Energy – NAIRAMETRICS| COMPANY EARNINGS

Zenith Bank obtains Mareva Injunction restraining Orjiako from Seplat Energy’s accounts and assets.

9 November 20219 November 2021 Chidi Emenike Leave a comment

A Federal High Court sitting in Lagos has issued a Mareva Injunction that temporarily restrains the co-founder of Seplat Energy Plc, Dr Ambrose Bryant Chukwuemeka Orjiako, popularly known as ABC Orjiako, and other firms linked to him, from accessing the accounts and assets of Seplat Energy Plc.

This is according to a statement signed by the Secretary of Seplat Energy Plc, Mrs Edith Onwuchekwa, and filed with the Nigerian Exchange Limited (NGX).

Seplat Energy Plc in the recent press release disclosed that the order has no impact on its operations. It linked the injunction to a court action instituted by Zenith Bank Plc against the aforementioned parties.

Recall that Zenith Bank Plc through its counsel, Mr Kemi Balogun (SAN) had dragged Dr Orjiakor, Shebah Exploration and Production Company Limited, Shebah Petroleum Development Company Limited and about six others before the Federal High Court, over an alleged debt of about $78,426,578.64.

Having accessed the merit of the case, Justice Yellin Bogoro of the Federal High Court in Lagos, issued an interim order restraining Orjiako, and the two firms, as well as their proxies in Nigeria and any jurisdiction worldwide, from receiving and or transferring assets and accounts of Seplat Energy Plc, pending the hearing and determination of the bank’s motion on notice.

What they are saying: A press release issued by the energy giant on the matter reads: ‘’ Seplat Energy has been made aware of the ex parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.

‘’The Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako. The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.’’

Recall that similar issue played out between the firm and Access Bank Plc in the early parts of this year, after the Bank obtained an initial ex parte order to seal the assets of the energy firm, over the debt of a third party- Cardinal Services Limited.

Shebah Exploration & Production Company is owned by Dr. Orjiako. The company co-founded Seplat Energy Plc, in collaboration with Platform Petroleum Limited.

2021 9M Results: Global Spectrum Energy Services Plc records a 33% slump in PBT to N153.7 million.

5 November 20215 November 2021 Chidi Emenike Leave a comment

Global Spectrum Energy Services Plc released its financial results for the nine months period ended 30th of September, 2021.

Revenue for the period was N1.29 billion. (-28% YoY)
Direct cost of N934.7 million. (-30.8% YoY)
Administrative expenses totalled N209.6 million. (-4.6% YoY)
An operating profit of N158.1 million was recorded. (-32.5% YoY)
Profit before tax was N153.7 million. (-32.9% YoY)
Total assets during the period stood at N5.64 billion.

See link to results.

Eterna Plc substantial shareholders conclude divestment from company.

2 November 20212 November 2021 Chidi Emenike Leave a comment

Substantial shareholders in Eterna Plc have finalized their divestment from the company, collectively selling a total of 794,969,774 units of their equity holdings to a new investor-Preline Limited.

Recall that earlier in August this year, some substantial shareholders of Eterna Plc, namely; Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited, had formally informed the Board of their collective decision to divest from the company. The aforementioned shareholders entered into a Sale and Purchase Agreement (SPA) with Preline Limited for the sale of 796,960,774 ordinary shares in the company.

Consequently, the firm announced that it has received regulatory approval from FCCPC, SEC and NGX to proceed with the deal, thereby conferring on Preline Limited the status of being the largest and majority shareholder in the company with a stake of 60.98%.

Confirming the recent development, the firm in a recent notice signed by its secretary, Bunmi Agagu and filed with the Nigerian Exchange Limited (NGX), stated that: ‘’ We are pleased to announce to the general public; that following the granting of ‘the authority to proceed’ by FCCPC, SEC and NGX and the fulfillment of all other regulatory requirements; Preline Limited has completed the acquisition of 794,969,774 (Seven Hundred and Ninety-Four Million, Nine Hundred and Sixty-Nine Thousand Seven Hundred and Seventy-Four) ordinary shares of the Company representing 60.98% in the Company, thus making it the largest and majority shareholder in the Company.’’

It is pertinent to note that disclosure is in line with the regulatory guidelines and corporate responsibility of the firm to its stakeholders.

What you should know:

It is imperative to note that Preline Limited is an investment vehicle of Rainoil Limited. In this light, the acquisition will allow RainOil Limited to further scale up its business and increase its footprints across Nigeria.
Eterna Plc is currently trading N7.77 per share on the floor of the Nigerian Exchange Limited (NGX).

Seplat Energy Plc reports Q3 earnings of N168.09 million in third quarter 2021

28 October 202129 October 2021 Chidinma Anyalewechi Leave a comment

Seplat Energy Plc released its unaudited financial results for the third quarter of the year ended 30th of September 2021.

Revenue during the period was N62.23 billion. (+12.10% YoY)
Cost of sales for the period was N38.79 billion (+5.55%)
Gross profit stood at N23.45 billion. (+24.92% YoY)
Operating profit for the period was N19.91 billion. (+81.55% YoY)
Profit before tax of N14.40 million was recorded during the period.
Loss for the period stood at N222 million (-105.41%)
Total assets during the period stood at N1.42 trillion. (+111.17bn YoY)
Earnings per share of N13.91 Vs N7.07 YoY.

See full result here

Shareholders of Rak Unity Petroleum given October 31st deadline to claim dividends.

13 October 202113 October 2021 Chidi Emenike Leave a comment

In a bid to expedite its winding up process, the Liquidator of Rak Unity Petroleum Company Plc, have given shareholders of the company with unclaimed dividends until 31st of October, 2021 to claim their dividends or risk forfeiting it to the Companies Liquidation Account.

This is according to a notice signed by the Liquidator, Mrs Chinwe Chiwete and filed with the Nigerian Exchange Limited (NGX).

Corroborating this, the recent notice filed with the NGX reads: ‘’Notice is hereby given that pursuant to the Companies and Allied Matters Act 2020 and the Companies Winding-Up Rules (‘’Applicable Laws’’), the Liquidator is required before dissolution of the Company to pay all unclaimed dividends or undistributed assets of the Company in the hands or under the control of the Liquidator into public fund of the Federation kept by the Corporate Affairs Commission (‘the Commission’’) and known as Companies Liquidation Account.

‘’Accordingly, the details of concerned shareholders and investors have been uploaded in the company’s website http://www.rakunity.com The concerned shareholders and Investors are requested to follow the steps stated in the website and claim dividend on or before 31^st of October, 2021 otherwise the Liquidator shall, with a view to complying with the Applicable Laws, take the necessary actions to transfer the unpaid/unclaimed dividend into the Companies Liquidation Account.’’

Individuals with further questions concerning the announcement or developments related to the information are urged to contact the Liquidator via email at: [email protected]

What you should know:

Recall that the shareholders of Rak Unity Petroleum Plc., during its Annual General Meeting held on 4th of June 2021 had authorized the company to commence the process of voluntarily winding up the Company. The authorization which is in line with Section 622 of the Companies and Allied Matters Act (CAMA) 2020 provided a legal basis for further action.
Consequently, in line with Section 624 of CAMA 2020, the Nigerian Exchange Limited (NGX) in August 2021 suspended trading in the shares of the company. This was necessary in order to enable the parties involved finalize the winding up process.

Conoil Plc declares N960 million as final dividend for 2020.

12 October 202112 October 2021 Chidi Emenike Leave a comment

The Board of Conoil Plc has revealed that it will pay a total sum of about N960 million to its shareholders as the final dividend for the period ended 31st of December, 2020.

According to a recent notice issued by the company and filed with the Nigerian Exchange Limited (NGX), Conoil Plc is expected to pay a final dividend of N1.50 per share on all the outstanding 693,952,117 ordinary shares of the company. This brings the total dividend payout to qualified shareholders to approximately N960 million.

The final dividend will be paid electronically to shareholders on the 19th of November, 2021, subject to appropriate withholding tax and approval at the Compan y’s forthcoming Annual General Meeting.

The conditions for qualification demands that only shareholders whose names appear on the Register of Members as at Friday, 2nd July, 2021 and who have completed their e-dividend registration and mandated the Registrar (Meristem Registrars and Probate Services Limited) to pay their dividends directly into their Bank accounts, are qualified to participate.

It is pertinent to note that the recent dividend declaration of N1.50 is 25% lower than the amount declared in corresponding period of last year (FY 2019: N2 per share). This decrease might be attributed to a dip in key financial metrics of the company for the current period under review. For example, in its FY 2020 report, the company’s revenue and profit for the year declined by 16% and 27% to N117.5 billion and N1.44 billion respectively. Its earnings per share also printed N2.08 as against N2.84 printed in corresponding period of 2019.

Conoil plc opened trading today 12th of October, 2021 with a share price of N25.50 per share.

Seplat Energy announces board meeting, closed period ahead of Q3 2021 results.

28 September 202128 September 2021 Chidi Emenike Leave a comment

Seplat Energy has notified its shareholders, the Nigerian Exchange Limited (NGX) and the investing public of its imminent Board of Directors Meeting scheduled to hold on Wednesday, 27th of October, 2021.

According to a statement signed by the company’s secretary, Mrs Edith Onwuchekwa, the meeting will avail the Board members the opportunity to discuss the company’s Q3 2021 financial results.

The details of the meeting are as follows;

Date: Wednesday, 27th October 2021
Venue: Via Teleconference, Lagos Office
Time: 9:00am – 3:00pm

Additional, in line with the provisions of Clause 17:18 of the Nigerian Exchange Limited Listing Rules (as amended), the firm announced that it will be observing its closed period from Thursday 30th of September, 2021 to Friday, 29th of October, 2021 or 24 hours after the release of its financial results.

Accordingly, no Director, Employee, Person Discharging Managerial Responsibility, Adviser(s) of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.

About SEPLAT

Seplat ENERGY Plc is a leading indigenous Nigerian energy company with a strategic focus on Nigeria, listed on the Premium Board of the Nigerian Exchange Limited (“NGX “) (NGX:SEPLAT) and the Main Market of the London Stock Exchange (“LSE”) (LSE:SEPL)

NAICOM confirms appointment of Ebunolu Ayeni as M.D/CEO of International Energy Insurance Plc.

21 September 202121 September 2021 Chidi Emenike Leave a comment

The National Insurance Commission (NAICOM), has approved the appointment of Mr Ebunolu Oludele Ayeni as the Managing Director/Chief Executive Officer of International Energy Insurance Plc, with effect from July 23, 2021.

This is according to a statement signed by the Head of Legal and Compliance Services in the Company, Reginald Reuben, made available on the website of the Nigerian Exchange Limited (NGX).

Excerpts from the recent notice read thus: ‘’International Energy Insurance Plc (Company) wishes to notify Nigerian Exchange Limited, the Company’s shareholders and the investing public that the National Insurance Commission (NAICOM) has approved the appointment of Mr Ebunolu Oludele Ayeni as the Managing Director/Chief Executive Officer (MD/CEO) of International Energy Insurance Plc with effect from July 23, 2021.’’

About Mr Ebunolu Ayeni

Ebunolu Oludele Ayeni is an accomplished chartered insurer, risk analyst, administrator and management consultant with over three decades of experience. Prior to joining International Energy Insurance Plc, Ayeni gained valuable experiences from a host of insurance companies, including but not limited to; NEM Insurance Plc, Lion of Africa Insurance Plc and Oasis Insurance Plc, among others. He also worked in the academia, serving as the Director of Examinations & Records at the Chartered Insurance Institute of Nigeria (CIIN) between 2013 to 2018, and the University of Nigeria (UNN), Lagos outreach where he lectured on a part-time basis, among others.

Ayeni holds a B.sc in Insurance from the University of Lagos, MBA in Marketing from Ladoke Akintola University and an M.sc in Strategic Management from Enugu State University. He is also a fellow of the Chartered Insurance Institute of Nigeria (CIIN), Institute of Loan and Risk Management Nigeria and an Associate member of the Nigerian Council of Registered Brokers.

What you should know:

On the 26th of January, 2021, Nairametrics had earlier reported the appointment of Ebunolu Oludele Ayeni as the Acting Managing Director/Chief Executive Officer of International Energy Insurance Plc.
As at the period of filing this report, International Energy Insurance is currently trading at 38 kobo per share on the floor of the Nigerian Exchange Limited (NGX).