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Total Nigeria Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).
See link to forecasts.
Seplat Energy Plc, a leading Nigerian energy company dual-listed on The Nigerian Exchange and London Stock Exchange, will host a capital markets event at the London Stock Exchange in London for analysts and investors on Thursday 29th of July at 15:00 London Time.
According to a notice made available on the website of the Nigerian Exchange Group Limited (NGX), the session will focus on providing an update on corporate strategy and opportunities needed to drive Nigeria’s energy transition. The session will be facilitated by representatives of the company.
The firm further announced that spaces will be limited, but the event will be broadcast online and through dial-in facility. Prospective participants, who wish to attend the event in person at the London Stock Exchange, are urged to register their interests on or before 14th of July 2021, by emailing: [email protected]. Places will be confirmed by Monday 19th of July, 2021.
Conversely, interested participants who wish to explore the event online are urged to pre-register using the SparkLive webcast sign-up link: https://www.lsegissuerservices.com/spark/SeplatPetroleumDevelopmentCo/events/dd5b2821-f781-4ab3-b4db-3ef843f98cb0
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Transcorp Energy Limited, a subsidiary of Transnational Corporation of Nigeria Plc, has revealed that it is seeking to collaborate with the Federal Government of Nigeria to develop nuclear power plants as alternative source of energy for power generation in Nigeria using the OPEN 100 model.
This was revealed by the Head of Transcorp Energy Business, Peter Ikenga, during the unveiling of the company’s alternative energy plan at a meeting with the Honourable Minister of Science and Technology, Dr Ogbonnaya Onu.
In his remarks, Mr Ikenga said: ‘’This project is transformative and a first in Nigeria and would radically change the way nuclear power plants are deployed, offering a substantially less expensive and less complicated solution. It will further provide the country with a reliable and sustainable energy source, devoid of some of the challenges hampering stable and reliable power generation in Nigeria.’’
He further added that the recent move will help unlock greater value in the power sector.
On the other hand, the Honourable Minister of Science and Technology, Dr Ogbonaya Onu, while welcoming the Transcorp team, reiterated the commitment of the government to promote the application of science, technology and innovation within Nigeria, in line with the Executive Order No. 5 of the Federal Government.
Dr Onu said: ‘’We are delighted to see this innovation and appreciate Transcorp for leading the charge in the industry with this initiative. The approach by Transcorp to use small scale nuclear plants is catalytic for achieving the national goals on Sciency and Technolgy’’, he stated.
Dr Onu further directed that a joint committee comprised of Transcorp, and all the relevant stakeholders be set up immediately, so as to jointly manage the execution of the project. In his view, this is an affirmation that the Federal Government, particularly the Ministry of Science and Technology is committed to supporting laudable initiatives that would spur the technological advancement of the country.
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The Board of Total Nigeria Plc has approved a total dividend of N2.06 billion representing N6.08 per share for the 2020 financial year at the 43rd Annual General Meeting of the company, held at The Civic Centre, Lagos on 17th of June, 2021.
This is according to an official disclosure signed by the company’s secretary, Bunmi Popoola-Mordi and sent to the Nigerian Exchange Group Limited (NGX).
According to the notice: ‘’ It was resolved that a dividend of N6.08 (Six Naira, Eight Kobo) per share as recommended by the directors be and is hereby payable on Friday 18th June, 2021 to all holders of ordinary shares whose names appear in the Register of Members at close of business on the 16th of April, 2021 subject to deduction of withholding tax at the rate applicable on the date of payment.’’
Sequel to this, the approved dividend rate of N6.08 per share will be paid on all the issued 339,521,837 ordinary shares of the company.
Other key decisions reached at the AGM include;
What you should know:
The Nigerian Exchange Limited has notified trading license holders, investors and other relevant stakeholders of the implementation in the change of name of Seplat Petroleum Development Company Plc (the Company) to Seplat Energy Plc.
The recent development is in line with the consensus reached at the recently concluded Annual General Meeting of the company held on 20th of May, 2021. At the aforementioned meeting, shareholders of the company voted in support of the change of name and consequently, a new certificate of incorporation was issued from the Corporate Affairs Commission.
The change of name is a reflection of the recent efforts by the organization geared towards ensuring a seamless transition into a full energy solutions company. It is in line with its (the organization) goal of being a key player in promoting and operationalizing a low carbon environment in the nearest future.
It is pertinent to note that despite the change in name, the Company’s trading symbol remains the same.
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11 Plc (formerly Mobil Oil Nigeria Plc) is in talks with Capital Hotels Plc over the purchase of 51% equity stake in the latter, at a premium price of N7 per share.
The deal was agreed at the recently concluded Emergency Meeting of the Board of Directors of Capital Hotels Plc held on the 14th of June, 2021.
According to a notice uploaded on the website of the Nigerian Exchange Group Plc, the decision to sell the stake in the aforementioned firm, partly depends on whether its core shareholder (Hans Gremlin Nigeria Limited), is ready to exit 50% of its stake at the same price, and on such other terms and conditions that the Directors deem fit, subject to obtaining regulatory approval.
Additionally, the Board of Capital Hotels Plc also agreed that in order to balance the interests of the parties involved, the transaction will be structured in two ways- Offer for sale and Offer for subscription. In this light, the board agreed that if the new investor accepts the pre-specified conditions, an extraordinary General meeting would be convened to get the approval of the shareholders for this transaction.
It is pertinent to note that the deal is in line with 11 Plc’s diversification plans. The firm had earlier reiterated its plans of investing in the real estate as an alternative source of revenue, with a significant potential of stimulating growth and offsetting the austere fuel margins.
In likewise manner, Nairametrics had earlier reported the acquisition of Lagos Continental Hotel by 11 Plc.
For more information about the recent disclosure, click HERE.
Ardova Plc has completed the acquisition of a 100% equity stake in Enyo Retail and Supply Limited.
In a notification signed by the company’s secretary, Oladeinde Nelson-Cole and uploaded on the website of the Nigerian Exchange Group Limited, the firm revealed that the recent deal is sequel to the execution of a share purchase agreement between the parties involved.
Recall that in January, Ardova Plc had announced entering into discussions with the shareholders of Enyo, in a bid to take over the assets of the latter. The firm further revealed that the Shareholders of Enyo had accepted its offer and acquisition framework in principle, although subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.
Sequel to this, the parties involved in the deal reiterated their commitments towards finalizing the transaction, in line with the share purchase agreement. They also promised to remain transparent in terms of communicating details about the future progress made on the deal.
Commenting on the recent acquisition, the Chief Executive Officer of Ardova Plc, Olumide Adeosun said: ‘’On completion, this acquisition will lead to a stronger downstream energy group that benefits from the increased customer reach and service delivery excellence of both companies, with the combination expected to produce stronger financial results.’’
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Rak Unity Petroleum Company Plc, a major distributor of petroleum products in Nigeria, has announced plans to wind up its business, subject to the approval of the members of the company in the imminent general meeting.
This decision was reached during the recently concluded Annual General Meeting of the company, held on the 4th of June, 2021 at Marina-Lagos.
An excerpts of the resolutions read: ‘’ THAT the Company be wound up voluntarily in accordance with the provisions of the Companies and Allied Matters Act 2020 subject to the approval of the members of the Company in the general meeting.’’
Additionally, in a bid to facilitate the winding up of the company, the shareholders resolved to appoint Mrs. Chinwe Chiwete of EPIC law firm as its liquidator. Confirming this, a part of the notice read thus: ‘’ THAT Mrs Chinwe Chiwete of the law firm of EPIC Legal of Block 74, Plot 22B, Emma Abimbola Cole, Lekki Phase 1, Lagos be appointed liquidator for the purposes of winding up of the Company, subject to the approval of the members of the Company in the general meeting.’’
It is pertinent to note that RAK Unity Petroleum was incorporated on 20th of December, 1982 as a limited liability company. It was listed on the second-tier of the Nigerian Stock Market (ASeM) on 21st of March, 1989.
Rak Unity Petroleum Plc is engaged in the sale and distribution of petroleum products. The Company is also engaged in the business of storage of oil, gas, kerosene, among others.
Conoil Plc released its unaudited results for the first quarter of the year (Q1, 2021).
See link to results.
Eterna Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).
See link to forecasts.