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Business News

This billionaire just cashed a fat cheque

Companies by law are expected to notify the exchange when directors trade in the shares of a company.

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InterContinental Exchange

In a release sent to the Nigerian Stock Exchange (NSE), Seplat petroleum Plc notified the exchange and the investing community that one of its non-executive directors had sold some of his shares.

Companies by law are expected to notify the exchange when directors trade in the shares of a company.

The director, Macaulay Agbada Ofurhie, sold 900,000 shares at N711 per share thus netting N639 million.  The shares were sold on Monday the 11th of June 2018.

His current holdings now stand at 4,001,611 shares.

Ofurhie is one of the billionaire investors in listed companies operating in the Nigerian oil and gas space.

Still a billionaire

Ofurhe remains a billionaire despite the sale. As at our cut off date of April 6, 2018, he was worth N3.2 billion. Using Friday’s closing share price of N754.90, Ofurhie is now worth N3.0 billion, down 6.25%.

The minute difference despite the volume of shares sold is largely due to the increase in Seplat’s share price. Seplat has gone up 13.5% from our April cut off date, buoyed by the rise in global crude oil prices.

Other billionaires on the Seplat board include chairman, A.B.C. Orjiako and Chief Executive Officer, Austin Avuru.

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Recent share awards

Avuru and the Chief Financial Officer (CFO), Roger Brown were recently granted shares under the company’s Long Term Incentive Plan (LTIP), Avuru received 138,157 shares while Brown was awarded 55,673 shares.

The two staff alongside operations director, Effiong Okon will receive a total of 2.1 million shares in 2021, subject to meeting set targets.

Macaulay Agbada Ofurhie graduated with a B.Sc. Honours in Geology from the University of Ibadan in 1971.  Mr. Ofurhie spent 34 years at the Nigerian National Petroleum Corporation (NNPC).

During his active service, he was Managing Director of Nigerian Petroleum Development Company (NPDC) and Nigeria Gas Company (NGC) both subsidiaries of NNPC. Prior to his retirement, he was a director at the Department of Petroleum Resources (DPR).

He has been a Non-Executive Director of Seplat Petroleum Development Company Plc since December, 2009.

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Seplat Petroleum Development Company Plc was incorporated on 17 June 2009 as a private limited liability company and commenced operations on 1 August 2010.

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Seplat was re-registered as a public company on 3 October 2014. The Company is principally engaged in oil and gas exploration and production. Seplat is also listed on the London Stock Exchange (LSE).

Results for the first quarter ended March, 2018, show revenue increased from N14.4 billion in 2017 to N55.2 billion in 2018.  The firm made a profit before tax of N17.9 billion in 2018 as against a loss of N5.6 billion in 2017. Profit after tax stood at N6.2 billion as against a N5.8 billion loss made in the corresponding period of 2017.

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Seplat shares closed at N754.90 on Thursday’s trading session, down 1.83%. Year-to-date the shares are up 20.55%.

The company recently issued a notice denying any breach of the local content laws with respect to the Assa North/Ohaji South (ANOH) project.

The release which was signed by the company’s secretary, Mirian Kene Kachikwu, stated that the ANOH project is still in development and has not yet achieved Final Investment Decision.

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The firm was also in consultation with the Nigerian Content Development Management Board (NCDMB) and the contracting strategy for the AHON project has been approved by NCDMB.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 5th of March 2021, 371 new confirmed cases and 3 deaths were recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,042 confirmed cases.

On the 5th of March 2021, 371 new confirmed cases and 3 deaths were recorded in Nigeria.

To date, 158,042 cases have been confirmed, 137,025 cases have been discharged and 1,954 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 5th, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 5th March 2021,

  • Total Number of Cases – 158,042
  • Total Number Discharged – 137,025
  • Total Deaths – 1,954
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 371 new cases are reported from 20 states- Lagos (101), Rivers (54), Anambra (31), Ebonyi (23), Imo (23), Kwara (22), Kano (20), Taraba (17), Akwa Ibom (16), FCT (15), Abia (13), Kaduna (13), Osun (5), Edo (4), Oyo (4), Kebbi (3), Ogun (3), Ekiti (2), Nasarawa (1), and Zamfara (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,374, followed by Abuja (19,328), Plateau (8,939), Kaduna (8,623),  Oyo (6,761), Rivers (6,651), Edo (4,645), Ogun (4,419), Kano (3,830), Ondo (3,066), Kwara (2,953), Delta (2,582), Osun (2,449), Nasarawa (2,248), Enugu (2,078), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,811), Akwa Ibom (1,588), and Abia (1,568).

Imo State has recorded 1,551 cases, Borno (1,297), Bauchi (1,232), Benue (1,188), Adamawa (942), Niger (917), Taraba (863), Ekiti (825), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (401), Cross River (334), Yobe (288), Zamfara (221), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Hospitality & Travel

MMA2 imports new x-ray machines from US

MMA2, Lagos took delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities.

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The Murtala Muhammed Airport, Terminal 2, Lagos has taken delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities on Friday.

This was disclosed by the Group Corporate Affairs Manager of BASL, operator of MMA2, Mikail Mumuni, in a statement on Friday.

He said, “The equipment imported from the US arrived the Murtala Muhammed International Airport, Lagos Wednesday night from where they were later moved to MMA2.

”Installation of the x-ray machines and air conditioners will commence on Friday evening and that this would be completed within one week.”

The BASL spokesperson quoted the acting Head of Business of the company, Mr. Ralph Uchegbu as saying that “the installation of the new X-ray machines and air conditionals will further reinforce the status of MMA2 as the nation’s pre-eminent airport terminal in terms of customers security and comfort.”

What you should know

  • BASL recently announced that it had invested over $500,000 massive upgrading of its X-ray machines and air conditioning systems for passengers safety, security and comfort.

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