Saturday, June 3, 2023
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Tag: NMDPRA

Appeal court suspends enforcement of Interim Orders against Seplat, Officers

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).

Six vandals with illegal 700 barrels oil barge arrested

In yet another milestone in the ongoing fight against crude oil theft in the country, the NNPC Limited and its partners, said...

Seplat Energy’s $951.8m revenue excite shareholders

In his address to shareholders and other stakeholders during meeting, Mr. Basil Omiyi, the Chairman of Board, Seplat Energy, said for the 2022 full year, the Company’s total revenue rose by 29.8 per cent to $951.8m while profit before tax rose by 15.3 per cent to $204.4m.

NGML, TGNL Commission Ibefun 150mmscf/d Gas City Gate

According to the Group chief executive officer, NNPC, Mele Kyari, the project will promote and integrate the use of gas domestically and generate power for industries which will eventually lead to economic growth and prosperity for the people, not only in Ogun State but also in Nigeria generally.

Seplat’s scheduled AGM remains as Court adjourns suit to May 31

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

NCDMB hosts NOGOF, to launch Compendium of Nigerian Content Opportunities in Yenagoa

According to NCDMB Executive Secretary, Engr. Simbi Wabote, this year’s theme is important as it highlights the critical role of the oil and gas industry in fueling industrialization and overall development of Nigeria's economy. 

Ahead of fuel deregulation, stakeholders brainstorm, set agenda for Nigeria

The workshop provided data-driven insights into the sector's growth potential. Stakeholders emphasized the need for continuous industry engagement, collaboration, and public sensitization to aid public buy-in on new policies by the government.

Nigeria launches six regulations for Midstream, Downstream petroleum sector

The new regulations are: Midstream and Downstream Petroleum Operations Regulations, 2023, Assignment or Transfer of License and Permit Regulations, 2023; Petroleum Measurement Regulations, 2023;. Gas Pricing and Domestic Demand Regulations, 2023; Petroleum (Transport and Shipment) Regulations, 2023 as well as  Natural Gas Pipelines Tariff Regulations, 2023.

Axxela achieves 7M man-hours without Lost Time Injury (LTI) safety milestone

Chief Executive Officer of Axxela Limited, Bolaji Osunsanya, said the milestone Seven Million LTI-Free Man-Hours achievement over the past eleven years underscores the organisation's strictest commitment to safety and global best practices across its operations.

FG orders retailers to accept PoS, fund transfer for payment at petrol stations

The Authority frowns at this recent behaviour which is causing untold hardship for Nigerians at a time when all hands should be on deck to assist the Government in the transition to the new Naira.
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Oil marketers endorse fuel subsidy removal, pledge minimal adjustments 

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Allegation of illegal sale of 48m barrels of crude false, Malami insists

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