The consistent high global demand for minerals, believed to be the oil of tomorrow along with the constant change and decline in the oil and gas climate, has necessitated one company to diversify. Japaul Gold and Ventures Plc formerly called Japaul Oil & Maritime Services Plc re-strategized in June 2021 to reflect the new focus of the company.

The company had been incurring losses in the previous years, debt and unmet dividends due to the challenges in the oil and gas servicing sector. Significantly, about $150million has been invested by the company in the purchase of different marine vessels, but the assets stopped bringing returns to the shareholders due to a reduction of contracts with International oil companies (IOC). The few jobs available then became so competitive.

In a twist of fate, the company discovered lithium and nickel in some of Japaul mines believed to have necessitated this related diversification move. This resulted in the company having its profits soar. In this industry, there are several players in Nigeria among which are: Multiverse mining and exploration plc, Aisas Mining Limited, Global Gems Limited, A. A. Y. International Mining Company Limited, Iron Ore Mining Limited, etc.

About Japaul

With its headquarters in Lagos, Japaul Gold & Ventures Plc started as an oil and gas company that offers maritime services, oil and gas servicing, dredging, quarrying, transportation, engineering, and construction. The company ventured into the mining of solid minerals in 2021. The company was established in June 1994, and in August 2005 it was listed on the Nigerian Stock Exchange.

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Services

  • Dredging

This includes reclamation, shore protection, stockpiling, breakwater construction, sweeping of access sites and slots and river crossing and other related services. One of the company’s upcoming projects involves the creation of an artificial island on the Lekki Axis, close to Banana Island.

  • Mining

Japaul has licenses to mine solid minerals such as: Gold, tin, copper, lithium, lead, zinc and hard rock, with quarries in Cross Rivers and Ondo States. Its licenses are in the following subsidiaries: Japaul Mines and Products Limited, H & H Mines limited, Covenant Gems Limited, Ontop Geominerals Limited, Japaul-Hahaibs Limited.

  • Offshore Chartering

Managed under the trade name: Japaul Shipping and Offshore services limited, offering vessel chartering services to offshore Oil and Gas and shipping industries, where they also provide reliable onshore/offshore oil and gas field development

Board of Directors

Mr. Paul Jegede– Chairman

Mr. Jegede holds the position of Chairman of Japaul Oil & Maritime Services Plc. He is also Member of the Certified Institute of Shipping of Nigeria. In the past he was Financial Controller for Pelfaco Ltd. Mr. Paul has an undergraduate degree from the University of Ilorin, and an MBA from Rivers State University of Science & Technology.

Mr. Akinloye Daniel Oladapo– Group Managing Director/Chief Executive Officer

Mr. Oladapo has occupied the position of GMD/CEO since 2018. He holds a Higher National Diploma (HND) in Urban & Regional Planning from The Polytechnic, Ibadan, Postgraduate Diploma and M.Sc Degree in Transport from Ogun State University, Ago-Iwoye (now Olabisi Onabanjo University). He worked for several years with an Engineering firm. He has been a member of the Board of Directors of Japaul Oil & Maritime Services Plc He is a member of the Chartered Institute of Transport, London, and a Fellow of the Nigerian Institute of Shipping.

  • Olusola Oke
  • Abdulkadir Mamman Nasir
  • Barrister Onome Okodiya
  • Funmilola Omodamori (Mrs.)
  • Barrister Michael Edeko

And other members of the Board and Management team

 Regulators

  • Ministry of Solid Minerals Development
  • Health Safety Environment (HSE)

Investor relations

The company has a market capitalization of N 1.75B, while its current share price is N0.28, trading at a volume of 751,447.00. In its financial report for the period ended June 2022, the company had a turnover of 35,394,000.

 Shareholding Structure

  • Jegede Paul – A. 252,169,783
  • Akinloye Daniel Oladapo – 11,712,819
  • Onome Okodiya Esq – 500,000
  • Oyinlola Oluwaseyi – 1,000,000
  • Olusola Oke – 1,025,925

 Achievement

  • Since the diversification move, Japaul has been yielding a positive financial outlook for the company and its shareholders. For instance, in its 2018 financial year, its profits grew from N7.4billion to N40billion in 2019; shareholders fund rose from N35billion negative to N4.6billion by the end of the 2019 financial year, while earnings per share rose from N105 negative in 2018 to positive N653 in 2019
  • In June 2021, the rebranded company’s shares increased by 40%, increasing the company’s capitalization by approximately N1.38 billion.
  • The company is a three-time Nigerian Stock Exchange (NSE) award winner.

As the world makes a more mineral-intensive transition from fossil fuel to low-emission energy; mining of minerals to Japaul, will continue to remain its new ‘oil’ in its related diversification strategy. Although, the company successfully transitioned to solid minerals mining, making use of its competence, capabilities and resources, it may still have to contend with the same threats to the environment as its previous business in the oil and gas did.