Several companies are beginning to announce their close periods as they prepare to release their financial statements for the third quarter ended September 30, 2019. These companies have also disclosed the dates of the meetings of their boards of directors.
Earlier today, eTranzact International Plc and United Capital Plc disclosed their close periods. Now, three other companies have followed in their footsteps. Nairametrics confirmed this in the statement each of the companies sent to the Nigerian Stock Exchange (NSE).
The following are companies that recently made the announcement.
Seplat Petroleum Development Company: In a statement sent to the NSE and seen by Nairametrics, the oil and gas company said, “Pursuant to Clause 17.2 of the Amendments to the Listings Rules (the “Rules”) of the Nigerian Stock Exchange (the “Exchange”) and in the run-up to the announcement of SEPLAT’s Third Quarter 2019 Financial Results, please note that the Company shall commence its closed period from Tuesday, 1st October 2019 to end on Wednesday, 30th October 2019 and 24 hours after the release of its financial results.
“Accordingly, no Director, employee, person discharging managerial responsibility, adviser(s) of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.”
Cornerstone Insurance Plc: According to Cornerstone Insurance, “the Board of Directors of Cornerstone lnsurance PLC will hold on Wednesday. October 23, 2019, at Cornerstone Complex, 21, Water Corporation Drive, Off Ligali Ayorinde Street. Victoria Island, Lagos at 10.00 am to consider the Company’s Financial Statements for the Third Quarter, ended September 30, 2019.
“Accordingly, in line with the provisions of Rule 15.1 and 17.2 of the Amendment To The Listing Rules and L7.17 of the Rule Book of the Nigerian Stock Exchange (NSE) and which has been incorporated into Sections 5 and 6 of the Company’s Securities Trading Policy, all Directors, Persons discharging managerial responsibility, Adviser(s) of the Company or their connected persons shall not trade in the Company’s shares from October 8th, 2019 until 24 hours after the release of the Company’s Financial Statements to the NSE and the general public.”
United Bank for Africa (UBA): The lender has also revealed when it would be having its Board of Directors’ meeting ahead of the release of Q3 financial statements.
In its notification to NSE, the bank said, “The Board of Directors of United Bank for Africa Plc is scheduled to meet in Abuja at 10:00 AM on Friday, October 18, 2019, to consider, amongst other matters, the Group Unaudited Accounts and Financial Statements for the Third Quarter ended September 30, 2019.
“In compliance with the post-listing requirements of the Nigerian Stock Exchange for quoted companies, United Bank for Africa Plc hereby declares the commencement of the closed period for trading in the Bank’s shares from Wednesday, October 2, 2019in respect of the Group Unaudited Accounts and Financial Statements for the Third Quarter ended September 30, 2019.
“Accordingly, no Director, person discharging managerial responsibility, employee with sensitive information, adviser, and consultant of the Bank and their connected persons may directly or indirectly deal in the Securities (Shares and Bonds) of the Bank until 24 hours after the release of the Group Unaudited Accounts and Financial Statements for the Third Quarter ended September 30, 2019 to the Nigerian Stock Exchange,” UBA said in its statement to NSE.
Heirs Holdings acquires stakes in Shell, Total, ENI
Heirs Holdings has acquired 45% of OML 17 from Shell Nigeria as part of its expansion into the oil and gas industry.
Heirs Holdings has expanded its Oil and Gas portfolio, as it acquired 45% of OML 17 from Shell Nigeria.
The company acquired related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp), from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI.
This was disclosed by the company in a statement issued on Friday and seen by Nairametrics.
According to the statement, TNOG Oil and Gas Limited will have sole operatorship of the asset in a transaction that is one of the largest oil and gas financings in Africa in over a decade.
- “With a financing component of US$1.1 billion, provided by a consortium of global and regional banks and investors. OML 17 has a current production capacity of 27,000 barrels of oil equivalent per day and according to our estimates, 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential. The investment demonstrates a further important advance in the execution of Heirs Holdings’ integrated energy strategy and the Group’s commitment to Africa’s development, through long term investments that create economic prosperity and social wealth.”
What they are saying
In the statement, Chairman of Heirs Holdings, Tony Elumelu, said:
- “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
- “As a Nigerian and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.”
The President and Group Chief Executive Officer, Transcorp, Owen Omogiafo, explained that the deal further demonstrates the company’s integrated energy strategy and its determination to power Africa.
- “Heirs Holdings was advised by Standard Chartered Plc, as Global Coordinator, and United Capital Plc, with a syndicate of lending institutions including Afreximbank, ABSA, Africa Finance Corporation, Union Bank of Nigeria, Hybrid Capital, and global asset management firm, Amundi. The deal also involves Schlumberger as a technical partner, as well as the trading arm of Shell as an off-taker.
- “Heirs Holdings has created one of Africa’s largest, indigenous owned, oil and gas businesses, headquartered in Lagos, Nigeria and led by a board and management team with significant regional and global experience in production, exploration, and value creation in the resources sector.”
What you should know
- Two years ago, Nairametrics reported that Elumelu’s Heir may acquire Shell, as the Royal Dutch Shell Plc was reportedly considering the possibility of selling its two oil mining licenses in the oil-rich Niger-Delta.
- According to reports, Heirs Holding Ltd was already raising funds to acquire the two oil mining licenses 11 and 17 valued at $2 billion. The assets include a natural gas-fired power plant which will be managed by Transnational Corporation of Nigeria Plc.
- Transnational Corporation Plc in its Half year results for the period ended 31 June 2018, recorded a 44.8% increase in revenue from its Power segment of operation from N27.97 billion in half-year 2017 to N46.08 billion half-year 2018. The largest of its five revenue segments.
- According to the report, the decision to sell off these assets is triggered by the continued unrest in the oil-rich region and age long accusation of environmental pollution levelled against the Dutch oil firm.
- Shell has over the years faced stiff opposition in operating within the Niger-Delta region, with several reports of pipeline vandalism and youth restiveness in the region. This situation has left the oil company with undeveloped oil and gas reserves.
Okonjo-Iweala speaks on Twitter’s suspension of Donald Trump
Dr Ngozi Okonjo-Iweala has given her opinion on Twitter’s suspension of US President, Donald Trump.
Twitter board member and candidate for the DG of the WTO, Ngozi Okonjo-Iweala, has said Twitter has rules under which it operates and CEO Jack Dorsey’s statement contains all that needs to be known concerning the suspension of US President, Donald Trump from its platform.
Okonjo-Iweala disclosed this in an interview with Arise TV on Friday evening.
- “Twitter tries to help the public conversation in the world and gives people a means to engage on important issues,” she said.
On the decision to censor Donald Trump
She said the Board agreed as a team to have one voice on the decision to suspend Donald Trump from the service and that CEO Jack Dorsey gave all that needed to be known.
- “Being on the Twitter board, I have to respect our rules for communications on what is happening. I have to be very honest that we as a board agreed that we have a team that will deal with this, to make sure that we have one voice. But, I can tell you that if you want to know why the decisions were taken, please look at the statement by the CEO, Jack Dorsey, I think it tells you all you want to know.
- “Twitter is an organization that has rules under which it operates, and if you read what it puts out, you will see that things are being implemented according to the rules.
On welcoming rules and regulations for the social media giant
- “Let’s wait and see, I don’t want to pre-judge or comment on anything. I don’t want to go beyond what I am willing to say, but let’s wait and see. These are very difficult times in the world. We all saw what happened in the United States. We have to be very careful. We would see what the future would be for the tech companies.”
- Nairametrics reported that social media network, Twitter, permanently suspended U.S President, Donald Trump, citing the risk of further incitement of violence.
- Jack Dorsey, the CEO and founder of Twitter, said that the decision to ban Donald Trump from the social network was the right decision, but one that sets a dangerous precedent.
Joe Biden appoints Nigerian-born Funmi Olorunnipa Badejo as Counsel
Nigerian-American, Funmi Olorunnipa Badejo has been appointed as a member of the office of the White House Counsel.
U.S President-elect, Joe Biden, announced the appointment of Nigerian-American Funmi Olorunnipa Badejo as a member of the office of the White House Counsel, to serve as an Associate Counsel.
He announced it this week in a statement seen on his transition website.
A part of the statement reads:
- “The Counsels are experienced and accomplished individuals, have a wide range of knowledge from various fields and will be ready to get to work on day one.”
What you should know about Funmi Badejo
- Funmi Olorunnipa Badejo, before the announcement, was General Counsel of the House Select Subcommittee on the Coronavirus Crisis, chaired by House Majority Whip, James E. Clyburn.
- Other government roles she has served include serving as Counsel for Policy to the Assistant Attorney General in the Civil Division of the U.S. Department of Justice, Ethics Counsel at the White House Counsel’s Office, and Attorney Advisor at the Administrative Conference of the United States during the Obama-Biden administration.
- She started her career as an associate with the law firm of Manatt, Phelps & Phillips, LLP and was also a Legal Counsel at Palantir Technologies Inc.
- She is a graduate of Political Science from the University of Florida, with a Master of Public Administration (MPA) from Harvard University and holds a Law Doctorate from the University of California School of Law.
- She becomes the 3rd Nigerian American to be appointed under the Biden Government.
Biden’s transition committee said the new Counsels would work under the direction of White House Counsel, Dana Remus, and “help restore faith in the rule of law and the accountability of government institutions.”
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