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Heirs Holdings Acquires 45 Percent Participating Interest In Nigerian Oil Licence

Permalink - Posted on 2021-01-15 20:54

Leading African investment company, Heirs Holdings, has acquired 45 percent participating interest in Nigerian oil licence OML 17 and other assets from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI.

In a statement on Friday, the company said one of its subsidiaries, TNOG Oil and Gas Limited would have sole operatorship of the asset. 

 

The statement also stated that the transaction is one of the largest oil and gas financings in Africa in more than a decade, with a financing component of $1.1 billion, provided by a consortium of global and regional banks and investors. 

According to the statement, the investment demonstrates a further important advance in the execution of the company's integrated energy strategy and the group’s commitment to Africa’s development through long-term investments that create economic prosperity and social wealth.

It partly read, "OML 17 has a current production capacity of 27,000 barrels of oil equivalent per day and, according to our estimates, 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.
 
"Heirs Holdings’ heritage and approach to business fundamentally underscores its commitment to inclusive development and shared prosperity with its host communities. Heirs Holdings is fully invested in the development of the Niger Delta region.
 
"Heirs Holdings’ strategy of creating the leading integrated energy business in Africa is executed through a series of strategic portfolio holdings. Transcorp is one of the largest power producers in Nigeria, with 2,000 MW of installed capacity, through ownership of Transcorp Power Plant and the recent acquisition of Afam Power Plc and Afam Three Fast Power Limited.

"Transcorp closed the $300 million Afam acquisitions in November 2020. Transcorp supplies electricity to the Republic of Benin, as part of an emphasis on promoting regional integration and delivering robust power supply to catalyse development in Africa. 

"Transcorp also operates OPL281, under a production sharing contract with the Nigerian National Petroleum Corporation (NNPC). Similarly, Heirs Holdings’ subsidiary, Tenoil, is the operator of OPL 2008, under a production sharing contract with NNPC. Tenoil also owns the Ata Marginal Field, which will commence production in Q2, 2021, with 3,500 barrels of oil per day."
 
The Chairman, Heirs Holdings, Tony Elumelu, said the group has a clear vision of creating Africa’s first integrated energy, a global quality business, uniquely focused on Africa and Africa’s energy needs. 
He also stated that the acquisition of such asset, with significant potential for further growth, is a strong statement of Heirs Holdings' confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team. 

Elumelu said, "As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria through Transcorp, and deliver value across the energy value chain.”
 
Speaking further, he said “I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
 
On his part, the President/GCEO of Transcorp, Owen Omogiafo, said the deal demonstrates Transcorp’s integrated energy strategy and its determination to power Africa.
 

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#EndSARS: Lagos Lost N2.5billion To Lekki Tollgate Closure In 95 Days

Permalink - Posted on 2021-01-11 09:11

The Lagos State Government may have lost more than N2.5billion in its projected revenue due to the closure of the Lekki toll plaza and the Ikoyi Link Bridge toll plaza in the last 95 days.

According to The PUNCH, the figure was obtained from the daily and monthly targets set for the tollgates by the Lagos State Government, which owns the tollgates though put under the management of the Lekki Concession Company.

The Lekki-Ikoyi Link Bridge is expected to generate about N10m daily, while the Lekki toll plaza is not expected to generate less than N16.6m a day.

This implies that the Lekki-Ikoyi Link Bridge has lost N950m, while the Lekki toll plaza has lost N1.5bn.

Following the violent turn the protest took after it was hijacked by hoodlums, the toll gates had remained open.

The Judicial Panel of Inquiry and Restitution set up by the Lagos State Government to investigate cases of brutality and human rights violations committed by operatives of the dissolved Special Anti-Robbery Squad ordered that the tollgates should not operate until hearings were concluded.

The Managing Director, LCC, Mr Abayomi Omomuwa, told the panel that he could not say how much the tollgates had lost.

The counsel for the Lagos State Government at the panel, Olukayode Enitan, made an application for the reopening of the Lekki toll plaza for repairs and insurance.

However, Justice Doris Okuwobi (retd.), who heads the panel, adjourned the matter till January 29 for further consideration of the application of the LCC.

A Lagos State commissioner noted that the Lekki-Ikoyi Link Bridge was expected to generate about N10m daily, while the tollgate along the Lekki-Epe Expressway was expected to generate about N16.6m daily.

According to the commissioner, the Ikoyi Link Bridge generates about N300m per month, while the tollgate along the Lekki-Epe Expressway generates about N500m monthly.

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FCMB Shares Record Six Percent Loss On 2021 First Trading Day

Permalink - Posted on 2021-01-04 17:42

Shares belonging to the First City Monument Bank posted losses in the early hours of trading on Monday, the first trading day of 2021.

According to data on the Nigerian Stock Exchange’s website, the bank’s shares lost 0.20k from the N3.33k it closed at on Thursday, December 31.

This represents a loss of 6.01 per cent. The tier-2 bank, which has a market capitalisation of N65.94 billion, has 19.8 billion shares listed on the Nigerian Stock Exchange.

The bank was ranked top loser on the market as of 1pm on Monday.

The last time the bank’s share price suffered a decline of this magnitude was on November 13, 2020, when it suffered a 10 percent decline from N3.80 per share on November 12 to N3.42 per share on November 13.

The FCMB Managing Director, Adam Nuru, had been a subject of controversy since Thursday over a scandal regarding paternity fraud with many Nigerians calling for his sack.

The spotlight had beamed on Nuru after friends of Tunde Thomas, who died on December 16, alleged that his demise was caused by the FCMB’s managing director in a petition.

The petition had claimed that Thomas died of depression after discovering that his two children with Moyo, his ex-wife and former employee of the bank, belong to Nuru.  See Also Scandal Marriage Scandal: 2,311 Petitioners Demand Sacking Of FCMB Managing Director, Nuru

A cross-section of Nigerians had on Monday also threatened to close their accounts with the FCMB if the bank authorities failed to investigate and sanction its MD over his alleged affair with Moyo, the bank’s former female employee.

Some Nigerians expressed anger and frustration that with the alleged affair between the FCMB MD and Moyo, which allegedly produced two children and led to the death of Tunde Thomas, the MD ought to have been suspended before the commencement of investigation.

Tunde Thomas, the husband of the woman in contention – Moyo – had died on December 16 reportedly from depression and cardiac arrest. See Also Scandal Nigerians React To FCMB MD Marriage Scandal

Thomas reportedly died of depression, after he realised that Nuru allegedly fathered the two children he thought he had with Moyo.

Although the FCMB has said it is investigating the scandal against its MD, a petition has already been raised by concerned Nigerians, demanding that Nuru must be sacked and prosecuted.

According to the petition, Moyo allegedly informed her husband that she was leaving Nigeria for the United States with the kids, only to call him upon arrival that the children did not belong to him.

The petition claimed the news initially caused Thomas to have a stroke but later recovered and thereafter met another lady whom he planned to marry.

He was however said to have suffered cardiac arrest after returning from work about two days before an event organised for his relations and the family of his fiancée to get to know each other, was to be held.

His fiancée was said to have been pregnant at the time.

No fewer than 2,400 petitioners had signed a petition calling for the sacking of the FCMB MD over the marriage scandal as of Sunday afternoon.

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Atiku Sells Off Shares In Intels, Accuses President Buhari Of Destroying His Business

Permalink - Posted on 2021-01-04 11:46

Nigeria’s former Vice President, Atiku Abubakar, has sold off his shares in Integrated Logistics Services Limited (Intels).

Atiku, however, accused the President Muhammadu Buhari-led government of going after the business.

Paul Ibe, spokesman for the former Vice President, disclosed this in a statement on Monday.

“Co-founder of Integrated Logistics Services Nigeria Limited (Intels), Atiku Abubakar, has been selling his shares in Intels over the years,” the statement read.

“It assumed greater urgency in the last five years because this government has been preoccupied with destroying a legitimate business that was employing thousands of Nigerians, because of politics.

“He has sold his shares in Intels and redirected his investment to other sectors of the economy for returns and creation of jobs.”

The Nigerian government had in October 2017 directed the Nigerian Ports Authority to terminate the boats pilotage monitoring and supervision agreement that the agency had with Intels, saying that the contract was void ab initio.

The NPA had also accused Intels of refusing to remit to the Nigerian government service boat pilotage revenue in the firm’s custody, which amounted to $207.65 million (N78.9 billion) as at September 30, 2019.

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Amid Financial Hardship, Sanwo-Olu Orders Demolition Of 5,000 Shops In Lagos, Traders Weep

Permalink - Posted on 2020-12-15 11:05

Traders and other stakeholders at the busy Oyinlola market, FESTAC Town, Lagos State, are presently counting their losses following the demolition of the market on Saturday.

Stakeholders in the market said it was selfish and insensitive for the Chairman of the Local Amuwo-Odofin Local Government Area, Valentine Buraimoh, to order a demolition without prior notice to the traders. 

SaharaReporters gathered that security operatives, who were present during the demolition, fired gunshots to scare the people away as hoodlums also used the opportunity to cart away millions of goods from the traumatised traders. 

The demolition, according to the traders, was unexpected as there was no prior notice to that effect.

However, the local government authorities stated that the demolition was carried out due to the structural defects of the buildings.

A shop owner told SaharaReporters that the reason claimed by the LGA was false and baseless as the shops were in good standing. 

She said, "I was shocked when I heard of the demolition. l heard them saying that they demolished them because of the structural defects of the building; there was nothing like that. Who carried out the test as to whether the shops were in good condition or not? People didn't know it was going to happen. If not, we would have taken pictures of their shops before the demolition. For how many years have those shops been there and there was never for once a building collapse?" 

She added that the government ought to carry the traders along, considering the peculiarity of the bad economy at this period.

Another victim, who leased out her shop to a woman and mother of 11 children, who paid N40,000 yearly, said the business had since stopped and the children were without reasonable care.

"This woman wanted to pay her rent to me recently, but I asked her to hold on still. Thank God I had not collected the money from her. She fainted while the demolition was going on. So many other people make their livelihood from this same market. 

"Some of the traders stocked their Christmas goods recently. You know what the country is; they had to get loans so they could stock and sell; school fee is there, the rent too," she lamented.

SaharaReporters gathered that while the demolition was going on, some thugs came and made away with people's goods.

The solicitor for the traders, Ike Onyefulu, in an interview, said he was disappointed in the local government authorities for demolishing the shops without prior notice.

He said, "There are laws in Nigeria. There are extant laws, but the problem is the enforcement of those laws by people. The urban and regional town planning law of Lagos State made specific provisions for any demolition of property either private or public but this is not adhered to.

"No matter what you have as the reason for the demolition of a market, not only law; common sense should tell you to give people notice to move their property, paste it so that people will know that they are using the property at their own risk. That is how things should be done. They should have given notice even if it is for seven days, but that was not done."

Onyefulu also confirmed that police officers and soldiers of the Nigerian Army were present at the site with guns, thereby causing confusion that allowed the hoodlums to have a field day on people's property.

"The police and the army were there with their AK-47 rifles, shooting into the air so that people were more traumatised and confused. Some people had travelled for the weekend; they were not around. Some that didn't travel were in their houses. It was a Saturday and those that were even in the shops, it took them by surprise that they were not able to save their goods.

"How do we account for the property worth billions of naira that was looted there, when there were over 5,000 shop owners? This is coming at a time that people are yet to recover from the effects of COVID-19 and the EndSARS protest."

Onyefulu said he had written letters to the state governor, Babajide Sanwo-Olu, the council chairman, and the FESTAC Residents Association since three weeks ago, but he has yet to get a reply.

"How would the state governor give such order as some of the people are claiming? Our letter was delivered. I want to believe the governor is not aware of this madness. In Lagos State, if a landlord wants a tenant to leave, the law says he has to give the tenant notice to quit and if that one refuses to go, you have to go to court to obtain the order but that didn't happen in our case," he explained.

When contacted by SaharaReporters, the LGA Chairman, Valentine Buraimoh, said he had consulted with the stakeholders and there was no way the traders would say they were not aware. 

He promised that another market would be built within the next three months and "the original allottees would be given utmost priority."

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Innoson Files Suit To Stop GTBank From Going Private Until N32 Billion Judgement Debt Is Redeemed

Permalink - Posted on 2020-11-30 20:10

Innoson, an indigenous auto company owned by Innocent Chukwuma, has approached the Federal High Court in Enugu to stop what it claims as deregistration and re-registration of Guaranty Trust Bank until the bank pays the company a N32 billion judgement debt.

Joined in the suit is the Central Bank of Nigeria as the second defendant; Securities and Exchange Commission as the third defendant; and Corporate Affairs Commission as the fourth defendant.

Innoson claimed that the bank is trying to deregister as a public limited liability company to avoid paying the judgment debt awarded against it.

Innoson is therefore praying the court for an order of perpetual injunctions restraining the CAC from going private until the bank pays the outstanding judgment debt arising from disagreement on loans and importation of auto spare parts.

The auto company is also asking the court to set aside SEC's no-objection to GTB's proposal to re-register as a private limited liability company or a holding financial company, as well as set aside CBN's earlier approval of GTB's request to go private.

"An order of perpetual injunction restraining the 2nd Defendant (Central Bank of Nigeria) from granting the 1st Defendant (GTB) a financial holding company license and or final approval to operate or carry on business as a financial holding company whether in its present name or as a private limited liability company until it, the 1st Defendant(GTB ) pays the Plaintiff (Innoson Nig Ltd) the total outstanding judgement debt of N32, 875, 204, 984. 38k (Thirty Two Billion, Eight Hundred and Seventy-Five Million, Two Hundred and Four Thousand, Nine Hundred and Eighty-Four Naira, Thirty-Eight Kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014, and CA/E/288/2013," the statement read.

The Supreme Court of Nigeria had struck out GTB's motion to set aside its earlier decision in February 2019 dismissing GTB's appeal against the Court of Appeal judgement in 2014 which was in favour of Innoson.

Following the Supreme Court ruling, the Federal High Court in Awka granted leave to Innoson to enforce and execute the judgment.

As Innoson commenced the process of executing the judgement, GTB filed a motion on notice seeking an order for staying or suspending the execution embarked upon by Innoson and sought an order to set aside the exparte order by the lower court granting Innoson leave to enforce the judgment.

Whilst refusing GTB's application and staying further proceedings, the Supreme Court further held that the order it made on March 27, 2019, in favour of Innoson was still valid, adding that all the steps taken for executions in pursuance of that order were valid.

It was reported that while Innoson was still waiting for GTB to come up with a payment plan for the Judgement debt, the bank decided to go private.

 

 

Business Legal News AddThis :  Original Author :  SaharaReporters, New York Disable advertisements : 


Illegal Chinese Fishing May Collapse Nigeria's Coastal Ecosystem—Report

Permalink - Posted on 2020-11-12 05:59

Nigeria's fishery resources are at the risk of collapse following a spate of illegal, unreported and unregulated (IUU) fishing in its waters, an investigative report on Chinese transhipment activities in Ghana and Nigeria has found.

The report conducted by Modern Ghana with support from the Money Trail Project, a Eurasian and African grant fund, uncovered how political inaction, corruption, and Chinese impunity threaten fish populations in the West Africa region.  

Foreign-owned vessels, the report notes, in connivance with some local fishermen and security officials engage in transhipment activities despite prohibition by Nigeria's Sea Fisheries Act.

Nigeriaabroad reports that Transhipment activities in fishing occur when industrial trawlers licensed to harvest bottom-dwelling species instead target the staple fishes left for local fishers, and then sell their catches to the local fishers at a profit.

"Transshipment activities by Chinese-owned trawlers are considered a major problem in Oyorokoto, in the Niger Delta region," the report states, quoting one Mr Monwon, a local fisher who recounted being "threatened at sea after confronting a Chinese-manned vessel."

The activities of the Chinese trawlers are blamed for the dwindling catch and economic hardship facing many residents of Oyorokoto who depend on artisanal fishing for their livelihoods.

"After they have finished fishing, we hardly see fishes catch," Mr Monwon told the investigators, pointing to a fishing vessel at a far distance.

Promise Bristol, head of artisanal fishermen in Bonny also shared similar sentiments: "Foreign trawlers connive with security agents to attack local fishermen who rebel against their illegal activities."

Quoting Prof. Chioma Nzeh of the Department of Zoology at the University of Ilorin, the report further says that in Nigeria, "many marine and coastal ecosystems are close to collapse due to IUU fishing."

A 2018 report by the Nigerian navy says Nigeria loses as much as $70million to IUU activities yearly.

Many of these Chinese fishing vessels, with no fishing licences, fish as far as four nautical miles depriving local fishers of their daily catch. Four Chinese fishing vessels were arrested by the Nigerian Navy in August 2017 while fishing within the Non-Trawling Zone (2-6 nautical miles).

Rivers State chairman of the Fisheries Association of Nigeria, Nene Jamabo, told the investigators that the Nigerian government should intervene with "effective laws, and there must be proper monitoring from officials of the Federal Department of Fisheries (FDF)."

In Ghana, the situation is no less different. A 28-year-old fishing investigator, Emmanuel Essien, "vanished onboard a Chinese-owned trawler called Meng Xin 15 on July 5, 2019," the report says.

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Transcorp Hilton Reduces Staff By 40 Per Cent Over COVID-19 Losses

Permalink - Posted on 2020-09-18 13:59

Transcorp Hilton Hotel, Abuja, has said it is reducing 40 per cent of its workforce due to losses caused by the COVID-19 pandemic.

All executives of the hotel have also taken a pay cut. 

Transcorp Hilton Hotel, Abuja.

Dupe Olusola, Managing Director of the organisation, said the move was to restructure its business strategy as well as diversify its portfolio to mitigate the impact of the Coronavirus on tourism in the country.

She said, “The impact of COVID-19 on the business is like nothing the company has ever witnessed. The hotel and hospitality industry in Nigeria has never faced a crisis that brought travel to a standstill. The slow pick up of international travel, restriction on large gatherings, the switch to virtual meetings and fear of the virus, has drastically reduced demand for our hotels and occupancy levels to its lowest of less than five per cent.

“Despite the losses incurred, we have fulfilled our obligations to staff. At the inception of the pandemic, we maintained a 100 per cent salary payment to our over 900 employees in March and April. We also activated various cost-saving initiatives such as renegotiations of service contracts and restructuring of our loans. 

“We suspended further commitment to buy fixed assets and operating equipment as well as reducing our energy consumption and maintenance costs. Despite undertaking these, it has become apparent that more fundamental changes need to be made for the business to survive. To this end, our workforce headcount will be reduced by at least 40 per cent, and our reward system will be optimised.”

She added that those, who are impacted would be compensated adequately and a health insurance package to reduce their health burden costs, especially during the pandemic, amongst other payment settlements, will be activated.

 

See Also Exclusive EXCLUSIVE: How Dangote Cement Fired More Than 3000 Staff Without Notice, Due Process

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Nigeria’s Inflation Rate Hits 13.22 Per Cent

Permalink - Posted on 2020-09-15 09:50

The National Bureau of Statistics has said that Consumer Price Index, which measures inflation, increased to 13.22 per cent year-on-year in August 2020.

The NBS made this known in its CPI and Inflation Report for August released on Tuesday.

The latest figure is 0.40 per cent points higher than the rate recorded in July 2020 (12.82 per cent).

Food inflation stood at 16 per cent in August 2020 compared to 15.48 per cent in July 2020. 

This rise in the food index was attributed to increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables.

Core inflation also rose to 10.52 per cent in August 2020 up by 0.42 per cent points when compared with 10.1 per cent recorded in July 2020.

The highest increase were recorded in prices of passenger transport by air, hospital services, medical services, pharmaceutical products, maintenance and repair of personal transport equipment.

The last time Nigeria’s inflation rate was in this region was in March 2018 when the economy was recovering from the 2016 recession and inflation rate was on a decline from the 18 per cent recorded during the recession.

The report reads, "On a month-on-month basis, the headline index increased by 1.34 per cent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).

“The urban inflation rate increased by 13.83 per cent (year-on-year) in August 2020 from 13.40 per cent recorded in July 2020, while the rural inflation rate increased by 12.65 per cent in August 2020 from 12.28 per cent in July 2020.

“The composite food index rose by 16.00 per cent in August 2020 compared to 15.48 per cent in July 2020.”

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Judge Declines To Hear Shoprite’s Application To Set Aside Injunction In $10m Debt Suit

Permalink - Posted on 2020-09-07 18:13

A Federal High Court sitting in Lagos on Monday declined hearing an application filed to lift an order of injunction restraining South African retail outlet, Shoprite Checkers (PTY) Limited from transferring its assets.

Justice Nicholas Oweibo, a vacation judge, said that the matter was not urgent enough to be heard during the court’s ongoing vacation.

Shoprite is seeking to overturn a July 14, 2020 injunction made by Justice Mohammed Liman of the same court in favour of a Nigerian firm, A.I.C. Limited.

A.I.C. Limited, which in 2018 secured a $10m judgment against Shoprite in a breach of contract lawsuit, obtained the injunction against the backdrop of Shoprite’s announcement to pull out of Nigeria.

Displeased with the judgment, Shoprite had gone on appeal but it equally lost at the Court of Appeal and has now gone to the Supreme Court.

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