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Sustainable Dividends: Forte Oil Shareholders Task New Management

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Sustainable Dividends: Forte Oil Shareholders Task New Management
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Shareholders of Forte Oil (FO) Plc on Tuesday, 25th June, 2019 tasked the new management of the company on continuous payment of dividend and adherence to good corporate governance.

The shareholders made the demand in an interview with the News Agency of Nigeria (NAN) in Lagos on expectations from the new management team following Mr Femi Otedola’s divestment.

Mr Moses Igbrude, the Publicity Secretary of  Independent Shareholders Association of Nigeria (ISAN), told NAN that the new management needed to map out strategies to ensure higher returns.

Igbrude said that shareholders were expecting continuous returns on their investments and ensure adherence to corporate governance rules and market regulations.

“I appeal to them to manage the company properly, effectively and efficiently as expected in order to ensure yearly payment of dividend,’’ he said.

Igbrude said that the money realised from the sale of the power unit should be properly utilised to add value to the company.

According to him, the company should focus on the lubricant aspect of the business because that is where there is reasonable margin compared to the petrol business.

“They should make sure that their service stations look attractive, ensure high quality products and ensure the integrity of their pumps are superb so that customers will make them the first choice when buying fuel,’’ Igbrude said.

Mr Boniface Okezie, the National Coordinator of Progressive Shareholders Association of Nigeria (PSAN), said that the company needed to improve on its dividend payment to ensure price rally on the nation’s bourse.

Okezie said that the company should ensure prompt release of both quarterly and audited yearly results to avoid unnecessary sanctions from the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC).

The shareholder-activist said that the investing public and the stockbrokers should be carried along in the company’s operations through regular releases of information.

NAN reports that FO on June 20 appointed new Chief Executive Officer and Chief Financial Officer following the completion of the sale of Mr Femi Otedola’s shares in the firm’s downstream operations.

The firm announced that Mr Olumide Adeosun and Mr Moshood Olajide had been appointed as the Chief Executive Officer and Chief Financial Officer, respectively, after the resignation of Mr Akin Akinfemiwa and Mr Julius Omodayo-Owotuga.

Forte Oil, in a notice filed with the Exchange said Ignite Investments and Commodities Limited, led by Prudent Energy Services Limited, had completed the acquisition of Otedola’s 74.02 per cent shareholding.

According to the firm, the completion is consequent upon Ignite receiving all the necessary approvals from SEC, NSE and fulfilling all relevant terms and conditions attached to the Share Purchase Agreement.

It said, “As a result of this and further to the announcement on Dec. 28, 2018, Ignite will take over controlling stake in Forte Oil Plc, the downstream company“. 

Traders seek urgent repair of Lagos-Badagry expressway
Some traders plying Lagos-Seme road have urged the Federal Government to repair the Lagos-

Badagry expressway and lift the ban on importation of vehicles through the land borders.

The traders made the appeal in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Tuesday.

A commercial driver plying between Seme and Cotonou,  Mr Joy Sagbohan, said the deteriorating state of the road had affected his business.

“Many of our customers now prefer to go through Idiroko to Cotonou instead of going through Seme border.

“Before the road got worse, I usually realised between N20, 000 to N15, 000 daily, but now I hardly realise between N2, 500 to N1, 500 after fueling the bus.

“It is difficult for me to repair my vehicle due to the low income as a result of bad roads from Lagos to Badagry.

“My colleagues and I are facing a lot of challenges encountering immigration officers,  but we have a good relationship with the Nigeria Customs Service (NCS); they do not inconvenience us in any form,” Sogbohan said.

Another driver,  Mr Mamudu Paraiso, urged Nigerian government to caution some its agencies to stop extorting travellers at the border areas.

“Since the Economic Community of West African States has told the two countries to encourage free movement from the border areas, some Nigeria regulatory agencies still extort money to allow movement into Nigeria area.

“Since the borders have been closed to importation of vehicles, car dealers are no longer coming to board our vehicles to Cotonou,” Paraiso said.

He urged government to open the border posts for importation of vehicles to enable traders and commercial motorists to earn some income to feed their families.

Mrs Nofisat Kareem, a former cosmetics dealer who ended up as a pure water seller, said she change her business because she could no longer make profit from cosmetics.

She said she was trading between Lagos International Trade fair areas to Seme.

Kareem said she had no option than to go into pure water business to enable her feed her children.

Another trader, Mrs Mercy Jude,  also lamented the poor state of Lagos-Badagry express road, saying  that she used to  travel once a week on the route to buy Dettol disinfectant in Lagos.

She urged government to look into multiple checkpoints along the routes mounted by Nigerian officials extorting money from the traders.

Business News

Tinubu Inaugurates Critical Gas Projects, Reassures Energy Sector Investors

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By Matthew Dadiya, Abuja

President Bola Tinubu has reassured investors in the energy sector of his administration’s resolve to further enhance the business environment and ensure investment convenience.

The President spoke Wednesday at the inauguration of three milestone projects, including the expanded AHL Gas Processing Plant; the ANOH Gas Processing Plant, and the 23.

3km ANOH – Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline.

In a speech during the virtual inauguration of the projects at the State House, Tinubu also assured citizens that his administration is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realization of gas-fueled prosperity in the country.

 

The President, according to a statement by Special Adviser on Media and Publicity, Ajuri Ngelale, noted that the projects were fully in line with the Decade of Gas Initiative and his administration’s vision to grow value from the nation’s abundant gas assets, while concurrently eliminating gas flaring and accelerating industrialization. 

“This event is highly significant to our country as it demonstrates the administration’s concerted efforts to accelerate the development of critical gas infrastructure geared at significantly enhancing the supply of energy to boost industrial growth and create employment opportunities.

“It is pleasing that when these projects become fully operational, approximately 500MMscf of gas in aggregate will be supplied to the domestic market from these two gas processing plants, which represents over 25% incremental growth in gas supply. 

“In practical terms, this is more gas to the power sector, gas-based industries, and other critical segments of the economy. I, therefore, commend the strategic vision of the NNPC Limited and its partners, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy Plc, for this laudable and value-adding projects,” President Tinubu said.

The President said his government remains determined in its bid to leverage the nation’s vast gas capacity to drive economic growth. 

“Aside from the presidential CNG initiative which is aimed at moving the good people of Nigeria away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Directives.

“The theme of this inauguration – ‘From Gas to Prosperity; Renewed Hope’, must be adopted by all gas-sector participants and would-be investors as a clarion call to ramp up efforts to accelerate investment and developments of projects in the gas sector on a win-win basis.

“I would once again commend the efforts of NNPC Ltd, alongside SEEPCO and Seplat Energy, on this business partnership initiative, and congratulate you all on the successful implementation of the three projects,” the President said.

President Tinubu also reiterated his government’s resolve to continue to provide support in deepening domestic gas utilization, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.

“Today, I have the singular honour to inaugurate the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant, and the 23.3Km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects in line with my administration’s resolve to provide energy for Nigerians, and to use our vast natural gas resources to transform Nigeria,” the President stated.

May 15, 2024

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Oil & Gas

Why we are Recording Increased Oil Production – Edun

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The Federal Government says improved security in the Niger-Delta is responsible for the increased crude oil production to 1.65 million barrels per day as against the 1.25 million bpd previously recorded.

Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, stated this in Abuja at a Podcast hosted by Bruit Costaud in collaboration with Ballard Partners of U.

S.A.

Reports says the immediate past Minister of Information and Culture, Alhaji Lai Mohammed is the Managing Partner of Bruit Costard, a lobbyist and public relations firm and an affiliate of Ballard Partners.

According to Edun, the quickest way to get revenue for critical infrastructure is to shore up oil revenue.

“This is quickest way of giving the government the needed revenue to address our urgent needs.

“The government doesn’t have enough revenue for critical infrastructure and social services which are crucial to Nigerians now.

“The prices are still elevated and as you know in June 2023, the oil production and sales were roughly 1.25 million barrels per day.

“Now, it is up to 1.65 million barrels per day, that is one source of bringing in dollars and revenue into the government coffers that is non-inflationary,’’ Edun said.

Edun added that non-oil revenue as well as revenues from taxation were also critical to government.

“If you know about Mr President’s antecedent, the first thing he did in Lagos as governor was to get hold of the revenue.

“What he did was to deploy digitisation.  He used the latest technology to block the leakages and to improve the efficiency of monitoring and collection.

This is exactly the same thing we are doing at the federal level now.

“The revenue of the Federal government has been totally revamped.

“There has been application of technology to ensure what is due to the federal government, particularly from its various revenue-earning arms,  agencies,  companies, and enterprises is not taken,’’ he said.

The minister said that plans were ongoing to give incentives to small, medium and larger businesses. (NAN)

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Oil & Gas

Dangote Petroleum Refinery Begins Production of Diesel, Aviation Fuel – Official

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Dangote Petroleum Refinery has commenced production of diesel and aviation fuel.

Mr Anthony Chiejina, Group Head, Corporate Communications, Dangote Group, confirmed this in a statement to newsmen in Lagos.

Chiejina quoted the President of Dangote Group, Alhaji Aliko Dangote, to have elatedly thanked President Bola Ahmed Tinubu for his support, encouragement and thoughtful advice towards the actualisation of this project.

Dangote also thanked the Nigerian National Petroleum Company Ltd.

, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerians for their support and belief in the historic project.

According to him, “We thank President Tinubu for his support and for making our dream come true.

“This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to details.

“His intervention at various stages cleared all impediments, thereby accelerating the actualisation of the project.

“We also thank the NNPCL, NUPRC and NMDPRA for their support.

“These organisations have been our dependable partners in this historic journey.

“We also thank Nigerians for their belief and support in this project,” he said.

Dangote said: “We have started the production of diesel and aviation fuel, and the products will be in the market before the end of the month.

“This is a big day for Nigeria. We are delighted to have reached this significant milestone.

“This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects.

“This is a game changer for our country, and I am very fulfilled with the actualisation of this project.

“The refinery has so far received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore.

“The first crude delivery was done on Dec. 12, 2023, and the 6th cargo was delivered on Jan. 8, 2024,” he added.

He said that the refinery can load 2,900 trucks a day at its truck-loading gantries.

He added that the products from the refinery will conform to Euro V specifications.

Dangote boss said that the refinery design complies with the World Bank, US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms. State-of-the-art technology.

“I must extend our sincere appreciation to our Bankers and financiers, both local and offshore, who demonstrated a great deal of patience, in seeing us through many difficult times.

“In the same vein, we thank the Government of Lagos State, under the leadership of Babajide Sanwo-Olu, who has been incredibly proactive in ensuring that the many challenges we encountered in the course of executing this project were quickly resolved.

“I thank him immensely.

“I also sincerely thank our host communities and their traditional leaders for their sustained patience, forbearance, and admirable willingness to work with us to find amicable and win-win resolutions to the many issues we have had to deal with as the construction of this huge facility progressed.

“Our staff have also contributed so immensely to the success of this project. I thank them profusely,” Dangote added.(NAN)

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