World

The Nigerian Electricity Regulatory Commission (NERC) has given Kaduna Electricity Distribution Company (KAEDC) 60 days within which to show reasons why its...

Italian oil major, ENI said it remained firm in its commitments towards net zero emissions by 2050 and confirmed all its decarbonization...

Appeal court suspends enforcement of Interim Orders against Seplat, Officers Seplat Energy announced on Monday that the Court of Appeal of Nigeria, sitting in Abuja, has suspended the ex parte Interim Orders granted on 11 May 2023. The interim order was granted by the Justice I.E. Ekwo of the Federal High Court, Abuja in suit number FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others, and served on the Company on 12 May 2023. The Court subsequently adjourned pending applications to 30 May 2023 for hearing. The Interim Orders were made pursuant to a petition which was the third in a series of duplicative petitions filed by minority shareholders between March and April 2023. The Interim Orders primarily restrained the Board Chairman, named Independent Non-Executive Directors, the Chief Operating Officer and the Company Secretary from operating or functioning as officers of Seplat Energy in any capacity, or otherwise conducting the affairs of the Company, and directed the Securities & Exchange Commission to appoint suitable persons to run the affairs of the Company. According to the the company’s board chairman, Basil Omiyi, Seplat Energy remains confident that the courts will appropriately address the frivolous litigations brought by a combination of 13 minority shareholders holding less than 800 shares out of 589 million shares (or 0.0001% of the Company’s issued shares). This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).

The Federal Government in April announced its plan to spend the $800 million loan as ‘part of its subsidy palliatives measures’.

On December 20, 2011, there were allegations that an estimated 40,000 barrels of crude oil leaked when a tanker was loaded at Shell’s Bonga oilfield, 120km off the coast of Nigeria’s Niger Delta.

The court adjourned hearing on the petitions filed by the petitioners to May 31, 2023. The meeting would therefore be held as planned.

One of the key targets set for Transcorp is a minimum available capacity of 670MW.  

Oil giant, Saudi Arabia, is said to be in advanced talks to acquire a stake in the Dangote Refinery and Petrochemicals plant planned to...

The impressive growth in profit follows a string of stellar performances spanning the last two years since it became a publicly listed company on the Exchange.

The Nigerian National Petroleum Company (NNPC) Limited has signed a Memorandum of Understanding (MoU) with Golar LNG to build a floating liquefied...

In a statement, NNPC said the resolution would free up approximately 300,000 b/d of crude and condensate to be exported and that it would help Nigeria reach 1.8 million b/d of crude output by the end of 2023.

Exxon Mobil Corporation in Nigeria declared force majeure on oil liftings from different terminals in the country following industrial action by the...