Seplat Petroleum Development Company Plc has paid N18 dividend per share to its shareholders for the 2018 financial year. The dividend payout amounted to N10.6 billion.
Austin Avuru, Seplat’s Chief Executive Officer, said the company’s operational and financial performance resulted in robust profitability and cash flow generation, which provided an extremely solid foundation for growth for the coming years.
“In 2018, we reinstated the dividend, increased capital investments and with the resources and headroom in our capital structure, we are equipped to capitalise on organic and inorganic growth opportunities as they may arise.
“The board has taken the Final Investment Decision for the ANOH and Amukpe to Escravos alternate export pipeline, which will be completed and fully commissioned in the second quarter of the year.” -Avuru
Seplat’s 2018 Results: The company’s Gross Earnings declined from N28 billion in the first quarter of 2018 to N24 billion in 2019. This marks a 14.28% decrease year on year.
Profit before tax reduced to N5 billion in 2019, from N17 billion in 2018, representing a downturn of 70.5%. Profit after tax, however, increased from N6 billion in 2018, to N10 billion in 2019, representing a boost of 66.6%.
Diluted earnings per share also jumped from N11.11 in 2018, to N17.56 in 2019.
About the company: Seplat Petroleum Development Company Plc is an oil and gas company, that explores for, develops, and produces oil and gas in Nigeria.
The company operates a portfolio of assets in the Niger Delta region, including a 45% interest in the OML 4 that covers an area of 267 square kilometers; a 45% interest in OML 38 that covers an area of 2,094 square kilometers; and a 45% interest in OML 41 that covers an area of 291 square kilometers.
Seplat also holds a 40% non-operated working interest in OPL 283 marginal field area and is located in the northern onshore depo-belt of the Niger Delta; a 40% in OML 53 that covers an area of 1,585 square kilometers and is located onshore in the northeastern Niger Delta; and interest in OML 55 that covers an area of 840 square kilometers and is located in the southeastern Niger Delta.
Seplat Petroleum Development Company Plc was founded in 2009 and is based in Lagos, Nigeria.
The company’s stock is currently trading at N520 on the Nigerian Stock Exchange, NSE.
Farewell: Fahim Saleh, a Techpreneur with a difference
As a teenager, Fahim self-schooled himself on coding and started developing apps.
The news of Fahim Saleh’s tragic death has struck raw nerves across several parts of the world. Not only is the techpreneur known for his exploits in the African techspace, his name is now associated with innovation, the same innovation he once said is all about shortening processes and eliminating middlemen.
Born in Saudi Arabia to Bangladeshi parents, Fahim lived with his family in the Middle East for a while before they started moving around. They eventually settled in New York as immigrants. It was here, in New York, that he had his education. As a child, he would spend hours in hiding playing video games. This soon spurred his interest in technology.
Fahim built his first websiteSalehfamily.com before he turned 15, and it was hosted on AOL Hometown. When his parents threw family parties, his father would encourage relatives to visit the website. This ‘marketing strategy’ helped the young boy to garner an average of five unique visitors to his website on a monthly. Although this was laughable, Fahim was very encouraged.
Quite naughty as a youngster, young Fahim would often go out to play and end up using rocks to scratch people’s cars. He recalled that his moment of awakening came when his actions caused his parents to spend one-third of the family savings, to fix one of the damaged cars.
“I remember that night vividly; my Mom was crying because our only option would be to move back to Bangladesh. Luckily, the next day my Dad got an offer from a university to teach computer science,” he later recalled.
Even then, Fahim decided that he needed to start making some money for himself. As a teenager, Fahim self-schooled himself on coding and started developing apps. He was quite a boisterous and lively teenager, and apps soon became a means of expressing this. He built teen-hangout.com, at age 15, a social network which many have now described as “too-early-for-its-time”.
He made some pennies from it, enough to encourage his efforts. He would ask his friends to publish articles on it, and it soon became a community-oriented blogging forum, allowing him to place ads and generate $2-$3 a month through his trial and error approach.
“That showed promise that it could actually be successful and I could make money off this” he later said.
His first company in high school generated over one million dollars in revenue. He created websites targeted at the young demographics such as AIMdude.com, iconfun.com, msndollz.com, icondude.com, and was generating $100k-$150k in profit from such websites. One of his websites was later sold on eBay for $2,000.
“I would stay up super late, work on it and would be worried my Dad would catch me. He thought it would hinder my schoolwork, which it didn’t. Then, I got my first paycheck from Google for $500 as a teenager and showed it to my Dad. He was like, ‘Okay, let’s open an account,” Saleh recounted in an blog post.
After college, he taught himself how to program and started KickBack Apps, garnering over twenty-million downloads. By the time he graduated from Bentley University in Waltham, Massachussetts, where he studied Computer Science and Engineering (CSE), he created an app – PrankDial, for the purpose of making prank telephone calls. A recent tweet showed that the app had successfully executed over 300 million prank calls since 2010.
He realised early that for busy commercial cities in the world, where workers were always in a hurry to get to work, that a bike hailing service would bring some sort of ease into the system, and this fuelled his interest in starting a bike-hailing service or a motorcycle taxi.
In 2015, he co-founded Pathao with Hussain M Elius and Shifat Adnan, now said to be the largest bike-hailing service in Dhaka Bangladesh. The company later pivoted into logistics and food deliveries, and is valued to be worth over $100 million. Encouraged by the success of the company, Saleh went solo and founded Gokada.
Gokada started operating in Lagos (arguably the busiest state in Nigeria) in 2017 and raised $5.3 million in venture capital in June 2019. This sum, Saleh had said, would help the company expand its fleet and offer goods and services to its drivers.
The company raised even more funding in subsequent rounds and was set to break even by January 2020, until the Lagos state government ban of bike hailing across thousands of roads in the state, affected its operations.
His LinkedIn profile reveals that the 33-year-old has over 15 years entrepreurial experience dating back to high school. Fahim is also an active investor in emerging markets, investing first in Colombia’s largest motorcycle ridesharing company – Picap, recently valued at $15 million.
A sad end!
Late Tuesday afternoon (New York time), the dismembered body of a young man was found in luxury apartment on Manhattan’s Lower East Side.
Officials later confirmed this body as belonging to that of the 33-year old Saleh.
The homicide investigations are still on, but the Police Department say that they are yet to find any motive for the gruesome murder of techpreneur, and dismembering the body with an electric saw.
The building was a 10-story, glass-and-brick structure at 265 East Houston Street near Suffolk Street, with condos in the area estimated to fall within an asking price range of $2 million to $2.5 million. Most of the residents are said to be well-off professionals in their 30s and 40s.
Saleh clearly had no idea about what was coming his way, and had even tweeted in June “Have a very good feeling about 2020”.
Whatever else this is, it represents a sad end for a man who changed the bike-hailing service across several locations and country. He had once said in an interview that he had plans of creating a club where bike riders could relax after work.
“We’re going to start a Gokada club in each of the cities with a restaurant where drivers can relax, and we’ll experiment with a Gokada Shop, where drivers can get things they need on a regular basis, such as plantains, yams and rice,” he had said.
According to friends, his was a simple lifestyle. He ran every morning, kept a busy schedule of meetings, collected tech gadgets and lived alone with Laila, his small dog.
His social media postings were usually entrepreneurial, tech-inclined or about his brands, and his last tweet was a survey to find out how trustworthy the Gokada brand is in comparison to other brands.
FAAN condemns fmr Gov. Yari misconduct at Kano International Airport
it is mandatory for all VIPs to comply with public health procedures to contain COVID-19 across airports.
The management of the Federal Airports Authority of Nigeria (FAAN) has strongly condemned the conduct of the former Governor of Zamfara State, Alh. Abdulaziz Yari, for blatantly violating the Public Health procedures (COVID-19) on travels at the Malam Aminu Kano International Airport.
This was disclosed in a statement issued by the agency on Wednesday. The former governor reportedly refused to adhere to the protocols and procedures implemented by FAAN while travelling on Saturday 11th, July 2020.
FAAN disclosed that he reportedly refused to adhere to the protocols by forcefully pushing away an officer of the Environment Department when he insisted that his luggage must be disinfected.
It stated, “The former Governor said the officer should have known he is a VIP. This irresponsible act endangers all other airport users, it is unacceptable, and as such it has been duly escalated.”
1.The Management of the Federal Airports Authority of Nigeria (FAAN) hereby strongly condemns the conduct of the former Governor of Zamfara State, Alh. Abdulaziz Yari who blatantly violated the Public Health procedures (#COVID19)on travels….
— Federal Airports Authority of Nigeria (@FAAN_Official) July 15, 2020
Last week, Minister of Aviation, Hadi Sirika, during Monday’s briefing of the Presidential Task Force (PTF) on COVID-19, explained that it is mandatory for all VIPs to comply with public health procedures in place to contain COVID-19 across airports.
While speaking on the new procedures during this COVID-19 era, the minister said that mandatory temperature and symptoms checks will be carried out at the airport terminals and frequent washing of hands should be done at the airports.
He said, “Face masks must be worn at all times inside the airport and airplane and anyone who does not do that will not be allowed inside the airport terminals.
“Physical distancing will be maintained at all times just as unruly passengers will not be allowed to board the aircrafts or fly as no pilot will be allowed to fly a plane carrying an unruly passenger.”
Going forward, the agency warned that all airport users, especially esteemed VIPs , should respect the Presidential directive by observing the Public Health travel protocols put in place to protect all air travellers against infection and the spread of the COVID-19 pandemic.
NEXIM Bank issues rebuttal following explosive N50 billion fraud allegation
NEXIM Bank was established in 1991 and is devoted to diversifying Nigeria’s non-oil export base.
Following numerous claims accusing Abba Bello, the Managing Director of Nigerian Export-Import Bank (NEXIM Bank) of diverting the whopping sum of N50 billion, the organisation finally issued a rebuttal yesterday in an attempt to clear its name.
A detailed statement that was signed by NEXIM Bank’s Corporate Communications Department described the accusations as false. The statement also noted that ‘a faceless organisation’ known as Citizens Committee for Corruption Free Nigeria (CCCN) had been the one behind the fraud claims.
The statement further noted that Nexim Bank initially ignored the accusations, but felt the need to respond after those leveling accusations against the organisation showed no sign of stopping.
The intrigues: In an obvious attempt to absolve the Abba Bello-led management of these fraud allegations, the statement had attacked NEXIM Bank’s immediate past management team. The erstwhile management was dissolved in 2017 by President Muhammadu Buhari due to gross incompetence. Apparently, Abba Bello was brought on board to help rescue Nexim Bank from its huge non-performing loan problem which was worsened by what the statement described as “reckless abuse of process” which led to insider related loans and an absolute breakdown of professionalism in bank’s loan administration processes.
The statement then praised Bello for successfully re-tooling NEXIM Bank and bringing it back from the brink of failure within the 3-year period he had been in charge. The statement also noted that NEXIM Bank reported profits of N2.03 billion and N1.09 billion in full-year 2019 and 2018 respectively, as against losses of N569 million and N8.03 billion in 2017 and 2016, respectively.
“We have noted recent incessant attacks on the Nigerian Export-Import Bank (NEXIM Bank) and its management in a section of the media, predominantly the social media. Most recently, a report has been trending on the social media claiming that a petition has been forwarded to the Economic and Financial Crimes Commission (EFCC), calling for a probe of the Managing Director/Chief Executive of Nexim Bank, Mr Abba Bello, over alleged corruption and mismanagement of the N50 billion Rediscounting and Refinancing Facility (RRF), provided by the Federal Government…
“The current management of the bank, led by Mr Abba Bello, resumed office in April 2017 to replace the erstwhile government, which was removed by President Muhammadu Buhari, GCFR, over issues relating to gross incompetence, which had made the bank almost insolvent, with huge non-performing loans, exacerbated by reckless abuse of process, insider related loans and lack of professionalism in loans administration, amongst other issues,” some parts of the statement said.
More details: Citizens Committee for Corruption Free Nigeria (CCCN) had started a petition with the Economic and Financial Crimes Commission (EFCC), calling for Bello’s probe over the alleged diversion of N50 billion from Nexim Bank’s coffers. Specifically, the petition had accused Abba Bello of diverting and mismanaging the N50 billion Rediscounting and Refinancing Facility which was availed by the Federal Government to assist commercial and merchant banks to provide short-term finance in support of exports.
NEXIM Bank also clarified on the N50 billion Rediscounting and Refinancing Facility, noting that the money has been used to fund about 60 projects since it was released by the Federal Government in 2018. The bank said the track records of the fund’s beneficiaries are verifiable, and that the loans were adequately secured.
Note that NEXIM Bank was established in 1991 and is devoted to diversifying Nigeria’s non-oil export base through the provision of adequate financing.