Energy – Page 2 – NAIRAMETRICS| COMPANY EARNINGS

Total Nigeria successfully completes change of name to TotalEnergies Marketing Nigeria Plc.

9 September 20219 September 2021 Chidi Emenike Leave a comment

French energy giant, Total SE, has successfully completed various regulatory processes required to effect the change of its name to TotalEnergies Marketing Nigeria Plc.

According to a statement signed by the company’s secretary, Bunmi Popoola-Mordi, the firm noted that it should be henceforth addressed as TotalEnergies Marketing Nigeria Plc.

Recall that on the 19th of August, 2021, shareholders of the company (then known as Total Nigeria Plc) voted to change its name to TotalEnergies Marketing Nigeria Plc. The change was driven by the firm’s desire to transition into a multi-energy group, providing affordable, more reliable and cleaner energy in the best way. In addition, the transition is in a bid to support the Paris Agreement and vomiting to carbon neutrality by 2050.

Commenting on the rationale behind the change, the firm said: ‘’ The name change is accompanied by a new visual identity for all of our activities, aimed at anchoring our transformation to a multi-energy group, such transformation being based on a development strategy of two pillars, gas and renewable electricity, as well as the underlying ambition of a transition to carbon neutrality by 2050.’’

As at the period of reporting this, TotalEnergies Marketing Nigeria Plc is currently trading at N199.20 per share on the floor of the Nigerian Exchange Limited (NGX).

International Energy Insurance Plc forecasts loss after tax of N155.3 million in Q4, 2021.

2 September 20212 September 2021 Chidi Emenike Leave a comment

International Energy Insurance Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

Gross premium income is projected to hit N810 million
Claims Incurred projection of N119 million.
Underwriting profit is projected at N199.4 million
Management expenses projection of N596.8 million
Tax projection of N1.54 million
Loss after tax projection of N155.3 million.

See link to forecasts.

Eterna Plc projects profit after tax of N582.9 million in Q4 2021.

2 September 20212 September 2021 Chidi Emenike Leave a comment

Eterna Plc has released its earnings forecasts for the fourth quarter of 2021 (Q4 2021).

Revenue is projected to hit N70.43 million during the period.
Cost of sales projection of N64.53 million.
Marketing, distribution and administrative expenses are projected to hit N3.91 million.
Tax is projected at N274.3 million.
Profit after tax is projected at N582.9 million.

See link to forecasts.

Dr. Samba Seye appointed Managing Director of Total Nigeria Plc.

31 August 202131 August 2021 Chidi Emenike Leave a comment

Total Nigeria Plc has announced the appointment of Dr Samba Seye as its new Managing Director, with effect from September 1, 2021.

The announcement is contained in a recent press release signed by the company’s secretary, Bunmi Popoola-Mordi and filed with the Nigerian Exchange Limited (NGX).

Dr Seye was appointed to replace the outgoing Managing Director- Mr Imrane Barry, who has been reassigned to TotalEnergies SE headquarters in Paris, France.

About Dr. Samba Seye

Dr. Seye is a thorough-bred professional with experience across several countries. Until his recent appointment, he has been a member of TotalEnergies SE Ethics Committee since 2019. He joined the Total Marketing and Services in 2014 as a Project Manager in the Strategy Department, and has since rose through the ranks to occupy various leadership positions in the company, including; The Deputy Executive Vice President, West Africa(2015), Vice President Specialties/General Trade Total MS /Africa (2016) and Executive Vice President West Africa, Total MS /Africa (2017).

Dr. Seye holds a Doctorate Degree in Engineering from the University of Sciences and Techniques of Lille, France, where he worked as an assistant lecturer from 1990 until 1993.

Total Nigeria Plc closed trading today 31st of August, 2021 with a share price of N199.20

Preline Limited acquires 61% stake in Eterna Plc.

26 August 202126 August 2021 Chidi Emenike Leave a comment

Preline Limited has announced the acquisition of 794,969,774 units of shares, representing about 60.98% of the total shareholdings in Eterna Plc.

The acquisition is following a unanimous decision by some substantial shareholders in Eterna Plc to sell their equity holdings in the company. The substantial shareholders who sold their equity holdings are; 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.

According to a statement signed by the company’s secretary, Bunmi Agagu, and made available on the website of the Nigerian Exchange Limited (NGX), the aforementioned substantial shareholders divested through a Sale and Purchase Agreement (SPA) that was executed to enable Preline Limited to become the new major shareholder.

Confirming the recent development, Eterna Plc in a notice filed with the Exchange stated that: ‘’We refer to Eterna Plc’s (“the Company”) public statement dated 21st December, 2020 in which we notified our Shareholders, The Nigerian Exchange Limited (“NGX” or “The Exchange”) and the general public that some of our substantial shareholders (Shareholders) have formally informed the Board of Eterna Plc (the Company) that they are in negotiations to sell equity holdings in the Company to a ‘New Investor’.

‘’Our substantial shareholders; 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 have executed a Sale and Purchase Agreement (SPA) that enables Preline Limited acquire 794,969,774 (Seven Hundred and Ninety Four Million Nine Hundred and Sixty Nine Thousand Seven Hundred and Seventy Four) shares of Eterna Plc representing 60.98% in the Company.’’

The firm further added that it will file a formal application with the Securities and Exchange Commission (SEC) for an ‘’authority to proceed’’ with the transaction by the transacting parties. It also rationalized the announcement of the deal, noting that‘’ Is in fulfillment of our obligation to report such matters and we will continue to do so in line with Regulatory guidelines.’’

Back story: The aforementioned shareholders had earlier announced plans to divest their equity holdings to a new investor. Consequently, a Board of Directors meeting was convened to deliberate on the matter. Sequel to this, the Board on 21st of December, 2020, announced that it has ratified the decision by these shareholders to divest.

BOC Gases Nigeria Plc announces resignation of two directors.

23 August 202123 August 2021 Chidi Emenike Leave a comment

BOC Gases Nigeria Plc has announced the resignation of two Independent Non-Executive Directors and representatives of BOC Holdings Uk, Messrs. Hendrik Mentz de Waal and Joseph Ramashala, from the company’s Board.

According to a notice signed by the Company Secretary, Mrs. Aderonke Segun-Alabi, and made available on the website of the Nigerian Exchange Limited (NGX), the resignation of the aforementioned individuals became effective from 10th of August, 2021.

It is also important to note that following their resignations, the duo ceased to be members of the Risk and Audit Committees of the Board.

Back story: Recall that TY Holdings Limited had recently acquired a majority stake in BOC Gases Nigeria Plc, following the purchase of an additional 249,746,823 ordinary shares in the latter. This move raised the total equity stake of TY Holdings Limited in the company to 72%.

Following the conclusion of the deal, the firm announced that there will be changes in the ownership structure of BOC Gases Nigeria Plc in a bid to reflect the new reality. In light of this, it is anticipated that some Board members especially those representing the defunct majority shareholder- BOC Holdings, UK, will have to give way for new directors to emerge.

Additionally, the firm thanked both directors for the outstanding efforts and contributions during their tenure as Independent Non-Executive Directors of the company, and wished them the greater success in their future endeavours.

BOC Gases Nigeria Plc closed trading today 23rd of August, 2021 with a share price of N11.10

Total Nigeria Plc shareholders approve change of name to TotalEnergies Marketing Nigeria Plc.

20 August 202120 August 2021 Chidi Emenike Leave a comment

The shareholders of Total Nigeria Limited have approved the formal change in the name of the company to TotalEnergies Marketing Nigeria Plc.

According to a statement issued on the website of the Nigerian Exchange Limited, the formal change was part of the resolutions reached at the recently concluded Extra Ordinary General Meeting of the company held on Thursday (yesterday) in Lagos.

Consequently, the shareholders elected to change the memorandum and articles of association to reflect the company’s new name. Additionally, the shareholders charged the Board of the company to implement all necessary steps required to effect a change of the name of the company.

Speaking on the name and logo change, the Managing Director of TotalEnergies Plc., Mr Imrane Barry said the company is committed to be at the forefront of the energy landscape in Nigeria. He said the new name and logo documents the company’s historic journey from inception to the point it is now.

TotalEnergies has been actively involved in the oil and gas business in Nigeria for over 60 years. The firm is renowned for the production, transportation, trading and distribution of responsible energies to the end customer.

Total Nigeria Plc (now known as TotalEnergies Plc) closed trading for the week ended 20th of August, 2021 with a share price of N199.20.

Seplat pegs exchange rate for its interim dividend payment at N411.14/$

12 August 202112 August 2021 Chidi Emenike Leave a comment

Seplat Energy Plc, a leading dual listed energy company in Nigeria, has announced that an exchange rate of N411.14/$ will be applicable in the determination of its proposed Q2, 2021 interim dividend of 2.5 cents

According to a disclosure signed by the Chief Financial Officer of the company, Emeka Onwuka and published on the website of the Nigerian Exchange Group Plc (NGX Plc), the rates will be applicable to any shareholder that qualifies for and has elected to receive the dividend payment in Naira of GBP.

The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 11th August 2021.

Exchange rate

1 USD=411.14 Naira
1 USD=0.7224 GBP

It is important to note that the recent dollar exchange rate announced by the firm for Q2 2021 interim dividend payment, is slightly higher than the Q1 2021 rates by 0.21%, translating to a nominal increase of about 85 kobo.

For more information about the disclosure, click HERE