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President Buhari Appoints Board & Management of NNPC Limited

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President Muhammadu Buhari has appointed the Board and Management of the Nigerian National Petroleum Company Limited, in accordance with the power vested in him under Section 59(2) of the Petroleum Industry Act 2021.

Chairman of the Board is Senator Margret Chuba Okadigbo (South East), Mele Kolo Kyari, Chief Executive Officer, and Umar I. Ajiya, Chief Financial Officer.

Other Board Members are; Dr Tajudeen Umar (North East), Mrs Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Engr. Henry Obih (South East), Barrister Constance Harry Marshal (South South), and Chief Pius Akinyelure(South West).

The appointments take effect from the date of the incorporation of the NNPC Limited.

The appointments take effect from the date of the incorporation of the NNPC Limited
Also appointed are Executive Commissioners of the Nigerian Upstream Petroleum Regulatory Commission. They are: Dr Nuhu Habib (Kano), Executive Commissioner, Development and Production, Dr Kelechi Onyekachi Ofoegbu (Imo), Executive Commissioner, Economic Regulations and Strategic Planning, Capt. Tonlagha Roland John (Delta), Executive Commissioner, Health, Safety, Environment and Community, and Jide Adeola (Kogi), Executive Commissioner, Corporate Services and Administration.

Earlier appointed are the Board Chairman, CEO, Executive Commissioner, Exploration and Acreage Management, and Executive Commissioner, Finance and Accounts.

New appointees at the Nigerian Midstream and Downstream Petroleum Regulatory Authority are Francis Alabo Ogaree (Rivers), Executive Director, Hydrocarbon Processing, Mustapha Lamorde (Adamawa), Executive Director, Health, Safety, Environment and Community, Mansur Kuliya (Kano), Executive Director, Midstream and Downstream Gas Infrastructure Fund, Bashir Sadiq (Sokoto), Executive Director, Corporate Services and Administration, and Dr Zainab Gobir (Kwara), Executive Director, Economic Regulations and Strategic Planning.

They join the Board Chairman, Executive Director, Downstream Systems, Storage and Retailing Infrastructure, the CEO, and Executive Director, Finance and Accounts, who had earlier been appointed.

For Midstream and Downstream Infrastructure Fund, new Council Members are; Mr Effiong Abia (Akwa Ibom), Bobboi Ahmed (Adamawa), and Engr. Abdullahi Bukar (Katsina).

It will be recalled that President Buhari had last September written the Senate on the administrative structure amendments to the Petroleum Industry Act, which included appointment of Non-Executive Board Members, removal of the Ministries of Petroleum and Finance from the Board of the two new institutions, and appointment of Executive Directors.

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Tinubu Speaks On Incessant National Grid Collapse

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Presidential aspirant Bola Tinubu has blamed the incessant power failures assailing the country’s economy on the previous administration’s failure to heed his advice.

Mr Tinubu who made this revelation while speaking at a parley on Wednesday disclosed how he brought in major investors into the country.

The former governor boasted that he was the first governor to introduce the Independent Power Project in Nigeria.

“I am the first governor to bring Independent Power Project (IPP) to Nigeria. It was 300 megawatts. If they had followed my advice then, Nigeria will not be facing epileptic power supplies,” the former Lagos governor said.

Mr Tinubu, who has formally entered the presidential election race for 2023, hailed himself as the most qualified candidate, adding that his dream is for a country that is not a poverty index.

Nigeria’s power grid collapsed last Friday, the third time in less than four weeks.

In the wake of the latest grid collapse, Minister of Power Abubakar Aliyu on Saturday announced that an investigation had been launched into the recurring collapse.

On his part, works minister Tunde Fashola blamed unnamed vandals for the nationwide blackout reported after the national grid collapsed that occurred on Friday evening.

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Savannah Acquisition in Jeopardy as Lekoil Shareholder files Winding up Petition

By Sandra Ani

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Lekoil Nigeria
Lekoil Founder and Chief Executive Officer of Lekoil Nigeria Limited, Mr. Olalekan Akinyanmi

Lekoil Nigeria Limited has filed a petition in the Grand Court of Cayman Island Court to request the just and equitable winding up of Lekoil Cayman to avert value loss by shareholders of the AIM-Listed company.

Lekan Akinyanmi, Lekoil

Lekoil Founder and Chief Executive Officer of Lekoil Nigeria Limited, Mr. Olalekan Akinyanmi

The petition was filed by Lekoil Founder and Chief Executive Officer of Lekoil Nigeria Limited, Mr. Olalekan Akinyanmi.

This new turn of events was disclosed by the Chairman of Lekoil Nigeria  Limited, Mrs. Aisha Muhammed-Oyebode in a letter she wrote to shareholders of Lekoil Cayman.

Mrs. Oyebode called shareholders attention to the petition presented by the chief executive officer of Lekoil Nigeria Limited to wind up Lekoil Limited (the Company).

She said: “I write to you today to alleviate any concerns that you may have regarding this petition and assure you that that it is not the intention of Mr. Akinyanmi nor Lekoil Nigeria to compromise the integrity of your investment in the Company.

You may recall that I wrote to you in December 2020 following the requisition of an extraordinary general meeting by Metallon Corporation.

 In my letter I foreshadowed the efforts to take over your Company by the back door by Metallon Corporation and various other activist institutional shareholders, without making a formal offer for your shares as required by the Company’s articles of association, and without offering fair value for your company”.

The Lekoil chairperson added that  recent events have proved her predictions correct as the board of directors of the Company (the Board) have entered into agreements with Savannah Energy Investments Limited (Savannah), a wholly owned subsidiary of Savannah PLC, in an attempt to hand over control of and the entire assets of the Company have effectively been handed over to Savannah for £855,000 funding under a convertible funding agreement and US$1,000,000 funding under an option agreement. We believe the assets of the Company are conservatively worth in excess of US$500 million, with the producing asset of the Company’s Otakikpo asset alone is conservatively valued at US$200 million.

Explaining further, Mrs Oyebode said that “ in the absence of any substantial operations, the funding raised from Savannah will be applied to pay the fees of the directors and other advisers such as SP Angel and Tennyson Securities. Shareholders are unlikely to receive a penny of the funds raised by the Company, nor will they be invested in the underlying assets of the Company. The Board further announced on 1 April 2022, the fees to be paid to the directors of the Company for the current year (amounting to approximately US$290,000) and an intention to further dilute your shareholding (potentially by a further 20%, following on from the approximate 40% dilution that you have already suffered this year) through the issuance of shares pursuant to a contractor services arrangement”.

Lekoil Nigeria, according to her, has only ever sought to protect the interest of shareholders and create long term value for shareholders. Lekoil Nigeria has been committed to developing its assets and increasing production from its producing asset, Otakikpo.

Lekoil Nigeria

It will be recalled that consistent with its efforts to protect the interests of shareholders, in December 2021 Lekoil Nigeria announced a cash offer to acquire shares of shareholders wishing to exit their investment at 1.9p and a share exchange offer for those shareholders wishing to continue in their investment in the Lekoil group. The Board however took steps to ensure that these offers could not be easily accepted by shareholders. Instead, the Board resolved to issue new shares to Savannah at 25% of the price offered for your shares by Lekoil Nigeria pursuant to the cash offer and effectively agreed to hand over the entire assets of Lekoil Nigeria Limited to Savannah for US$1,000,000 under the terms of the Option Agreement

that you are being asked to approve at the extraordinary general meeting scheduled for 7 April 2022 (whilst proposing to pay themselves approximately $300,000 per annum).

The Lekoil Nigeria chairperson further disclosed Lekoil Nigeria considers that the Board of Lekoil Cayman has knowingly entered into financing arrangements that will lead to a significant diminution in the value of your investment. This has been done intentionally and is the culmination of a takeover attempt orchestrated initially with Metallon Corporation and now being implemented with Savannah.

Explaining further, she said  that “ In the circumstances, the chief executive officer, Mr. Olalekan Akinyanmi (who is the single largest non-institutional shareholder and the founder of the Company), had no choice but to petition the Grand Court of Cayman Islands (where the Company is incorporated) for a just and equitable winding up of the Company, on the grounds of the oppressive conduct of the Board, whilst at the same time seeking to set aside the agreements entered into with Savannah and the unauthorised issue of shares to Savannah and other parties.

“Shareholders should not however be alarmed. Mr. Olalekan Akinyanmi is seeking to ensure that shareholders that placed their trust in himself and the Company do not lose their investment as a consequence of the de facto takeover of the Company that the Board has concluded with Savannah. The petition together with the efforts to set aside of the transactions with Savannah are intended to ensure that the interest of shareholders are fully protected.

Shareholders should understand that the steps that have been taken by Mr. Akinyanmi, the founder of the Company, are intended to protect your interest. It is time now to place your faith in the right party”, she said.

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Lekoil Nigeria Secures Court Injunction against Lekoil Limited and Savannah Energy

The court injunction is also to stop the transfer or creation of any interest in Lekoil Nigeria Limited…

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Lekoil Nigeria

Following the announcement of 28 February 2022 by Lekoil Limited that it had entered into an agreement with Savannah Energy Investments Limited, a subsidiary of Savannah Energy PLC, Lekoil Nigeria Limited, joined by a number of third-parties including Lekoil Oil & Gas Investments Limited, Mayfair Assets &  Trust Limited, Lekoil 276 Limited and Lekoil Exploration & Production Nigeria Limited, has sought and been granted an injunction in the Federal High Court of Nigeria against Lekoil Limited and Savannah Energy Investments Limited restraining them from taking any steps in furtherance of the transfer of any interests in oil and gas assets of Lekoil  Nigeria Limited.

The court injunction is also to stop the transfer or creation of any interest in Lekoil Nigeria Limited, that will alter the ownership, equity or  share capital structure of Lekoil Nigeria Limited, .

The court order sighted by GrassRoots.ng correspondent can be found  by clicking here or at the following link: https://lekoil.com/corporate-documents

Accordingly, the following resolutions to be voted on at the forthcoming Extraordinary General Meeting convened by Lekoil Limited for Thursday 7th April 2022 have been injuncted by the order of the Federal High Court of Nigeria:

  • approving the Option Agreement entered into with Savannah Investments, in accordance with the requirements of Rule 15 of the AIM Rules.
  • authorising the Directors to allot and issue fully paid ordinary shares up to an aggregate number of 151,755,547, which is approximately 20 per cent (20%) of the Company’s current issued ordinary share capital.

The Board of Lekoil Nigeria is delighted that the injunction has been granted, prohibiting a substantially dilutive issuance of equity and an option agreement with Savannah Energy Investments Limited which would have denied shareholders of significant value.

Lekoil Nigeria Limited is an oil and gas exploration and production company with a focus on Nigeria and West Africa, in which Lekoil Limited (AIM: LEK) (the “Company”) has a 40% equity interest.

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