The Nation Newspaper

Tag: commences

  • NNPC commences recovery of N100b landed property

    The NNPC Properties Ltd (NPL), the real estate management company of the NNPC, has commenced the recovery of the corporation’s landed property worth N100b across the nation.

    This was disclosed by the NNPC Chief Operating Officer (COO) Ventures, Dr. Babatunde Victor Adeniran, at the maiden edition of NPL Property Festival which held yesterday the NNPC Towers, Abuja.

    Adeniran stressed that the focus of the NNPC Properties Ltd had shifted from the initial lease administration of collecting rents from tenants of the NNPC Properties to “exploring all commercial opportunities available in the real estate market to efficiently position itself as one of the key players of repute that fits the NNPC brand”.

    The Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu made this known in a statement yesterday.

    According to him, the current aggressive commercial drive by the NPL was yielding results as the company had recovered a number of the corporation’s landed property which had been lying idle across the country.

    He listed some of the recovered property to include: a 92-hectre parcel of land on Chevron Drive, Lekki, Lagos; Royal Grove Estate, Port-Harcourt, and others in Abuja and Kaduna.

    He said all the recovered property would be developed for the benefit of NNPC staff.

    Dr. Adeniran commended the Management of the NPL for developing the Third Party Home Ownership Scheme for staff with competitive interest rates from reliable banks and affordable deals from credible developers.

  • Social Investment Programme commences in Edo

    The Edo State chapter of the Federal Government Social Investment Programme (SIP), which offers micro credit to market women and men, cooperatives and traders’ associations, artisans, small-scale farmers, small business owners and youths across the 18 local government areas in the state, has commenced operations.

    The State Coordinator of the SIP, Rev S.O Uhunmwangho, yesterday, announced this in a statement.

    This was as it was revealed that the federal government had commenced disbursement of N140 billion interest-free loans to accredited beneficiaries of MarketMoni, the Government Enterprise and Empowerment Programme (GEEP) targeting market women and traders, artisans, youth and farmers across the federation.

    On how to register for the programme, he said: “Interested persons are advised to log onto www.bio.ng/marketreg for details on how to benefit from the loan scheme. Note that this is the only designated website”.

    Alternatively, he noted that people could also visit the desk officer of the programme at the state’s Ministry of Commerce and Industry in Benin City, while they could also contact him on 08038579236.

     

  • Aper Aku stadium: Expatriates commences work on the final stage of the playing pitch

    Expatriates who specialise in coconut fibre are currently working on the Playing pitch of Aper Aku stadium, the home of Lobi stars in Makurdi.

    When Sportinglife visited the stadium , workers were seen laying the shock absolving system, preparatory for sand, then, coconut fibre and cock before the grassing.

    Shock absorbing system on a football pitch enhance the performance of players and keep it cooler. It’s also gives comfortability players and reduce injury. However, Sportinglife observed that the stadium contract had no provision for springer which control ball behavior.

    MR. Ebi Egbe, the contractor handling the upgrading of the Aper Aku told sporting life that ,his firm would use the period of the completion of the stadium to and the state government to installed springers in the stadium .

    Chairman of Sports Writers Association of Nigeria ( SWAN) Comrade Uja Emmanuel advised the Benue state government as a matter of policy to extend the contract to covering maintenance and installation new running track for a period of 10 years to for proper monitoring .

    Comrade Uja stated that from experience , government spent billions on projects but lack of maintenance led to decay of same projects .

    The SWAN chairman advised Governor Gabriel Suswam to used the National Stadium Sulurere, Lagos, as an example ,which was one of the best ,but now in decay for lack of proper maintenance and extend the contact for the upgrading of Aper Aku to cover maintenance.

    Governor Gabriel Suswam said he would give soccer loving people of Benue state a new stadium as a parting gift of his administration .

  • SEPLAT commences book building for $500m IPO

    SEPLAT Petroleum Development Company Plc, an indigenous independent oil and gas company, at the weekend started the institutional book building for its global initial public offering (IPO) of $500 million. SEPLAT plans to make the maiden public sale of its ordinary shares and subsequently list its shares on the London Stock Exchange (LSE) and Nigerian Stock Exchange (NSE).

    A document on the IPO obtained by The Nation at the weekend indicated that the institutional book-building has commenced with the publication of the pathfinder prospectus. BNP Paribas and Standard Bank are the joint global coordinators for the IPO and book-runners. Standard Bank is also acting as the stabilising manager. Also, Renaissance Securities (Cyprus) Limited, Citigroup Global Markets Limited and RBC Capital Markets are acting as joint book-runners. On the home front, Renaissance Securities (Nigeria) Limited and Stanbic IBTC Capital Limited have been appointed as Nigerian joint issuing houses.

    According to the report, the indicative price range for the global offer has been set at 195 pence to 255 pence per ordinary share for shares to be traded on the LSE’s main market and N535 to N700 per ordinary share for shares to be listed on the NSE.

    The initial offer size is expected to raise gross proceeds of approximately $500 million, equivalent to £300.9 million and N82.5 billion. With this, and based on the mid-point of the price range, SEPLAT’s implied market capitalisation upon listing would be about £1,200.9 million, equivalent to $ 1,995.5 million and N329.5 billion.

    The indicative price range of between N535 and N700 will make SEPLAT the second highest-priced stock at the Nigerian Stock Exchange (NSE), after Nestle Nigeria. The listing market capitalisation of N329.5 billion will make the company the seventh most capitalised stock on the NSE.

    SEPLAT has however indicated it intends to absorb over-subscription. According to the report, the over-allotment option in the global IPO shall represent 15 per cent of the final amount allocated to the international offering in the base offer. The over-allotment option shall be exercisable for a period of 30 calendar days from the announcement date of the final pricing of the global offer, expected on or about April 9, 2014.

    Thus, the global offer will comprise a base offering and an over-allotment option, consisting of new shares to be issued by the company.

    The report noted that the global offer will be effected variously by means of offering of ordinary shares to qualified investors in certain institutional investors in the United Kingdom and elsewhere outside the United States. Shares would also be offered to qualified international brokers in the United States. In Nigeria, shares will also be offered to ordinary shares to qualified institutional investors and high networth investors as defined in Rule 321 of the Securities and Exchange Commission (SEC) Rules.

    The company indicated that it intends to use $48 million from the net proceeds of the IPO to repay in full all outstanding amounts under its shareholder loan from MPI S.A. (MPI) while the balance would be used to acquire and develop new acquisitions or pay down any additional debt raised in connection therewith, of both onshore and shallow offshore acreages, assets or joint venture (JV) farm-ins.

    According to the company, the main source of acquisitions is expected to come from divestitures by various international oil companies.

    Upon listing, SEPLAT will thus be the first Nigerian company to have its ordinary shares listed on both the LSE and the NSE.

    The report indicated that announcement of the final pricing of the global offer and the commencement of conditional dealings in the ordinary shares on the LSE are expected to occur on or around Wednesday April 9, 2014 under the ticker symbol “SEPL”

    Also, admission of the ordinary shares to the official trading list of the NSE, under the ticker symbol “SEPLAT”, to the official list of the FCA and to trading on the main market for listed securities of the LSE and the commencement of unconditional dealings are expected to take place on or around Monday April 14, 2014.

    Earlier, chairman, SEPLAT Petroleum Development Company Plc, Dr. ABC Orjiako had said the global offer will allow the company to further implement its business strategy, which includes acquiring new assets.

    “We are confident that SEPLAT will continue to succeed and flourish as a leading Nigerian oil and gas operating company with a proven track record for delivering value to its investors, while fostering indigenous participation in the Nigerian oil and gas industry. We are committed to maintaining our track record and achieving our growth aspirations through sound corporate governance and best practice,” Orjiako said.

    SEPLAT was founded in 2009 by Shebah Petroleum Development Company Limited and Platform Petroleum (Joint Ventures) Limited for the purpose of investing in Nigerian oil and gas opportunities. Maurel& Prom, a French independent oil company, subsequently acquired a 45 per cent equity interest in SEPLAT; this interest was later spun-off to form Maurel & Prom Nigeria S.A, which is now known as Maurel & Prom International.

    In July 2010, SEPLAT acquired a 45 per cent participating interest in, and was appointed operator of, a portfolio of three onshore producing oil mining leases-OMLs 4, 38 and 41, which are located in the Niger Delta. In June 2013, the company entered into an agreement for the acquisition of a 40 per cent participating interest in the Umuseti/Igbuku marginal field area located within OPL 283 in the Niger Delta.

    SEPLAT is regarded as one of the leading indigenous oil and gas operators in Nigeria with average gross operated oil production of 51,400 barrels per day (bpd) as at December 31, 2013, a substantial mileage from 13,900 bpd in August 2010. The company’s average gross gas production in 2013 was 99 million standard cubic feet per day (MMscfd). SEPLAT is targeting gross operated oil production from its existing assets of 85 Mbpd by the end of 2016.