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Baru Applauds Total on Egina FPSO

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Total Exploration - Investors King
  • Baru Applauds Total on Egina FPSO

The Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Maikanti Baru, has commended Total Group for delivering Egina Floating Production Storage and Offloading (FPSO) vessel below the budget of $14.9 billion, as against the $16 billion budget forecast.

The NNPC helmsman stated that Total was the only integrated company operating in Nigeria that ensured that more than 75 per cent Nigerian Content footprint was registered in the project from inception to completion.

He gave this commendation, while receiving the Chairman and Group Chief Executive Officer, Total Group, Patrick Jean Pouyanné and other top management of the Group, in Abuja.

Baru, was quoted to have said this in a statement by the corporation’s Group General Manager, Group Public Affairs Division NNPC, Abuja Ndu Nghamadu.

According to Baru, “We also congratulate you on the efficiency you brought to bear on that project as it was delivered below budget and with very high Nigerian Content.

“The integration yard of Egina FPSO is there to stay and many other FPSOs will be constructed from that yard.”

The GMD commended Total Group for the support extended to the Nigeria Liquefied Natural Gas (NLNG) project, stressing that it would further bolster the development of other fields that would lead to the takeoff of NLNG Train 7.

The NNPC boss, applauded Total Group for its proposal on a renewable energy solution joint venture between NNPC and the Group, adding that the corporation would expeditiously set up a team to work with Total Group with a view to boosting the electricity supply in-country.

On the downstream, Baru praised Total Group for the collaboration with the corporation in ensuring steady supply and distribution of petroleum products across the country.

“We want to thank you and your leadership for your pragmatic approach to resolving all issues as it relates to Joint Ventures and Production Sharing Contracts.

“This strategy has further strengthened our business relations and deepen our commitment to our goals of adding value to the nation’s hydrocarbon resources for the benefit of Nigerians and other relevant stakeholders,” Baru posited.

Earlier, Pouyanné, said Nigeria was very important to the Total Group, reiterating that the Egina FPSO was delivered below budget with a lot of Nigerian content.

He reassured that Total would continue to invest in more deep water projects in Nigeria and described the NLNG project as a very important asset that his company was deeply committed to “Nigeria has the largest potential for oil and gas exploration in Africa. Total Group is looking ahead into the future and we would continue to collaborate with Nigeria and NNPC in Oil and Gas Exploration, NLNG and Renewable energy,” Pouyanné added.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

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Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

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Business

South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus

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Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

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Appointments

Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director

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Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

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