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Forte Oil set for downstream assets acquisition

Forte Oil Plc, has disclosed its plans to buy some downstream assets from Prudent Energy and Services Limited or its representatives. 

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Forte Oil set for downstream assets acquisition

Forte Oil Plc shareholders have made some special resolutions at its recently-held Annual General Meeting (AGM). The resolutions made are as follows;

  • That pursuant to Section 267(1) of the Companies and Allied Matters Act 2004, the fees payable to the Non-Executive Directors be hereby set at the sum of N600,000.00 (Six Hundred Thousand Naira) and the sum of N800,000.00 (Eight Hundred Thousand Naira) for the Chairman, per annum.
  • That the Directors of the Company be and are hereby authorized to — (A) Enter into discussions with Prudent Energy & Services Limited and or any company or individual(s) representing it in connection with the acquisition of identified downstream assets including but not limited to plant and machinery, trucks, stations and subject to independent valuations on fair value, enter into subsequent binding agreements on comparable arm’s length/commercial terms in relation to the assets to be acquired; and (B) Approve, sign and/or execute all documents, appoint such professional parties and advisers, as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority and all acts carried out, steps taken and documents executed (or to be executed) by the directors of the Company in connection with the above resolutions be and are hereby approved.
  • That the Directors of the Company be and are hereby authorized to renew the general mandate authorizing the Company to enter into recurrent transactions which are of a trading nature or those necessary for its day to day operations with related parties or companies in accordance with the Rules of the Nigerian Stock Exchange governing transactions with related parties or interested persons.

[READ MORE: Prudent Energy tenders another take-over offer for Forte Oil]

What this means: Forte intends to buy some downstream assets from Prudent Energy and Services Limited or its representatives.  The proposed transaction will be subject to independent valuation.

During the AGM, the oil and gas firm also appointed AbdulWasiu O. Sowami as a Non-Executive Director in the Company and Chairman of the Board; Olumide Adeosun as an Executive Director in the Company; Moshood Olajide as an Executive Director in the Company; Mohammed Aminu Umar as a Non-Executive Director in the Company; Olusola Adeeyo as an Independent Non-Executive Director in the Company; and Aniola Durosinmi-Etti as an Independent Non-Executive Director.

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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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Tech News

uLesson raises $7.5 million Series A round

uLesson has announced that it has closed a $7.5M Series A round.

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Sim Shagaya

uLesson, a Nigerian educational learning platform that leverages best in class teachers, media, and technology solutions to create high-quality, affordable and accessible education for African students, announced that it has closed a $7.5M Series A round.

This funding round was led by US-based Owl Ventures, which is focused on education as an investment. It was also backed by existing investors — Founder Collective and TLcom .

Founded by Sim Shagaya, uLesson curates personalised, curriculum-relevant content via mobile and PC devices for students in the K-7 to K-12 segment across the continent. Students can access the lessons via streaming and SD cards, where they can download and store the content, allowing them to study remotely, removing challenges around internet access limitations and costs.

According to Sim Shagaya,

  • The uLesson app has now been downloaded a million times with paying users from at least 7 countries (including countries we don’t formally serve). On average, learners spend around 77 minutes on the app daily — a figure that exceeds the engagement levels on most social networking apps.
  • “Our goal is that ten years from now, K-12 education on the continent will bear little semblance to what you see today. But it won’t just be different, it will be better on most dimensions and much more affordable.
  • “We also believe that the impact borne of the marriage of education and technology will be greater on the African continent than any other place in the world.”

This funding will be deployed to power uLesson’s expansion into Eastern & Southern Africa, as well as secure new talent and build its product development and production infrastructure.

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Corporate deals

CAP and Portland Paints obtain Federal High Court approval on proposed scheme merger

A Federal High Court approved the proposed scheme merger between Chemical Allied Products Plc and Portland Paints Plc.

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CAP Plc

The Judicial Divison of the Federal High Court has approved the proposed scheme merger between Chemical Allied Products Plc and Portland Paints Plc, and other matters connected therewith.

In line with this, the Federal High Court ordered that a meeting of the holders of the fully paid ordinary shares of Portland Paints and Products Nigeria be convened and held for the purpose of considering and approving a Scheme of Merger between the concerned entities.

Portland Paints disclosed this on the NSE before the open of trade today.

The statement said upon approval by the shareholders at the court-ordered meeting, which will be held at 12:00 pm on Thursday, 18 February 2021 at Radisson Blu Hotel, the subjoined resolutions of the Scheme Merger shall be effected.

Overview of the Scheme Merger and options offered to shareholders

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For the purpose of giving effect to the Merger as would be agreed between the Company and the Holders of the Fully Paid Ordinary Shares of Portland Paint Plc and Chemical and Allied Products PLC at the court-ordered meeting, shareholders of Portland Paint Plc at the close of business on the Terminal Date shall be offered the option:

  • To receive a Cash Consideration of N2.90 for each ordinary share of N0.50 held in Portland Paints as at close of business on the Terminal Date.
  • Or be allotted 1 ordinary share of N0.50 each in the share capital of CAP (credited as fully paid) in exchange for every 8 ordinary shares of N0.50 each held in Portland Paints.

Implied impact of the Scheme Merger between CAP and Portland Paints

Upon the Scheme becoming effective, the following modification shall be made:

  • All assets and liabilities of Portland Paints including but not limited to real property, intellectual property rights, permits, credits, allowances, equipment and machinery, plant, fixtures and fittings, motor vehicles and businesses, shall be transferred to CAP.
  • All employees and undertakings rights, powers and duties of a personal character, which could not generally be assigned or performed vicariously, of the Company shall be transferred to CAP.
  • All legal proceedings, claims and litigations pending or contemplated by or against the Company be continued by or against CAP.
  • The entire share capital of the Company shall be cancelled, and the Company shall be dissolved without being wound up.
  • All contracts of the Company shall continue to be in force and effect in accordance with their respective terms and conditions, and CAP shall assume all rights and obligations of the Company under all such contracts.
  • All monies standing to the credit of the Company at banks and with other debtors within and outside Nigeria be held to the credit of CAP.

Deal book 300 x 250
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Energy

Price Watch: Consumers paid more for diesel and less for petrol in December

The December 2020 NBS report shows that consumers paid more for diesel and less for petrol than they did in November 2020.

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Updated: Petrol pump price increased to N151.56 per litre

The Price Watch report released by Nigeria Bureau of Statistics (NBS) for the month of December 2020 revealed that consumers paid more for Diesel (Automotive Gas Oil) and less for Petrol (Premium Motor Spirit), compared to that of November 2020.

The average price paid by consumers for diesel increased by 0.28%, from N223.74 in November 2020 to N224.37 in December 2020, while the average price paid by consumers for petrol decreased by 0.94% from N167.27 in November 2020 to N165.70 in December 2020.

Key highlights of the report

Diesel

  • Consumers in Taraba (N266.00), Adamawa (N262.50) and Zamfara (N257.50) paid the highest average price for Diesel.
  • While consumers in Kwara (N195.00), Gombe (N197.50) and Osun (N201.09) paid the lowest average price for Diesel.
  • Overall, consumers in North West (N240.57), North East (N238.88) and North Central (N226.37) paid the highest average price for Diesel, while consumers in South West (N209.27), South East (N209.35) and South South (N216.25) paid the lowest average price.

Petrol

  • Consumers in Abia (N176.19), Kwara (N172.43) and Kebbi (N169.92) paid the highest average price for petrol.
  • While consumers in Kaduna (N155.00), Katsina (N160.25) and Bauchi (N162.57) paid the lowest average price for petrol.
  • Overall, consumers in South East (N168.04), North Central (N166.94) and South South (N166.53) paid the highest average price for petrol, while consumers in North West (N163.79), North East (N164.47) and South West (N164.92) paid the lowest average price.

Since a lot of manufacturing companies rely heavily on diesel to power their machinery and equipment, the increase would have added to their cost of operations, culminating in consumers paying more for goods and services.

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Also, one would have expected that the reduced price of fuel in December 2020 would lead to lower transport fares for commuters during the festive season, but that was not the case.

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