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MRS Oil Nigeria Plc re-elects Gbodume, Nwokafor as Directors

Mrs Oil Nigeria Plc has resolved to re-elect Chief Dr Amobi Daniel Nwokafor and Andrew Oghenevo Gbodume as its Directors.

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Mrs Oil Nigeria Plc re-elect directors, elect new directors

The Board and shareholders of MRS Oil Nigeria Plc have resolved at the recently-held Annual General Meeting (AGM), to re-elect Chief Dr Amobi Daniel Nwokafor, and Andrew Oghenevo Gbodume as Directors.

Also, the oil and gas company elected Priscilla Thorpe-Monclus, Priscilla Ogwemoh, and Christopher Okorie as new Directors.

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Awokafor’s profile: Amobi Daniel Nwokafor has been serving as a Non-Executive Director of the Company since April 27, 2017.

Nwokafor (FCA) is a seasoned professional accountant with over 31 years of work experience in the accounting profession.

(READ MORE: Sahara Group canvasses more investment in Africa’s E&P business)

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He holds a B.sc from the University of Nigeria, Nsukka, and a Masters in Banking & Finance from the Delta State University, Abraka.

Mrs Oil Nigeria Plc re-elects Gbodume, Nwokafor as Directors

Re-elected Chief Dr. Amobi Daniel Nwokafor

He is the managing partner of Amobi Nwokafor & Co and a member of the Institute of Directors; a fellow of the Institute of Chartered Accountant of Nigeria (ICAN); a fellow of Chartered of Institute of Taxation of Nigeria (CITN) and a member of the Chartered Institute of Arbitrators (ACIArb).

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Nwokafor has several years of work experience in private practice and has worked in a number of insurance firms. He rose to the position of Assistant General Manager and Head of Finance and Accounts in International standard insurers Limited before resigning to manage his auditing firm in 1998.

Nwokafor’s Appointment was effective from April 27, 2017.

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Gbodume’s profile: Andrew Oghenevo Gbodume has been serving as the Managing Director (Ag.) and Executive Director of the Company since January 1, 2016. He was the Executive Director (Finance & Administration) of the Company between May 12, 2011, and January 1, 2016.

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Gbodume holds a Masters degree from the Ahmadu Bello University, Zaria. He is a fellow of the Institute of Chartered Accountants of Nigeria and an Association Member, Nigerian Institute of Management as well as Nigeria Institute of Taxation.

He is a financial and economic consultant with many years of experience.

Prior to joining MRS Oil, he had worked in various sectors namely finance, audit, insurance, and banking. He also had a stint with African International Bank (AIB) where he rose to the position of an Assistant General Manager, Financial Control and Management – a position he held for over 5 years.

Gbodume joined MRS Oil and Gas Co. Ltd as Assistant General Manager, Finance and Corporate Planning in 2007. A year after, the position was re-designated as Deputy General Manager. Also in 2008, he was elevated to the position of Director, Special Duties. As a result of his excellent performance, he was appointed Ag. Managing Director MRS Investment Co. Ltd in July 2010, before his assignment to MRS Oil Nigeria Plc. He was appointed Executive Director of Finance & Administration on May 12, 2011.

He is also a member of the Institute of Directors; a member of the Board Nominations and Corporate Governance Committee; a member of the Risk, Strategic and Finance Planning Committee, and a member of the Human Resources Committee of the Company.

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Gbodume has been serving as Independent Director in Shin-Etsu Chemical Co., Ltd. since June 2007. He is also working for Mitsubishi Logistics Corporation.

Monclus’ profile: Priscilla Thorpe-Monclus holds a Bachelor of Arts degree in International Studies and Business from the University of Coventry, United Kingdom.

She has over 17 years working experience in the Oil and Gas sector and has held high-level positions in reputable organizations. At MRS Oil Nigeria Plc, he has held positions such as Executive Director, Operations at Energy Solutions Integrated Services, Senior Manager, Business Development at Oando Plc, Head of Marketing/ Customer Service Unit, Retail Manager, South West and Sales and Marketing Manager.

Ogwemoh’s profile: Priscilla Ogwemoh, who is currently the Managing Partner of the law firm, Kevin Martin Ogwemoh Legal, is a graduate of Law with a Master’s Degree in the same field.

She is a fellow of Nigeria Institute of Chartered Arbitrators of Nigeria, a CEDR-UK Accredited Mediator; a Member of the Panel of Neutrals, Lagos Multi-Door Court House (LMDC); a Member of the Panel of Neutral Lagos Court of Arbitration (LCA); a Council Member, Nigerian Bar Association-Section on Business Law (NBA-SBL); the Chairperson of the Chartered Institute of Arbitrators (Nigeria) Maritime Committee and until very recently, the Managing Partner of Olisa Agbakoba Legal.

[READ ALSO: DPR may withdraw oil firms’ licenses over non-compliance to data policy]

With over 26 years of experience in Legal Practice, Ogwemoh served on the Boards of a few Companies where she carried out multilevel tasks in branding, marketing, management, and professional services.

Okorie’s profile: Christopher Okorie is currently the Group Executive Director of MRS
Holdings Limited. Prior to joining MRS Holdings Limited, he was the Strategy
Manager/AAA Project Leader and Head of Office at Total Nigeria Plc. where he worked for
over 16 years in different capacities.

He holds an MBA in Marketing from University of Nigeria, Nsukka and has over 30
years of experience in the Oil and Gas downstream sector. He was appointed on the Board of MRS Oil Nigeria Plc on March 28, 2019.

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.

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FG seizes Dan Etete’s luxury private jet linked to Malabu oil deal

Dan Etete is alleged to have paid a total of $57 million for the jet in 2011, which was part of the spending spree that the former petroleum minister was alleged to have embarked on after allegedly receiving $336 million from the OPL 245 deal. 

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The Federal Government has tracked down and grounded a luxury private jet which is owned by the country’s former Petroleum Minister, Dan Etete, over his alleged involvement in the $1.1 billion Malabu oil scam. The luxury private jet was alleged to have been purchased with proceeds from that oil deal. 

This seizure was confirmed to Finance Uncovered by the legal counsel to Nigeria, Babatunde Olabode Johnson, who was appointed by the Nigerian government in 2016 to recover assets from the OPL 245 deal. 

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Johnson said that the order was served on the jet’s owner, a company called Tibit Ltd, which has until Tuesday next week (June 9) to file court papers opposing the seizure. Tibit is an anonymously owned company incorporated in the British Virgin Island. 

The asset recovery lawyers acting on behalf of the Nigerian government swooped last week, after the Bombardier 6000 jet, tail number M-MYNA, touched down at Montreal Trudeau International Airport in Canada on Friday May 29. 

A Quebec judge is understood to have granted a seizure order for the aircraft in the early hours of Saturday morning. 

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Giuseppina Russa, who was named on the Montreal court order, is Tibit’s sole director according to records of the British Virgin Island firm. 

Dan Etete is alleged to have paid a total of $57 million for the jet in 2011, which was part of the spending spree that the former petroleum minister was alleged to have embarked on after allegedly receiving $336 million from the OPL 245 deal. 

Etete, during his days as the petroleum minister, awarded the prospecting rights to the huge OPL 245 block to Malabu Oil and Gas, a company he secretly controlled. After the death of the then head of state, Sani Abacha, he retained the rights to the oil block as a private citizen until he offloaded them to oil giants, Shell and Eni in 2011, who both paid $1.3 billion to the Nigerian government. 

The entire OPL 245 deal is now subject to a corruption trial in an Italian court, where Etete is an accused, together with alleged middlemen and some top executives from Shell and Eni. All parties in the Milan trial have denied the charges against them. 

The Nigerian government has also charged Etete and several others linked to Malabu with money laundering in connection with the onward flow of funds from the OPL 245 deal. However, they have denied any wrongdoing, dismissing the allegations as political propaganda. 

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It was uncovered that Johnson had made a deal with an American litigation funder, Drumcliffe Partners, to help fund the recovery of OPL 245 assets. They are to receive 5% of any funds successfully recovered and returned to Nigeria.   

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Ecobank Transnational to hold AGM by proxies on June 30th

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies.

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Ecobank Transnational Incorporated (ETI) has announced the date and venue of its 32nd Annual General Meeting (AGM). According to a disclosure that was sent to the Nigerian Stock Exchange, the company’s AGM and an Extraordinary Meeting are scheduled to hold on June 30th, 2020, at Eko Hotels and Suites in Victoria Island, Lagos.

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies. The proxy AGM is expected to enable the Pan-African financial institution to abide by the directives issued by governments and agencies regarding COVID-19 and how to contain its spread.

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“As a responsible corporate citizen, ETI intends to strictly comply with this restriction in addition to other applicable health and safety measures. Accordingly, attendance at this year’s General Meetings shall be mainly by proxies in accordance with the Articles of Association of the Company and applicable law,” a statement by the company said.

To this end, shareholders have been advised to select any of the company’s top executives (including the Chairman, Emmanuel Ikazoboh, and the MD of Ecobank Nigeria, Patrick Akinwuntan) to represent and vote on their behalf during the AGM. Proxy forms may be downloaded from the company’s website, filled, and submitted in advance.

READ ALSO: NSE commemorates FBNQuest Merchant Bank’s N5 billion Bond Listing with Digital Closing Gong Ceremony

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Meanwhile, the issues that are up for discussion during the AGM and the Extra Ordinary meeting are enumerated below.

Annual General Meeting

1. Approval of the accounts
2. Appropriation of the Profits
3. Election of Directors
4. Ratification of the co-option of directors
5. Renewal of the appointment of the joint auditors
6. Approval of the Final Board Fees for Retiring Directors

Extraordinary General Meeting

1. Withdrawal of resolution on consolidation of shares
2. Amendment of the Articles

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Note that in Q1 2020, ETI reported profited after-tax from continuing operation of N66.4 billion, marking a 19% decline when compared to N81.9 billion during the comparable period in 2019.

ETI’s share price on the Nigerian Stock Exchange closed Friday’s trading session at N5.55. The company has a market capitalisation of about N137.3 billion according to information obtained from Bloomberg.

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NNPC explains measures to cut cost of crude oil production

Ewubare stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing the cost of production to $10 per barrel or below. 

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The Nigerian National Petroleum Corporation (NNPC) has said that it is taking some measures to bring down the cost of crude oil production to $10 per barrel or below. 

According to a press statement that was signed by NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, this was disclosed by the Corporation’s Chief Operating Officer (COO), Ventures and Business Development, Mr. Roland Ewubare, on a Channels TV breakfast programme on Friday, June 5, 2020. 

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Ewubare pointed out that the peculiarity of the terrain was an important factor in determining cost, with such issues as pipeline vandalism, crude oil theft, and some others being critical factors that are peculiar to the Nigerian terrain and would definitely drive up crude oil production cost in the country. 

READ ALSO: NNPC unveils COVID-19 contacts tracing app, marketers to buy petroleum products online

He, however, stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing cost of production to $10 per barrel or below. 

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He disclosed that much had been done over the years in the area of reducing contracting cycle which used to be a major factor responsible for high cost of production, stressing that the National Petroleum Investment Management Services (NAPIMS) achieved a six-month contracting cycle under him as Group General Manager. 

Mr. Ewubare denied reports that Nigeria is part of OPEC+ member countries that did not comply with the output cut that was agreed by the alliance 

Mr. Ewubare explained that though Nigeria’s total production capacity was 2.3million barrels per day, it was currently producing only about 1.4million barrels per day in compliance with the OPEC+ production quota, stressing that what makes up the little extra over the 1.4mbpd figure being bandied around for Nigeria was condensate which is usually not computed as part of production in OPEC quota.  

READ MORE: NNPC seeks Russian firms’ partnership to revamp oil refineries  

While making some clarification, Ewubare said, There’s some confusion in the market around the parameters for the production cuts. Nigeria has a full production capacity of about 2.3mbpd. We are currently producing between 1.6 and 1.7mbpd. Our OPEC quota as a result of the cuts is about 1.4mbpd. You and I know that condensate is not included in the computation of the cut numbers. So what we have is 1.4mbpd of crude oil. The little you see above 1.4mbpd is made up of condensate which does not count as part of the basis for assessing our OPEC quota”. 

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NNPC Group Managing Director, Mallam Mele Kyari, in a recent interview, advanced a similar position where he stressed that NNPC was working assiduously to bring down the cost of crude oil production to not more than $10 per barrel by 2021.  

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