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Eko Disco Launch Energy Club In Lagos Schools

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Eko Disco Launch Energy Club In Lagos Schools

Eko Disco Launch Energy Club In Lagos Schools

Olushola Okunlade Writes

Eko Electricity Distribution Company (EKEDC) on Monday launched Energy clubs in selected schools within its network, to encourage young girls to take opportunities in the power sector.

The Club activities are expected to promote the interest of female students in Science, Technology, Engineering and Mathematics (STEM) disciplines, to achieve gender diversity and equity in the Power Sector and other related technology sectors.

The Programme launch, which was held at Government Secondary School Ikoyi, is in partnership with the United States Agency for International Development, USAID.

The participating schools in the first phase of the year-long programme include Akande Dahunsi Community Secondary School, Ilado Community Junior Secondary School and Wahab Folawiyo Junior High School.

Eko Disco Launch Energy Club in Lagos Schools
Eko Disco Launch Energy Club in Lagos Schools

According to Alero Olayiwola, EKEDC’s Head Talent Management and Development, the Club activities will run concurrently in the participating schools, for a period of 12 months. During the period, the Company will provide the guidelines, curriculum and support of the activities of the club before handing over to the participating schools for sustainability.

She disclosed that the Programme will sustain the interest and commitment of students in STEM subjects and expose them to the knowledge, possibilities and opportunities that abound in the power and other technical sectors.

In his remarks, Aik Alenkhe, EKEDC’s Chief Human Resource Officer, said that the Energy Club which is also part of the company’s corporate social responsibility (CSR) is geared towards actualising the Company’s mission, vision and core values.

Eko Disco Launch Energy Club In Lagos Schools
Eko Disco Launch Energy Club in Lagos Schools
Eko Disco Launch Energy Club in Lagos Schools

“It is our hope that this commitment to the future of the students particularly the girls, will help to bring about a gender-inclusive sector without limitation or barrier to women. It is also our hope to correct the agelong stereotype that has been associated with the power sector, as a male-dominated sector. For us as a Company, we believe that there should be no encumbrance to the opportunities that are open to females in the power sector.”

Alexander Nzekwe, Vice Principal Akande Dahunsi Community Junior Secondary School while speaking on the initiative, noted that it will encourage students to be STEM-focused and open them to the opportunities that are available in the Power sector.

Some of the EKEDC female Engineers who spoke at the event shared their personal experiences with the students and encouraged them to seize the opportunities in STEM.

Energy

NNPC Board Chairman Commends Nigeria’s Participation At OTC 2022

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‘There’s Sufficient Petrol’, Don’t Panic To Buy, Says NNPC

Olushola Okunlade Writes

Senator Margery Chuba-Okadigbo, Chairman of the Board of the Nigerian National Petroleum Company (NNPC) Ltd., on Monday commended the Nigerian delegation at the 2022 Offshore Technology Conference (OTC), in Houston, Texas, United States.

Chuba-Okadigbo gave the commendation while declaring open the OTC Nigerian exhibition pavilion at the conference.

She expressed her excitement toward declaring the pavilion open, saying that it was a thing of joy and pride that Nigeria is well represented at the conference.

Reports have it that the theme of the Nigerian exhibition pavilion is: “Energy Transition and the Future of Africa”, organized by the Petroleum Technology Association of Nigeria (PETAN).

The OTC is a platform where energy professionals across the globe meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources.

“I am delighted to declare this exhibition open. Again, it’s a thing of joy and pride to see you Nigerians well represented in foreign countries,” she said.

Earlier in his opening remarks, the Chairman of PETAN, Mr. Nicolas Odinuwe, said that the theme was carefully chosen to “reflect the current realities in African oil and gas.”

Odinuwe called on Nigerian oil and gas industry leaders to continue to echo PETAN’s calls to deepen Nigerian content as always and implored the NNPC Ltd. board and others to indulge the association.

“OTC means different things to different people. But thanks to PETAN’s focused participation.

“PETAN and Nigeria have built capacities, capabilities, and visibility. PETAN has been the host of the Nigerian Pavilion for over 15 years.

“And we have been fully supported by the NNPC (now NNPC Limited) who are in transition.

We are here to continue to propagate, advocate and advance technology that has led to Nigeria being the only country in Sub-Saharan Africa with a robust exploration and production service industry,” he said.

According to the chairman, OTC gives attendees access to leading-edge technical information.

He said: “The benefits of the OTC 2022 event include showcasing companies’ capabilities to over 1,000 delegates and over 250 companies in the oil and gas industry.

“Also to give exhibitors the chance to promote their products and services to operators and contractors in the local region.

“Other benefits include gaining access by organizations to the latest industry news, a presence at one of the world’s largest oil and gas events and access to networking opportunities with professional contacts from across the world.

“Networking with the upstream, midstream, and downstream organizations as well as high profiled government officials and key decision-makers in the industry.

” The conference will give participants the opportunity to build and establish new leads as well as entrench a global presence in the industry.

“It will enable them to get familiar with competitors’ capabilities to stay ahead in the industry.”

Odinuwe said that PETAN had been responsible for leading and hosting the Nigerian government agencies, stakeholders, oil and gas companies, and investors at the OTC yearly.

He said that among the reasons for OTC was to deliver a unique experience for exhibitors and delegates to interact with global professionals as they share their insights on technological advances, energy transition, safety, environmentally focused solutions, and economic and regulatory impacts of the offshore energy sector.

“Organisations’ attendance will create a chance to develop business relationships and tap into emerging regions that are vital to offshore development as well as obtaining recognition necessary for growth and visibility to thousands across the globe,” he added.

He recalled that at the OTC 2019, Nigeria had the fifth-largest representation of over 60 participating countries.

“The value of participating organizations’ presence cannot be overestimated as they stand a chance to project their activities to investors and stakeholders spanning different countries.

The event will feature, among others, the formal opening of the Nigerian exhibition pavilion in the NRG Park; the luncheon and panel sessions on the Nigerian energy and supportive industries; the Nigerian Industry Awards Dinner and Cocktail; sideshows of Nigerian culture displays and entertainment; technical sessions and networking golf event,” he said.

PETAN is an association of indigenous Technical Oilfield Service Companies.

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Seplat Energy Grows PBT By 197.8% To N34.7 Billion

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Seplat Energy grows 2021 full-year gross profit by 128.9% to N114.2bn

… Cash generated from operations hits N74.4bn, rising by 197.8%

Olushola Okunlade Writes

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the three months ended 31 March 2022, recording a rise in profit before tax by 197.8 per cent to N34.7bn from N10.6bn year-on-year.

The company also generated cash from its operations to the tune of N74.4bn from N1.7bn year-on-year, rising by 197.8 per cent.

The energy Companies also grew their revenue by 58.6 per cent to N100.6bn from N57.9bn year-on-year; as their gross profit soars to N48.8bn from N20.1bn year-on-year, rising by 122.3 per cent.

In its operations, Seplat Energy demonstrated a strong safety record, which extended to 26.1 million hours without LTI from operated assets (2.0 million hours in Q1 2022).

Operational highlights

§  Strong safety record extended to 26.1 million hours without LTI from Seplat Energy operated assets
(2.0m hours in Q1 2022)

§  Working interest production averaged 47,603 boepd (liquids 29,079 bopd, gas 18,524 boepd) 

§  Full-year guidance remains unchanged at 50-60 kboepd

§  Amukpe-Escravos Pipeline is mechanically completed, all commercial terms have been agreed upon and are moving through counterparty approval processes for signature. Expected to be fully operational by end of Q2 2022.

§  Sibiri exploration well drilled and successful, data analysis underway, working with a partner to secure regulatory approval for Extended Well Test

§  Decision to exit Ubima to focus on more profitable assets; agreement reached to sell Seplat Energy’s share to its JV partner for $55 million.  2P reserves reduce by 2 MMboe from 457mmboe to 455 MMboe.

Financial highlights  

§  Revenues up 58.6% to $241.8 million  

§  EBITDA up 81.6% to $147.4 million (adjusted for non-cash items)

§  Strong cash generation of $178.7 million, capex of $25.7 million 

§  Strong balance sheet with $312.2 million cash at bank, net debt of $442.6 million  

§  Q1 interim dividend of US2.5 cents per share    

Update on proposed acquisition of Mobil Producing Nigeria Unlimited

§  Sales & Purchase Agreement signed on 25 February to acquire Exxon’s shallow water operations in Nigeria, Mobil Producing Unlimited, Nigeria (MPNU)

§  Acquisition remains on track and awaiting necessary approvals, expected to complete in H2 2022

Commenting on the results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy Plc, said:

“Seplat Energy delivered a good quarter that benefited from higher oil pricing, which offset lower production owing to continuing problems with the Trans Forcados Pipeline. However, the alternative Amukpe-Escravos Pipeline is mechanically complete and once we have signed the commercial agreements, we expect Chevron to be lifting our oil through the Escravos Terminal in the third quarter. 

“Our proposed acquisition of MPNU remains on course. We are awaiting the necessary approvals from the government and regulators and expect the transaction to complete in the second half of this year. The effective date of 1 January 2021 means we will benefit from higher recent oil prices and as we have previously reported, the addition of MPNU will nearly treble our production and double our reserves on a pro forma 2020 basis. The acquisition will reinforce our leadership of Nigeria’s indigenous energy sector and enable us to generate strong future cash flows that will underpin our investment in Nigeria’s energy transition and improve our overall stakeholder returns. It will also bring a significant undeveloped gas resource base which, alongside our ANOH gas project development, will underpin Nigeria’s energy transition and drive domestic and export revenues when developed.

“We announce the decision to divest the Group’s interest in the Ubima marginal field for a consideration of $55million, which marginally reduces the company’s 2P reserves by 2 MMboe to 455 MMboe. 

“We have proven we have the financial strength and credibility to attract international finance into Nigeria’s energy sector and this will help us in our aim to deliver energy transition and provide cleaner, more reliable, and more affordable energy for Nigeria’s young and growing population.”

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Seplat Energy Appoint Three Directors To The Board

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Seplat Energy grows 2021 full-year gross profit by 128.9% to N114.2bn

Olushola Okunlade Writes

The Board of Directors of Seplat Energy Plc today announces the appointment of Mrs. Bashirat Odunewu as an Independent Non-Executive Director of the Company, Mr. Kazeem Raimi as a Non-Executive Director, and Mr. Ernest Ebi as a Non-Executive Director.

The three appointees will be joining the Seplat Board with effect from 18th May 2022.  

Mrs. Bashirat Odunewu (Independent Non-Executive Director) is a Banking and financial expert with about 30 years of experience in the Finance and Banking Industry. Up till June 2021, she served as C-Suite executive, corporate banking (Energy, Natural Resources & Infrastructure), at First Bank Nigeria Ltd, prior to which she was the line executive for their international banking group where she supervised CEOs of the subsidiaries of First Bank in 6 African countries as well as the Bank’s representative office in China and served as a board member for several of them. She is a business development veteran, well versed in business strategy with over 10 years of hands-on experience at the C-suite Executive Management level, an alumnus of Imperial College (University of London) and the University of Manchester. Bashirat is a Chartered accountant (FCA) and a certified member of the Chartered Institute of Arbitrators-UK (MCIArb). She is also a member of various reputable professional associations including the Chartered Institute of Bankers Nigeria (CIBN) and the Institute of Directors (IoD). Bashirat currently serves as an INED on the board of Leadway Holdings and Non-Executive Director (NED) on the Boards of some African Subsidiary Banks of First Bank Nigeria.    

She is an Independent NED on the Board of Neimeth International Pharmaceuticals Plc (an NGX quoted company) and is also a member of the Board of Directors for the Franco-Nigeria Chamber of Commerce and Industry where she serves as the Treasurer.  

Mrs. Odunewu has experience spanning audit/accounting, corporate & commercial banking, Investment banking, and treasury in various financial institutions. She has specialized in Oil and Gas financing projects and led notable successful syndications for acquisitions and development. She has been the recipient of several Merit Awards in the organizations she has worked in recognition of her stellar performance. Mrs. Odunewu is passionate about supporting younger ones in fulfilling their aspirations and is a mentor/sponsor to many in this regard.

Mr. Kazeem Raimi (Non-Executive Director) is a nominee of Platform Petroleum Limited replacing Mr. Austin Avuru who stepped down from the Board of Seplat Energy on 1st March 2022. Mr. Raimi is presently the Executive Director, Commercial for Platform Petroleum Limited. Previously with Seplat Energy as General Manager, Commercial, Mr. Raimi was charged with the responsibility for driving commercial, economics, valuation, planning, and treasury activities across the entire organization. He also served previously as Manager, Corporate Planning and Economics at Seplat Energy.

Mr. Raimi has extensive experience in project economics and risk analysis has been Lead Petroleum Economics and Commercial Advisor at  Addax Petroleum Nigeria where he also served in different capacities. Prior to this, Mr. Raimi served as Treasury Manager at Cadbury Nigeria Plc and Finance Analyst at Citibank Nigeria Limited. He had significant involvement in commercial and economic evaluations of new ventures, farm-in, and company acquisition opportunities with a thorough appreciation of tax, fiscal issues, and project economics especially as they relate to Nigeria, Gabon, Iraq, and Cameroon. In addition to his role at Platform Petroleum Limited, Mr. Raimi also serves as a Non – Executive Director at PNG Gas Limited and Ase River Transport Company Limited.

Mr. Raimi holds a First-Class Honors in Economics from the University of Ibadan, an MSc in Oil and Gas Economics from the University of Dundee, and has undertaken several courses at Harvard Business School.

Mr. Ernest Ebi (Non-Executive Director) is a nominee of Shebah Petroleum Development Company Limited (BVI) replacing Dr. A.B.C Orjiako who will step down from the Board of Seplat Energy on 18th May 2022 after the Annual General Meeting. Mr. Ebi is an executive whose vast experience in the banking and finance industry spans over four (4) decades. From June 1999 to June 2009, he was appointed as a Deputy Governor at the Central Bank of Nigeria, Nigeria’s apex bank, where he covered policy and corporate services portfolios. Prior to this, Mr. Ebi held several executive positions in the banking industry in Nigeria and the United States of America. He was the Deputy Managing Director in Diamond Bank Ltd where he led the bank’s financial services marketing strategy & initiatives for new business development among others. In 1995, he was appointed by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation as the Managing Director & CEO of New Nigerian Bank Plc. During his time at New Nigerian Bank Plc., he was responsible for the development and implementation of a credible turnaround plan for the bank and contributed significantly to the recovery of a huge portfolio of non-performing risk assets. Mr. Ebi has also held senior positions at the International Merchant Bank, as the Assistant General Manager (credit & marketing department) and Assistant. General Manager (Loan Review & Audit).

Mr. Ebi served as the Board Chairman of Fidelity Bank Plc (2016 – 2020) and AIICO Pension Managers (2010-2021) and currently serves as an Independent Director on the Board of Dangote Cement Plc., Julius Berger Nigeria Plc., Coronation Capital Ltd, and Coronation Asset Management Ltd.

Mr. Ebi is also a Fellow, Chartered Institute of Bankers, FCIB and Fellow, Institute of Directors Nigeria (F.IOD). Mr. Ebi has a very distinguished career within the Banking and financial services industry and has undertaken several leadership courses at Harvard Business School and Oxford Said Business School. He was awarded the National Honour of Member of the Order of the Federal Republic (MFR) by the Federal Government of Nigeria in 2007 in recognition of his meritorious service

Commenting on the appointments, Dr. A. B. C. Orjiako, Chairman of SEPLAT Energy said:

“The Board of SEPLAT Energy is pleased to welcome Mrs. Bashirat Odunewu, Mr. Kazeem Raimi, and Mr. Ernest Ebi. They are excellent professionals with a wealth of experience spanning over decades. SEPLAT Energy eagerly looks forward to the enormous contributions they will make towards achieving global success.”

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