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N300bn Suit Against AMCON Not Dismissed – Bi-Courtney

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Wale Babalakin

Bi-Courtney Consortium says the N300bn suit it brought against the Assets Management Corporation of Nigeria has not been dismissed by the court.

The company, in a reaction to media reports that the case had been dismissed by the Federal High Court sitting in Lagos, described the claim as erroneous.

According to the company, owned by Dr. Wale Babalakin, the reports are a distortion of facts.

“A judgment delivered on May 3, 2016 was suddenly moulded into ‘breaking news’ in some print and online media in mid-August. It is not a new case, it is not a new judgment,” the company said in a statement.

“The issue of whether AMCON was liable to pay damages to Bi-Courtney was never determined by the court. For the avoidance of doubt, the parties to the case had indeed entered into an out-of-court settlement as set out in an offer letter by AMCON, dated May 7, 2014. It was on account of the non-production of the said letter in court that Hon. Justice M. B. Idris dismissed the suit. We have filed a notice of appeal and we will have our day in court,” the statement added.

Bi-Courtney said that as the claimant, it had sought a number of reliefs against AMCON as the defendant.

The statement read in part, “The first relief (Relief 1) sought ‘A declaration that as of the 22nd of September 2014, the defendant’s offer letter dated 7th May, 2014, cannot create a new cause of action.’

“The ‘new cause of action’ referred being an ex-parte order granted on September 22, 2014 (Suit no. FHC/LCS/1361/2014) which prevented Dr. Babalakin from drawing from his bank accounts, with the resultant damage to his reputation and businesses.

“Among other reliefs, Bi-Courtney sought an award of general, aggravated and exemplary damages totaling N300bn – which the company insists were never determined by the court.”

According to the company, the court did not determine its N300bn claim for damages, and reports to the contrary are inaccurate and lacking in credibility.

“We urge members of the press to check all available facts and seek clarification from us in future, before rushing to publish outdated and lopsided reports,” it added.

Bi-Courtney stated that N10,000 was awarded as ‘punitive damages’ in favour of AMCON but that, did not represent a victory for the assets management corporation.

“Members of the public are discerning enough to reach their own conclusions about the N10, 000 damages, which is symbolic at best,” the statement added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Energy

Unlocking Investments into Africa’s Renewable Energy Market

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green energy - Investors King

The African Energy Guarantee Facility (AEGF) is launching a virtual roadshow of free webinars allowing a deeper understanding of risk issues for renewable energy projects on the continent, and conversations around risk mitigation solutions. The first webinar will take place on Thursday, 23 September from 14:30-16:00 hrs. EAT. 

The session will be oriented on how to get more energy projects from the drawing board to the grid. While the energy demand in African economies is expected to nearly double by 2040, and although the potential for renewable energy is 1,000 times larger than the demand, only 2GW out of almost 180GW of this new renewable power were added on the African continent.

Clearly not good enough! To improve the situation within the next two decades, new solutions need to be implemented urgently. De-risking and promoting private sector investments will play a crucial part of it.

In this 90-min interactive session, AEGF partners: the European Investment Bank (EIB), KfW Development Bank, Munich Re and the African Trade Insurance Agency (ATI) will share their experience and provide valuable insights on how they were able to come together and design practical solutions for investors and financiers of green energy projects in Africa aligned with SDG7 objectives.

Across Africa, the complexity of renewable energy projects and their long tenors hold back crucial energy investment. Tailored to the specific needs and risk profiles of sustain­able energy projects, AEGF will tackle the investment challenge by providing underwriting expertise and capacity tailored to market needs.

The AEGF will significantly boost private investment in sustainable energy projects, both expanding access to clean energy and contribute to achieving UN Sustainable Development Goals. The scheme supports new private sector investment in eligible renewable energy, energy efficiency and energy access projects in sub-Saharan Africa.

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Energy

Shell Signs Agreement To Sell Permian Interest For $9.5B to ConocoPhillips

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Shell profit drops 44 percent

Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. The transaction will transfer all of Shell’s interest in the Permian to ConocoPhillips, subject to regulatory approvals.

“After reviewing multiple strategies and portfolio options for our Permian assets, this transaction with ConocoPhillips emerged as a very compelling value proposition,” said Wael Sawan, Upstream Director. “This decision once again reflects our focus on value over volumes as well as disciplined stewardship of capital. This transaction, made possible by the Permian team’s outstanding operational performance, provides excellent value to our shareholders through accelerating cash delivery and additional distributions.”

Shell’s Upstream business plays a critical role in the Powering Progress strategy through a more focused, competitive and resilient portfolio that provides the energy the world needs today whilst funding shareholder distributions as well as the energy transition.

The cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions after closing, with the remainder used for further strengthening of the balance sheet. These distributions will be in addition to our shareholder distributions in the range of 20-30 percent of cash flow from operations. The effective date of the transaction is July 1, 2021 with closing expected in Q4 2021.

Shell has been providing energy to U.S. customers for more than 100 years and plans to remain an energy leader in the country for decades to come.

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Crude Oil

Oil Gains 1 Percent on Possible Tight Supply 

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Oil prices - Investors King

Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande.

Brent crude gained 95 cents or 1.3% to $74.87 a barrel by 0645 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI) , which expires later on Tuesday, was up 91 cents or 1.3% at $71.20 after dropping 2.3% in the previous session.

Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said.

“While slowing Chinese economic growth and uncertainty around the (U.S.) Fed’s tapering timetable weighed on market sentiment, other developments still point to higher oil prices,” ANZ Research said in a note.

Still, investors across financial assets have been rocked by the fallout from heavily indebted Evergrande (3333.HK) and the threat of a wider market shakeout in the longer term.

“Evergrande’s woes are threatening the outlook for the world’s second-largest economy and making some investors question China’s growth outlook and whether it is safe to invest there,” said Edward Moya, senior market analyst at OANDA.

While that view of the state of China’s economy is weighing on markets, the U.S. Federal Reserve is also expected to start tightening monetary policy – likely to make investors warier of riskier assets such as oil.

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