An indigenous oil company, Seplat Petroleum Development Company, has commenced the construction of a multi- million dollars Gas Processing Plant in Ohaji Egbema Council Area of Imo state.
Chairman of the firm, Dr. Bryant Orjiako, made the disclosure in Owerri, when he led the Management team on a courtesy call on the Imo governor, Emeka Ihedioha at the Government House, Owerri.
Orjiako explained that the proposed company, which develops and commercialises gas, when fully functional will transform the state in all spheres.
Highlighting the achievements of Seplat in the Niger Delta with regards to oil exploration and production, Orjiako called on the state government and the host communities to create the enabling environment for the project to materialise.
According to him: “Shortly after we acquired our asset in Imo state in 2016, the asset OML53 which was originally owned by Chevron, we have incrementally ramped up the production from less than 3,000 barrels per day, we are currently doing 9,000 barrels per day.
“We are hoping that in the next 12 months we should be thinking of 15,000 barrels per day and that is the beginning of the things we are set to achieve.
“More importantly, we emphasise that we are a company that commercialises gas and also develops it and as at today, we produce 30 per cent of gas to power in Nigeria and we are the only indigenous company doing this.
“Early this year we made an investment decision to invest 700 million dollars in the ANOH project phase one, this project is going to be situated in Imo state.
“The most significant thing to say about this is to say that this project has been in the pipeline for over 3 decades but once we took over the asset, we made it a priority and obviously the trickledown effect of that project in Imo state is capable of completely synergizing with your vision for the state and will transform development in Imo state. What we expect is to have the right cooperation and for Imo state to also position itself and create the right environment for us to do business”.
Also on the team is the Chief Executive Officer of Seplat Mr Austin Avuru, who further explained the benefits of the project.
He assured that the company will fulfill its Corporate Social Responsibility to the state and especially the host communities as the company has done in Edo and Delta states.
In his words: “We will build trust with the communities and also build trust with your government, we will not come to disturb you, probably you won’t see us again but your key cabinet personel will monitor the things we do and report back to you.
“We supply one-third of the gas to plant in Nigeria, we are building another one of 75 MMscfd in Sapele, we will build this one in Ohaji Egbema because we supply gas to the domestic market.
“Most companies offer token to buy peace, so if there’s any troublesome person in that community we go to him and do certain things so he won’t trouble us, we don’t do that.
“Those that are fighting us in Sapele, we fought them, those who are going to work with us, we work with them, when those who are fighting us saw what was happening to those working with us, they turn around to work with us, we don’t pretend, we give you jobs we can do and develop your capacity to do bigger jobs.
“We will like to see the growth of indigenous capacity in delivering jobs, that’s how we operate and our flagship corporate social responsibility programmes like the ‘Eye can See’ program is the most famous medical outreach in Edo and Delta states, we have a system and structure that can handle problems”.
Responding, the Governor commended Seplat for the choice of Imo and promised to provide all enabling environment and support for the project to thrive.
Fidelity Bank Appoints Mustafa Chike-Obi Chairman, As Ebi Retires
Fidelity Bank Plc has announced that two of its Board members: Mr. Ernest Ebi (MFR) who has been serving as Chairman, Board of Directors and Mr. Seni Adetu who has been serving as an Independent Non-Executive Director, having successfully completed their tenure in accordance with the Bank’s internal governance policy, will be stepping down from the Board.
Under the Chairmanship of Mr. Ernest Ebi, the Bank recorded significant growth across key financial metrics with both Messrs. Ebi and Adetu playing significant roles, complementing management effort in the delivery of these milestones; in service of the long term vision of the Bank. The Bank’s market share position has also been materially strengthened over this period.
The Board is also pleased to announce that the retiring Chairman will be succeeded by Mr. Mustafa Chike-Obi who is currently the Executive Vice Chairman at Alpha African Advisory.
He has over 40 years of experience in investment banking and the financial services sector, working with reputable global investment banking and asset management firms. He provides overall leadership at Alpha African Advisory and has direct oversight over the capital raising division.
Prior to joining Alpha African Advisory, he was the inaugural CEO, Asset Management Corporation of Nigeria (AMCON), a Federal Government backed institution, established to resolve the problem of non-performing loan assets of Nigerian Banks after the 2008 global financial crisis.
Mr Chike-Obi was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, specializing in hedge funds and private equity investment advice. He holds a Bachelor’s degree in Mathematics from the University of Lagos (First Class Honors) and an MBA from Stanford University Graduate School of Business.
Mr. Ebi will however continue in the role until the in-coming Chairman assumes office, as part of the process of ensuring a smooth and successful transition. The changes being announced further attest to Fidelity Bank’s high governance standards and best practices in compliance with internal succession policies.
The outgoing Chairman expressed pride in the results that the Bank achieved during his time as Chairman. ‘I feel that the management team has consolidated on our plans to become one of the fastest-growing Banks in the country strongly rooted in technology only comparable with the best in the world.
I am confident that my successor will continue on that path to take the Bank to its next stage of growth and advancement. I wish my successor, the management team, and the entire staff of Fidelity Bank the very best for continued success”, he said.
Adetu, the outgoing Independent Non-Executive Director, said, “It has been an honor to be part of the Board over the last few years. Throughout this time, I have been humbled by the commitment and hard work of the Board and Management, and their passion for creating a truly global bank.
I am very grateful to them, as I am to Fidelity Bank’s many other stakeholders, with whom we have worked to build a long-term, sustainable business”.
The Managing Director/CEO, Fidelity Bank, Mr. Nnamdi John Okonkwo, commended the contributions of the outgoing Board members, saying that the Board and indeed the bank has benefited immensely from their experiences and looks forward to continuing the Bank’s upward growth trajectory with the incoming Chairman Designate.
N240bn Debt: AMCON Takes Over Oil Magnate Festus Fadeyi’s Pan Ocean Assets
The Asset Management Company of Nigeria, AMCON, on Thursday, July 2, took possession of Pan Ocean Oil Corporation Nigeria Limited, and its affiliate companies owned by billionaire oil mogul, Festus Fadeyi, over an unpaid N240 billion loan debt.
Justice Mohammed Liman of the Federal High Court sitting in Lagos had on June 22, granted an ex-parte application by counsel to AMCON, Kunle Ogunba SAN, to take interim possession of the assets of Pan Ocean over the unpaid loan. The court also granted the application by AMCON to take over several oil mining and oil prospecting licenses exemplified by OML 147, 152 and 98 respectively owned by the company. Properties in Victoria Island, Lagos among several others were also included for possession.
“An order of this honourable court granting interim judicial protection to AMCON, the receiver/manager (and its duly appointed nominee; Mr. Kunle Ogunba SAN) appointed herein over the assets/businesses of the defendants by virtue of its deed of appointment dated March 5, 2020, in furtherance of the mutually binding covenants of the parties in the various facility/offer letters pending the determination of this suit is granted.” Justice Liman had ruled
However, Pan Ocean through its counsel, Oluwemimo Ogunde (SAN), had filed an application before the court asking it to stay the execution of the takeover order pending the determination of a suit marked, FHC/L/CS/552/2020, which is also a subject of an appeal before the Court of Appeal in Lagos. Ogunde described AMCON’s ex parte application leading to the takeover order as an abuse of court process, which he said the court rules frown upon.
A statement from AMCON announcing the takeover of the company’s assets reads:
“Hon. Justice A.M. Liman of the Federal High Court, presiding over the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited and Dr. Bolaji Ogundare a subsidiary of Pan Ocean Group has ordered AMCON and its assignee to take over all the assets of the companies.
Pan Ocean Group is promoted by Dr. Festus Fadeyi, a flamboyant Lagos oil and Gas businessman whose total indebtedness to AMCON is over N240 billion.
“The court had also granted an order appointing AMCON as a Receiver Manager (in accordance with its 2019 Act as amended) and its designated human nominees (Mr. Kunle Ogunba Esq. SAN) its privies and assigns over the assets of Pan Ocean, their corporate guarantors, cronies and cohorts to take over a number of prime assets of Pan Ocean over some irreconcilable huge debt owed AMCON by both Everest Nominees Limited, Pan Ocean Group and their promoters as well as directors.
The court in suit No. FHC/L/CS/722/20 ordered AMCON and its assigned designate to take over several oil mining and oil prospecting licenses that are exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98 respectively. The order also mandated AMCON to took over the property lying and situate at No. 33b, Adebayo Doherty Street, off Admiralty Way Lekki Phase One in Lagos State as well as the property lying and being specifically known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos.
Others include another property lying and specifically known as No. 8, Modupe Alakija Crescent, Ikoyi, Lagos; the property lying and specifically known as No. 10/12, Modupe Alakija Crescent, Ikoyi, Lagos christened and identified as Grand Villa; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; another property lying and known as Ark Towers situate at No. 17, Ligalli Ayorinde Avenue, Victoria Island, Lagos as well as Plot 5 and Plot 822, Samuel Manuwa Street, Victoria Island, Lagos.
Aside these prime assets of the obligors, Justice Liman also ordered AMCON to take over any other assets, businesses, affairs, undertakings, interests etc belonging to the defendants wherever same may be found. He also directed the Inspector-General of Police and his commissioners to assist AMCON and its designates as well as the Court Bailiffs in taking over the assets on behalf of the Corporation.”
Meanwhile, the management of Pan Ocean Oil group has expressed dismay at what it described as an attempted illegal takeover of its properties by AMCON. In a statement released, the firm said on July 2nd, 2020, a team led by Kunle Ogunba, disrupted work activities at two of its facilities under the guise of executing a court order. The firm noted that the action was taken despite a pending lawsuit marked FHC/L/CS/552/2020 which is before the Court of Appeal in Lagos. The statement in part reads
“Our lawyer, Mr. Oluwemimo Ogunde (SAN) had notified Justice Mohammed Liman of a Federal High Court in Lagos, about the pending suit and prayed His Lordship to stay execution of a court order around Pan Ocean’s assets. The attempted takeover of our assets by AMCON and its lawyer is therefore condemnable.
Pan Ocean accessed funding from the banking system to facilitate expansion plans which were based on sound investment advice and projections. The funds were invested in assets which are verifiable and within Nigeria. We remain committed to working with our financial partners to resolve all outstanding issues.”
We are committed to the rule of law and due process and will continue to rely on legal due process to resolve this issues despite the provocation and lawlessness of the party. We call on the leadership of the judiciary and all lovers of democracy and the rule of law to call the erring parties to order.”
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Zenith Bank Emerges Number One In Nigeria By Tier-1 Capital
Zenith Bank Plc has again emerged as the Number One Bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine.
The bank climbed 29 spots from the 415 position it occupied in 2019 to 386 in the 2020 global ranking of banks, thus retaining its position as the number one Tier-1 bank in Nigeria with Tier-1 Capital of $2.79 billion, representing an increase of 16.1 per cent on the $2.40 billion recorded in the 2019 rankings.
The ranking, published in the July 2020 edition of The Banker Magazine, a subsidiary of the Financial Times Group, UK, was based on the 2019 year-end Tier-1 capital of banks globally. According to the Ranking Report, Zenith Bank extended its lead over the second-placed bank in Nigeria. It’s financial performance for the year was underpinned by a 29 per cent increase in non-interest income, with an improved market share in both retail and corporate sectors.
In his reaction, the Group Managing Director/Chief Executive, Ebenezer Onyeagwu said: “this ranking, which further attests to our market leadership, is the outcome of a well-thought-out strategy of always delighting and creating value for our teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology.”
Tier-1 capital describes the capital adequacy of a bank, and it is the core measure of a bank’s financial strength from a regulator’s point of view. Tier-1 Capital, includes loss-absorbing capital, which denotes common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.
He said Zenith Bank has clearly distinguished itself as the leader in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices, pointing out that the bank has a knack for setting the pace and raising benchmarks in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.
In the year ended December 31, 2019, the bank posted profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark. In the recently released Q1 2020 unaudited financial results, the bank also recorded an improved result over the corresponding period in 2019, with gross earnings rising by 6% to N166.8 billion and profit before tax (PBT) growing 3% to N58.8 billion.
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