officers.

The interim orders are yet to be served on the company or any of the affected Officers,a statement said,adding that it primarily restrain the Board Chairman, the named Independent Non-Executive Directors, the Chief Operating Officer and the Company Secretary from operating or functioning as officers of Seplat Energy in any capacity, or otherwise conducting the affairs of the company.

Mrs. Chioma Afe,Communications and External Affairs Directorate,Seplat,said in the statement that the company, as a law-abiding entity, has defended against the Interim Orders by immediately filing an Appeal and a motion for stay of execution of the orders.

She said her company has been advised by its legal team that the Interim Orders, which are yet to be served on the Company or its officers, cannot be enforced until the Court of Appeal has heard and determined the Appeal and application for stay of enxecution.

She added:”This petition is a third in the series of duplicative petitions filed by purported minority shareholders between March and April 2023, as part of orchestrated attempts to damage the Company in response to its unrelenting efforts to improve corporate governance by eliminating related party transactions and implementing other corporate governance initiatives. The Company previously announced that:

” The Federal High Court in Lagos, per Hon. Justice Aneke, in Moses Igbrude & 4 ors V. Seplat Energy & 2 ors, has vacated the ex parte Interim Orders that required the Company’s CEO to step aside.

“The Federal High Court in Abuja, per Hon. Justice Ekwo, in Federal Republic of Nigeria V. Seplat Energy & 8 ors, formally dismissed the Immigration Charge against the Company and some of its Officers, and fully discharged all named Officers. This discharge followed the Notice of Withdrawal/Discharge filed by the Director Legal of the Nigeria Immigration Service and the Company’s cooperation with the immigration authorities.

“The Federal High Court in Abuja, per Hon. Justice Ekwo, in Boniface Okezie & 4 ors. V. Seplat Energy & 9 ors, refused to grant to the Petitioners’ request to grant ex parte Interim Orders restraining the Company from holding its Annual General Meeting.

“Seplat Energy remains relentless in its commitment to governance and operational excellence. The Company will continue to diligently defend against these deliberate court actions, and remains confident and hopeful that the courts will appropriately address these unending litigations on the same subject matter in short order”

She restated that the company and the affected officers are yet to be served with any order of the court apart from the media report.

admin by — May 11, 2023 in Law/Human Rights 0
We’ll Resist Armtwist Implementation Of PIA-PENGASSAN

Mohammed Shosanya

The Petroleum and Natural Gas Senior, Staff Association of Nigeria (PENGASSAN) has warned against armtwist implementation of Petroleum Industry Act,PIA,saying its members will vehemently oppose such act.

President of PENGASSAN,Comrade Festus Osifo,said this on Thursday at its 7th Triennial National Delegates’ Conference NDC 2023 which held in Abuja with the theme: ‘Equity and Social Justice; Advocacy for Equal Opportunities for all Workers’.

He suggested that the Host Community Development Fund and Trust should be immediately constituted.

He implored the incoming administration to
fast track the implementation of different sections of the Petroleum Industry Act to the benefit of Nigerians.

He added:”As the new government comes in, we implore them to fast track the implementation of different sections of the Act to the benefit of Nigerians. The provision of the Act that will further deepen the development of the midstream sector of the Nigeria oil and gas industry should be aggressively implemented. This will lead to the provision of gas infrastructure that will in turn aid gas development and help in harnessing the vast gas reserves in the country.

He expressed excitement over the current rehabilitation going on in refineries, most especially the Port Harcourt Refinery.

“Members of our Association are quite happy with the current rehabilitation going on in our refinery today most especially the Port Harcourt Refinery. We commend the current NNPC management led by Mallam Mele Kyari OFR for the bold steps towards a workable approach to bringing back on stream the ailing refineries and effort to putin place the Operations & Maintenance Strategy that may eventually bring about the desired change in operations model of the refineries.

“We will also continue to advocate for the adoption of the NLNG model in the running of the nation’s four refineries when fully revamped and the creation of an enabling environment for the establishment and operation of modular and private Refineries. We are happy that the current NNPC led Management is favorably disposed to such. With the Dangote refinery, there will be a significant impact on the fuel supply dynamics, including easing pressure on the economy, especially when combined with the ongoing revamping of the three refineries in the country.

“The incoming government must do all within its reach to see to the conclusion of the current rehabilitation effort and initiatives that is currently in place so that our nation’s refinery will come up in no time.

“Our Association pledge to continue to lend its voice and support to policies that would put the Nation’s Oil and Gas sector in good shape to enable it compete with its: peers in other parts of the world. We welcome the bold move by operators of Dangote Refinery coming on stream soon and hope that its addition will enhance loca production, reduce products importation as well as end the era of uncertainties in petroleum products pricing and evils of subsidy payment”.

He also noted that the current state of the nation’s economy is of deep concern to the association.

He PENGASSAN expected to see steady growth in Gross Domestic Product, increase access to employment for the country’s teeming population and diversification of the economy but unfortunately, all that had been witnessed are poor implementation of both fiscal and monetary policies.

He added that policy inconsistencies have continued to militate against Nigeria’s projected growth and development as a nation.

admin by — May 11, 2023 in Labour/Human Resources 0
Panel Unravels N2bn Tax Fraud, Massive Transcript, Certificate Racketeering In AAU

Musbau Babatunde

The Ambrose Alli University (AAU) Special Intervention Team set up by the Edo State Governor, Mr. Godwin Obaseki,to reposition the institution in line with global standards, has unraveled a N2billion tax fraud and other corrupt practices by the management and staff of the University.

Managing Director of Schlumberger Nigeria Ltd, Mr. Andrew Olotu, the head of the team,while presenting its interim report to the Governor at the Government House in Benin City, alleged massive certificate and transcript racketeering and other nefarious acts in the institution.

Presenting the report on behalf of other members of the team, Mr. Austin Osakue, noted that “over N2 billion was owed the Edo State Government from the tax that was never paid to the state government. AAU receives more salaries compared to UNIBEN staff and they never pay taxes.

“All the Internally Generated Revenues (IGRs) and school fees collected were not accounted for and all the money entered private pockets instead of the school purse. We have been able to check this excess and now are able to collect N32 million in taxes for the Edo State Government.

“One of the biggest problems in AAU is overhead spending on diesel. Following the bad electricity situation in Ekpoma, the staff of the institution are cashing in on the situation to steal money from the treasury.”

The team disclosed that the issue of certificates and transcripts is a big business in AAU and has caused the University a bad image, adding, “Students who graduated from 2019 to 2021 have not collected their certificates as there are people who collect money from students for this cause.”

The team added:“The SIT paid a loan of N330 million collected to pay salaries in 2021 and another N20 million which was meant for the purchase of special vehicles. Students pay heavily for projects. We have paid the April salaries of staff.

“Government has said the University should key into the Contributory Pension Scheme and the staff of the institution refused to key in and continued with the normal pension. We have invited PFA and have made presentations. We are working to see how to get the workers into the scheme.”

Also speaking, Mr. Omobude Agho, a representative of civil society organizations in Edo State, commended the team for a great job, urging the governor to ensure the immediate investigation and prosecution of those involved in the fraud in the state-owned varsity.

He noted that the University is for Edo people and not for a particular ethnic group, hailing the governor’s commitment to repositioning the school to meet global standards.

Agho said: “I want to appreciate the SIT for the report and thank you for all the troubles you have gone through and appreciate you for the victory achieved so far.The last time I led Edo civil society organizations to Ekpoma, they were trying to hide some of these things you mentioned, but they didn’t know that we were on ground two days before the meeting and went around to observe them.”

He added, “We observed that there is this ethnic right of ownership of AAU. Some people think it’s a gift presented to them by the late Ambrose Alli so that they can use it to sustain themselves.

“That is not correct. The University belongs to Edo people and not to certain people. It’s our property and should be owned by all of us. This should be explained by His Excellency himself, letting the people know that the University is for Edo people.”

Receiving the report,Governor Obaseki, commended the team for their service to the state, adding that the greatest legacy for late Prof. Ambrose Alli is to restore the University to its glorious days and that of his dreams.

He added:”He never made the University to be an ethnic university but a state university and positioned it as such. The University belongs to the Edo people. It’s Edo State University and the investment is for taxpayers of Edo State.”

“As a government, we have the political will as we are taking a major transformation in our education sector and can do so with our University. We need to clean up the system, preparing it for our children coming in.”

admin by — May 11, 2023 in Education 0
Public Secondary,Primary Schools Can’t Access N46.2bn Matching Grant -UBEC

 

Mohammed Shosanya

The Universal Basic Education Commission (UBEC) says the unaccessed matching grant in its custody has climbed to over N46.2 billion.

State governments were expected to access these funds and match them for the development of public primary and junior secondary schools.

Acting Executive Secretary of UBEC, Professor Bala Zakari, stated this during an oversight visit to the Commission by the Senate Committee on Basic and Secondary Education in Abuja on Thursday.

Presenting the 2022 capital budget implementation report, Zakari said a total sum of N162, 284, 117,592 was allocated to the states as UBE grants between 2019 and 2022,while N116,072,964,294.33 was accessed by 36 states and FCT.

He said, “The sum of N46,211,153,298.63 is the total of un-accessed UBE matching grants as at 30th April, 2023 by the 36 states and the FCT.Between 2019 and 2022, the sum of N162, 284, 117,592 was allocated to the states being UBE grants. As at 30th April 2023, the sum of N116,072,964,294.33 was accessed by 36 states and the FCT, Abuja, representing 71.52 percent as at 30th April, 2023.

“As at the time of reporting, only 11 states accessed 2022 matching grant fund.”

On the levels of UBE matching grant accessed by states, he said in 2019, 35 states and FCT accessed 2019 allocation, with one state – Anambra yet to access the grant as of 30th April, 2023.

Speaking on the 2020 matching grant, he said:”Thirty states and FCT have accessed matching grant. Six states namely; Abia, Adamawa, Anambra, Ebonyi, Kwara and Ogun are yet to access 2020 UBE matching grant as at 30th 2023.29 states have accessed 2022 matching grant projects, seven states and FCT are yet to access 2022 UBE matching grant AST at 30th April 2023.

“In 2022 matching grants, 11 states namely; Bayelsa, Cross River, Delta, Ekiti, Jigawa, Kaduna, Kano, Nasarawa, Ondo, Taraba and Zamfara have accessed 2021 UBE matching grant. Twenty five states and FCT are yet to accessed 2022 UBE matching grant as at 30th April, 2023

Speaking earlier, the chairman, Senate Committee on Basic and Secondary Education, Senator Ibrahim Gaidam, said it was important to ensure that money released by the government is use for the purpose it was released.

Represented by the vice chairman of the Committee, Senator Akon Eyakenyi, Gaidam said the visit was to also confirm the implementation of the 2022 budget of the commission and proposal for 2023.

The committee emphasized the need for state governors to key into it UBEC projects by accessing its fund in order to shore up the nation’s basic education sector.

admin by — May 11, 2023 in Education 0
Nigeria’s BVN Remains Valid For Life -CBN

Mohammed Shosanya

The Bank Verification Number (BVN) issued in Nigeria has no expiry date,the Central Bank of Nigeria,CBN,has clarified.

Isa AbdulMumin, Ag. Director, Corporate Communications,CBN,clarified this in a statement in reaction to reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a 10-year period.

He explained that once a customer’s biometrics have been captured and enrolled in the database of NIBSS,the BVN remains for life.

“However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions speltout in the document and after being cleared by relevant authorities.Therefore, we urge bank customers in the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime.”

admin by — May 11, 2023 in Banking&Finance 0
Revive Ajaokuta Steel Company, Groups Tell Tinubu

Mohammed Shosanya

Soviet Union Alumni Association of Nigerian Engineers,SOYUZNIK,and the CSOs Coalition for the Revival of Ajaokuta Steel,have implored the incoming administration of Sen. Bola Ahmed Tinubu to ensure completion of Ajaokuta Steel Company.

They urged to maintain the Ajaokuta Presidential Project Implementation Team (APPIT) to ensure holistic implementation of ASCL.

The groups gave the suggestion at a recent virtual meeting facilitated by Engr. Abdallah Mohammed Sanni, a member of SOYUZNIK and moderated by Mohammed Bougei Attah, the National Coordinator of the CSO Coalition for the Revival of Ajaokuta Steel Company,according to a statement signed by the duo.

The statement said, participants commended the Buhari administration for bringing to an end the legal tussle that hindered the progress of the ASCL for over 30 years.

They also commended President Buhari for having the political will to intervene in the London arbitration case that saw Nigeria paying off the judgment debt to the tune of $495m and freeing the steel plant from foreign debt and ownership.

They further noted that the constitution of APPIT by the Buhari government is a good development as the Team is strategic in addressing the myriad of problems, internal and external forces confronting the revival of the company.

They advocated inclusion of a CSO representation in the APPIT with a view to ensuring transparency, guarantee trustworthiness and promote inclusiveness.

The groups urged the government to revisit the earlier request by the CSO Coalition to include a member on the APPIT Committee.

“In reviewing the policy documents for the operation of the plant, the meeting advised the government to revisit the initial working document prepared by some members of SOYUZNIK that served as the policy drive for the government in the last 8 years. The document is believed to have the approval of the Russian government and AFREMIX Bank International, the funding partners.

“However a Policy Brief and new book on “Steel Production and National Development: Strategic Options for the Incoming Administration”, which highlighted key issues in the implementation process and new developments are to be submitted to the incoming administration for review

“The meeting resolved at the close of deliberations that there is need to constitute a committee made up of members from SOYUZNIK and CSO Coalition. The Committee is to receive reports from the subsequent meeting of the groups for regular update with the government.

admin by — May 11, 2023 in News 0
Dangote Refinery Will Stop Import Of Refined Petroleum Products Into Nigeria -LCCI

Mohammed Shosanya

The Lagos Chamber of Commerce and Industry,LCCI,has said that the multi-million dollars Dangote Refinery in Lekki,Lagos will impact Nigeria’s economy positively.

Dr.Chinyere Almona,Director-General,LCCI,disclosed this in a statement ahead of the inauguration of the 650,000 barrels per day, sufficient to meet Nigeria’s need for refined petroleum products,sufficient to meet Nigeria’s need for refined petroleum products.

According to her,the refinery will save and generate foreign exchange,create jobs, positively affect the value of the Naira, broaden prosperity for the downstream sector, and provide growth opportunities for businesses.

She added:” It will also stimulate economic growth by impacting the country’s balance of payments. In addition, the Chamber expects the refinery to fuel further growth and development across its value chain, including cosmetics, plastics, textiles, etc.

” We also see room for the development of added value in agribusiness, including the Sugar Backward Integration projects that plan to create a strong localized supply in the sugar industry, benefiting local suppliers across the sugar value chain.

“Finally, the Chamber notes that this initiative presents Nigeria as an attractive investment destination for local and foreign investors. Therefore, the LCCI urges the government to strengthen its commitment to creating an enabling environment for businesses”

admin by — May 11, 2023 in Oil&Gas 0
Seplat Energy Rakes In $951.8m,Moves To Increase Gas Supply To National Grid

Mohammed Shosanya

Seplat Energy Plc,has declared that its total revenue rose by 29.8 per cent to $951.8m while profit before tax rose by 15.3 per cent to $204.4m for 2022.

Addressing shareholders and other stakeholders during the company’s Annual General Meeting, Mr. Basil Omiyi, the Chairman of Board, Seplat Energy,said 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.

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 added: “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.

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 him,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.

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.”

A shareholder of the company,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.”

admin by — May 11, 2023 in Oil&Gas 0
Oando Clean Energy’s Ademola Ogunbanjo To Discuss African Renewables At African Energy Confab

Mohammed Shosanya

Ademola Ogunbanjo, Executive Vice President of Nigeria-based renewables firm Oando Clean Energy, subsidiary of Oando Plc,will attend and participate at the Invest in African Energy Forum in Paris, scheduled for June 1 at the Westin Paris Vendome.

During the forum organized by the African Energy Chamber (AEC),in partnership with global energy market intelligence firm Rystad Energy and pan-African multilateral trade finance institution the African Export-Import Bank (Afreximbank),a statement said.

He will discuss the state of play of Africa’s renewable energy sector.

Representing one of Africa’s leading investors, developers and operators of renewable energy projects, the presence and participation of Ogunbanjo at the Invest in African Energy Forum in Paris will be crucial for driving conversations around partnership opportunities for European investors and companies who are seeking a share of Africa’s burgeoning clean energy industry and looking at making high returns on investment.

The Invest in African Energy Forum in Paris provides the best platform for such connections to be made, uniting European investors with African stakeholders.

Ogunbanjo has been crucial in driving the diversification of both Nigeria and Africa’s energy mix for energy security and environmental sustainability through a series of high-profile energy investment deals and large-scale project deployment.

Before his current role at Oando Clean Energy, Ogunbanjo served as CEO of energy services and logistics firm Proviant Integrated Services Limited, a role where was instrumental in driving and managing investments across the African energy landscape.

He has also served in various positions including General Manager, Business Support Group, Oando Plc and as Manager of Energy Investments at Ocean and Oil Holdings.

An industry executive with extensive experience in energy project strategy execution and management, organizational design, investment management, leadership coaching and opportunity assessment, Ogunbanjo’s presence and participation at the Invest in African Energy Forum in Paris will be important for showcasing Africa’s renewables potential as the continent seeks to optimize the exploitation of its vast solar, wind and hydro potential in pursuit of improving energy access and affordability.

Apart from the socioeconomic benefits such as job creation, electrification and infrastructure roll-out, Africa’s renewable energy resources are key in the continent’s journey to a clean energy future, serving to support the decarbonization of the energy industry.

Ogunbanjo is expected to drive the discussion around the investment, partnership and broader capacity building opportunities in Africa, making a strong case for strengthened Europe-Africa relations across this growing industry.

“Ademola Ogunbanjo will drive discussions and push for investments into Africa’s renewables sector including in solar, wind and green hydrogen markets. We believe improved cooperation between African and French energy players will not only support Africa’s renewable energy agenda but usher in a new era of knowledge sharing and technology transfer. This is what the Invest in African Energy Forum in Paris will center around, “stated NJ Ayuk, the Executive Chairman of the AEC.

He added:”During the Invest in African Energy Forum in Paris, Ogunbanjo will participate in exclusive networking sessions and high-level panel discussions and presentations showcasing Africa’s renewable energy industry as the continent eyes industry expansion to meet growing energy demand while leading environmental sustainability efforts. The Invest in African Energy Forum in Paris unites African energy policymakers and stakeholders with European investors, providing a platform where industry experts can discuss and optimize investment opportunities within Africa’s multi-faceted energy industry”

admin by — May 11, 2023 in Oil&Gas 0
Nigeria,59 Others May Miss Maternal SDGs Target – WHO

Mohammed Shosanya

The World Health Organisation has warned Nigeria and 59 other countries may miss the maternal, newborn, and stillborn targets of the Sustainable Development Goals (SDGs) without urgent intervention.

Dr. Tedros Adhanom Ghebreyesus, Director General of the World Health Organisation,gave the warning while addressing delegates at the ongoing Maternal and Newborn Health Conference in Cape Town, South Africa .

The WHO boss maintained that infant deaths continued to make up about half of the under-five mortality, especially in Central and Southern Asia and Sub-Saharan African countries such as Nigeria.

“Every year, 4.5 million mothers, newborns, and stillborns die from preventable causes,” he said in his keynote statement during the first plenary of the four-day event that began on Monday, May 8 at the Cape Town International Convention Centre.

“Where a child is born or how much money its family has should not determine whether it lives or dies. But, this is still the reality for many women and babies worldwide,” the WHO chief said.

In his statement delivered through a live video link at the first plenary,Dr. Ghebreyesus, emphasized that urgent action was needed to reignite progress which could save 7.8 million lives.

He implored countries to develop and finance evidence-based plans for maternal and newborn health and to integrate relevant programs into their respective universal health coverage packages and deliver them through primary healthcare.

admin by — May 11, 2023 in Health 0