Connect with us
nairametrics

Business News

ABC Orjiako sells 3.5 million units of shares in Seplat

Seplat has disclosed that about 3.5 million units of ordinary shares indirectly held by its Chairman, Dr. A.B.C Orjiako, has been sold.

Published

on

Seplat commences $700 million gas plant construction, Vitol Energy transfers 4.63 million shares to Seplat , Seplat, Three more companies announce their closed period ahead of Q3 financial result , Seplat’s 9 months revenue dips by 11.5% according to latest earnings report, Earnings quality undermined by missed output, oil shocks, Firm issues warning over Seplat Petroleum’s acquisition of Eland Oil & Gas 

Seplat Petroleum Development Company Plc has disclosed that about 3.5 million units of ordinary shares indirectly held by the company Chairman, Dr. ABC Orjiako, has been sold.

Seplat made this disclosure in a notification to the Nigerian Stock Exchange (NSE), and the investing public on Monday.

[READ MORE: Seplat directors just got richer with new bonus shares]

The details: The shares were sold at N114.5 price per share which amounted to 3.5 million in volume.

Nature of the transaction: The sold shares were registered in the name of Vitol Energy Limited, held for the benefit of Shebah Petroleum Development Company Limited, which is an entity controlled by Dr. Orjiako and members of his family.

GTBank 728 x 90

Orjiako’s shares: Following the sale, Dr. Orjiako now holds a direct interest in
16,151,325 ordinary shares and indirect interest in 26,300,000 ordinary shares of Seplat, totalling 42,451,325 shares. This equates to a voting interest of 7.21% (based on Issued Share Capital of 588,444,561).

Prior to this development, Dr. Orjiakor had through his company, Shebah Petroleum Development Company Limited, sold off about 7,636,912 shares to an existing shareholder, Petrolin Trading Limited.

Note that Shebah Limited is the investment vehicle used by Dr. Orjiako and his family for their holdings in Seplat Petroleum.

Deal book 300 x 250
Coronation ads

(READ ALSO: Oil firm to bridge gap in Nigeria’s energy sector)

What you should know: Dr. Orjiako has various companies in the upstream, downstream and service sectors of the oil and gas industry.

His companies include Abbeycourt Trading Company Limited, Abbeycourt Energy Services Limited, Zebbra Energy Limited, and Shebah Exploration and Production Company Limited. He also has other business interests in construction, real estate development, pharmaceuticals and shipping.

In 2009, his company, Shebah Exploration Production Company co-founded SEPLAT with Platform Petroleum Limited. Since inception, Dr. Orjiakor has remained the Chairman spearheading new business development and providing leadership on strategy and stakeholder relationships.

Seplat Petroleum Development Company Plc traded N490 in the last trading session of the Nigerian Stock Exchange (NSE).

Jaiz bank ads

Stanbic IBTC

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

2 Comments

2 Comments

  1. Felix

    August 6, 2019 at 1:25 pm

    114.5p and not N114.5

  2. Ichiban

    August 15, 2019 at 10:40 am

    Please validate the deal price; it should be 114.5p (British pence) not Naira.
    Note your last paragraph mentions the share trading at N490.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tech News

MTN, Vodacom launched 5G in sub-Saharan Africa in 2020 – GSMA Report

Vodacom and MTN launched their first major 5G networks in Sub-Saharan Africa in 2020, according to the GSMA 2020 report.

Published

on

The Global System for Mobile Communications (GSMA) 2020 report revealed that Vodacom and MTN launched their first major 5G networks in Sub-Saharan Africa in 2020.

The telecoms operators offered 5G mobile and fixed wireless access (FWA) services in several locations across South Africa – this appears to be a welcome development, as the South African government had already assigned temporary spectrum in the 3.5 GHz range in the wake of the Covid-19 pandemic.

Obviously, the proximate opportunity to be harnessed for the 5G in South Africa is to use FWA to bridge the gap in fixed broadband connectivity for homes and businesses.

According to the report, there has been 5G trial runs in almost all the countries in Sub-Saharan Africa, including Gabon, Kenya, Nigeria and Uganda but the possibility of mass deployment of the 5G network is still not guaranteed, as there are significant levels of unused 4G capacity. Also, the 4G adoption rate is still relatively low, creating opportunities for the operators to increase their stakes in 4G.

As a boost to mop up the unused 4G capacity, the partnership between Safaricom and Google to finance the acquisition of 4G smartphones, provides the desired momentum as low-income consumers pay for 4G devices in convenient and flexible daily installments.

GTBank 728 x 90

According to the report, it is expected that over the next five years, the number of smartphone connections in Sub-Saharan Africa will almost double to reach 678 million by the end of 2025 — an adoption rate of 65%.

What you should know

  • It is expected that by 2025, there will be a little below 30 million mobile 5G connections in Sub-Saharan Africa, equivalent to almost 3% of total mobile connections.
  • The mobile market in the region will reach several important milestones over the next five years: half a billion mobile subscribers in 2021, 1 billion mobile connections in 2024, and 50% subscriber penetration by 2025.
  • The achievement of these critical milestones would be predicated on the operators’ commitment in providing reliable infrastructural networks across the region.
  • Between 2019 and 2025, the operators in the region would have expended/invested about the sum of $52billion in infrastructure rollouts.
  • The GSMA represents the interests of mobile operators worldwide, uniting more than 750 operators with almost 400 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organizations in adjacent industry sectors.

Coronation ads
Continue Reading

Financial Services

Stamp Duty on Nigerian Stock market transactions pegged at 0.08% from December 7

The NSE has given clarifications on the public notice released by the FIRS, itemizing contract notes at an ad valorem rate of 0.08%.

Published

on

NSE prepares to launch West Africa’s first Exchange-traded derivatives

The Nigerian Stock Exchange has given clarifications on the public notice released by the Federal Inland Revenue Service (FIRS) in July, itemizing contract notes at an ad valorem rate of 0.08% up from 0.075%, effective 7th December 2020.

The circular released by the Nigerian Stock Exchange reads:

“In reference to the Public Notice in the Business Day Newspaper of Monday, 20 July 2020, captioned ‘Clarification of Administration of Stamp Duties in Nigeria’ issued by the Federal Inland Revenue Service (FIRS) (A copy is attached as Appendix A for ease of reference).

The Public Notice provided, amongst other things, information on dutiable instruments and the applicable flat or ad valorem rates, with Contract Notes 1 itemized at an ad valorem rate of 0.08%. As you know, this is at variance with the current rate of 0.075% administered in the Nigerian Capital Market.”

To that extent, Dealing Members of the Nigerian Stock Exchange are to note the following:

GTBank 728 x 90
  • Effective December 7, 2020, the Central Securities Clearing System Plc. (CSCS) will adjust its system to implement the automated deduction of the Stamp Duty rate of 0.08%.
  • Dealing Members are required to immediately engage their software vendors for the required adjustments to their technology applications, to reflect the 0.08% rate ahead of the effective date of 7 December 2020.
  • Dealing Members are required to communicate the changes above to their clients immediately, ahead of the effective date.

What you should know

Nairametrics revealed that the FIRS listed at least 50 types of transactions that are eligible for stamp duty deductions.

Some of the listed chargeable transactions include bank deposit or transfer, loan agreement, Memorandum of Understanding (MoU), sales agreement, will, tenancy/lease agreement, and all receipts.

The FIRS noted that the recently inaugurated FIRS Adhesive Stamp is not the same as the postage stamp administered by NIPOST for the purposes of delivery of items and documents.

Coronation ads

The Stamp Duties Act, 19391 defines Contact Notes as “the note sent by a broker or agent to his principal, or by any person who, by way of business, deals, or holds himself out as dealing, as a principal in any stock or marketable securities, advising the principal, or the vendor or purchaser, as the case may be, of the sale or purchase of any stock or marketable security, but does not include a note sent by a broker or agent to his principal where the principal is himself acting as broker or agent for a principal.”

See the circular below:

Download (PDF, 566KB)

Continue Reading

Coronavirus

Covid-19: UK to approve Pfizer, BioTNech vaccine, to start immunization December 7

The UK government is set to approve the COVID-19 vaccine developed by BioNTech SE and Pfizer Inc next week.

Published

on

Covid-19: AstraZeneca vaccine gets huge boost, produces immune response in elderly, Vaccine, COVID-19: Russia to roll out vaccine in September ahead of the West 

The global reception of the Covid-19 vaccine developed by Pfizer Inc in collaboration with BioNTech following the positive outcome of its phase 3 trial, seems to have intensified as it is set for approval by the UK medical regulator.

According to Reuters, a report from Financial Times on Saturday suggests that deliveries would commence within hours of the authorization with the first immunizations using the BioNTech and Pfizer vaccine possibly taking place from December 7.

The UK Prime Minister, Boris Johnson, had earlier in the day, named Nadhim Zahawi, who is the current junior business minister, as the minister responsible for the deployment of COVID-19 vaccines.

The UK government has placed an order for 40 million doses of the Pfizer and BioNTech vaccine, which has been found to be 95% effective in the final analysis of the phase 3 trials in preventing the spread of a virus that has killed over 1.4 million people across the world with its devastating impact on the global economy.

The UK government had on November 20, formally asked its medical regulator, the Medicines and Healthcare Products Regulatory Agency (MHRA), to conduct a study of the Pfizer-BioNTech COVID-19 vaccine with a view to determining its suitability, the first step in making it available outside the United State

GTBank 728 x 90

The government which had secured 100 million doses of the Covid-19 vaccine developed by AstraZeneca and University of Oxford had also asked the regulator on Friday to assess the vaccine for a possible rollout before Christmas.

What you should know: The US drugmaker, Pfizer Inc, on November 18, 2020, announced that a final analysis of clinical-trial data of its experimental Covid-19 vaccine, which it is developing in collaboration with BioTNech, showed it was 95% effective, thereby paving the way for the company to apply for the first U.S. regulatory authorization for a coronavirus shot.

Pfizer said they had no serious safety concerns in a trial that involves almost 44,000 participants as their vaccine protected people of all ages and ethnicities.

Coronation ads

Continue Reading