Following the announcement of the acquisition of Eland Oil & Gas by Seplat Petroleum Development Plc as notified on the Nigerian Stock Exchange (NSE) and reported by Nairametrics, a firm, Starcrest Nigeria Energy Limited has issued a stern warning.
Starcrest made known that misrepresentations or ommissions were made to the public by Seplat Petroleum and Eland Oil and Gas.
According to Starcrest Counsel, Ogochukwu Ifeoma Aniekwe, as seen on Yahoo Finance, the acquisition, which is based on Seplat Petroleum owning a 45% stake in an oil mining lease held by Eland Oil and Gas, is not true as Eland is not the operator of the license as portrayed to the general public.
In a statement, Aniekwe disclosed that the 45% stake was instead, held by a Nigerian company, Elcrest Exploration and Production Company Limited. Elcrest, which should have been informed of the acquisition plans, was not duly informed of it.
Aniekwe said that the operator of the license itself is The Nigerian Petroleum Development Company. The statement read:
“In the absence of guarantees we have sought from the offeror since the announcement on, inter alia, the offeror’s subscription to the continued autonomy of Elcrest in accordance with Nigerian law, we are unable to guarantee the continued existence of Elcrest, and therefore of Elcrest’s entitlement to the stake in the License, if the Acquisition proceeds.
“The Nigerian Petroleum Development Company, a state-owned enterprise, is the holder of the majority 55% stake in the License and is the operator of the License. Neither the offeree nor Elcrest is the operator of the License.”
More details: Apparently, going by Starcrest’s claims, Eland Oil and Gas has no direct stake in the license supposedly acquired by Seplat Petroleum. According to the statement, Starcrest and Elcrest will take up the matter with legal advisers and relevant authorities in Nigeria and the United Kingdom.
“The offeree has no direct stake in the License. The offeree also has no direct entitlement, under Nigerian law, to the hydrocarbons produced from the License. The offeree is entitled to dividend from Elcrest in which the offeree is a minority shareholder but only if and whenever Elcrest declares dividend.
“We are taking up the matters stated in this notice with the relevant authorities in Nigeria and the United Kingdom, and continuing consultation with our legal advisers on appropriate recourse,” Aniekwe stated.
The supposed terms of agreement as reported on Nairametrics include:
- Every Eland Oil & Gas shareholder will receive 166 pence in cash per share.
- The entire issued and yet to be issued ordinary share capital of Eland Oil & Gas has been valued at approximately £382 million.
- On a fully diluted basis, this represents a premium of 28.5% to Eland’s closing share price of 129.2 pence on 14 October 2019.
- It also represents “a premium of approximately 32.6% to the three-month volume-weighted average price per Eland Share as of 14 October 2019 of 125.2 pence.”
- Any shareholder of Eland Oil & Gas whose name appears on the register as at close of business on Friday, October 18th, will stand a chance of receiving and retaining the interim dividend which the company is set to pay on October 31st, 2019.
About Starcrest Nigeria Energy Limited: Starcrest Nigeria Energy Limited is an independent oil and gas exploration and production company focused on oil and gas exploration and production in Nigeria and the Gulf of Guinea region. The company, which is a member of the Chrome Group of companies, has interests in OPL 291 Nigeria and in Elcrest Exploration and Production Nigeria Limited.
House of Reps to make Youths globally competitive
House of Representatives is determined to make Youth globally competitive.
“Facts don’t lie, a government that has devoted N500bn to youth empowerment every year. There’s Trader Moni, N-Power, and several others, they are all there,” he added.
Gbajabiamila added that the President Muhammadu Buhari’s administration has done a lot about youth empowerment and is ready to do more.
COVID-19: Ogun orders full reopening of churches, mosques, hotels
Religious centres and other public places have been reopened following the success recorded in flattening the curve of COVID-19.
The Ogun State Government has ordered the full reopening of churches, mosques, businesses, hotels, and entertainment centres across the state.
This was disclosed by the State Governor, Dapo Abiodun, in a statement signed by his Chief Press Secretary, Kunle Somorin, via the state’s Twitter handle on Wednesday.
Abiodun stated that the religious centres and other public places had been reopened, following the success recorded in flattening the curve of COVID-19.
According to him, the government is aware that many people are just recovering from the economic hardship imposed by COVID-19, as their activities had been affected by the lockdown, while necessary measures had been put in place to combat the pandemic.
He stated, “In the process of rebuilding the economy, the State Government was irrevocably committed to the successful implementation of the “Building our Future Together” agenda, and would ensure everything possible for people to have increased prosperity that would place the State on a sound footing towards continued development.
“Government would improve on testing, just as it continues to monitor the development and not hesitate to do selective lockdown should there be any flagrant disobedience to the set COVID-19 protocols.”
COVID-19: Ogun orders full reopening of churches, mosque, hotels
Pleased with the drop of COVID-19 infections in Ogun State, @dabiodunMFR, has announced that all hotels, viewing centres, marquees, event centres, suites, guest houses, motels, and establishments providing…. pic.twitter.com/sMiUe3DUt5
— Ogun State Government – OGSG (@OGSG_Official) October 28, 2020
What you should know
Governor Abiodun had closed religious centres, businesses and schools in March, as part of moves to flatten the curve of the coronavirus.
He later announced the reopening of only worship centres and schools in August.
Abiodun pegged the number of worshippers for each service at 200, and insisted that services must not exceed one and a half hours.
CBN reveals framework for the N75 billion Youth Investment Fund
The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.
The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.
This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.
The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.
The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.
Objectives of the scheme:
Improve access to finance for youths and youth-owned enterprises for national development.
Generate much-needed employment opportunities to curb youth restiveness.
Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.
Explore Data on the Nairametrics Research Website
The fund targets young people between the ages of 18 and 35 years.
Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.