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Xavier Rolet Resigns Amid Seplat Energy Debt Scandal

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Seplat Energy Plc - Investors King

Mr. Xavier Rolet, KBE, an independent non-executive director in Seplat Energy Plc, has resigned from his position two days after a Federal High Court in Lagos, Nigeria granted Zenith Bank Plc interim orders of Mareva Injunctions against Shebah Exploration & Production Company Limited (SEPCOL), Shebah Petroleum Development Company Limited, the Chairman of Seplat Energy, Dr. ABC Orjiako and others.

Seplat Energy, in a statement signed by Mrs. Edith Onwuchekwa, Director Legal and Company Secretary on November 9, 2021, had confirmed that the energy company was aware of the ex parte interim orders of Mareva Injunctions granted against SEPCOL, eight others, with an additional 29 cited parties.

The company, therefore, said, “We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.”

However, it claimed the “Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako. The order has no impact on the operations of Seplat Energy.”

Dr. A.B.C. Orjiako is the Chairman of Seplat Energy, the same person the injunction mandated the company he oversees not to deal with pending the outcome of the ongoing debt case.

The complexity of the situation might have forced Mr. Xavier Rolet, KBE, an Independent Non-Executive Director, to resign his position in the company to avert catastrophe peradventure it all blow up.

On Friday, Dr. ABC Orjiako, Chairman of Seplat Energy, who commented on the resignation, has this to say “We would like to thank Mr. Rolet for his contributions and the wealth of experience he brought to the Board. He showed great commitment and passion toward Seplat Energy’s journey and our transformational vision. We wish him well in his future endeavours”.

Profile of Xavier Rolet, KBE

Mr. Xavier Rolet, KBE. is an experienced CEO, Co-Founder, and Entrepreneur. Named as one of the 100 Best CEOs in the World in the 2017 Harvard Business Review, Mr. Rolet has demonstrated a history of successful turnarounds in the global financial services industry.

In his decade at the helm of the London Stock Exchange, the LSE’s market valuation rose from £800m to more than £15bn, transforming it into one of the world’s largest exchanges by market capitalization. He is currently the Chairman, Board of Directors at Phosagro PJSC, a member of the Board of Directors of the Saudi Stock Exchange Tadawul as an appointee of the Public Investment Fund, and an Expert Adviser to the Shanghai Institute of Finance for the Real Economy.

He has held various senior positions in the financial services industry throughout his career: CEO of CQS, a global hedge fund; CEO of Banque Lehman Brothers in Paris; co-head of Global Equity & Derivatives Trading at Lehman Brothers New York; Global Head of Risk and Trading at Dresdner Kleinwort Wasserstein; Vice-President, International Equity Risk Arbitrage at Goldman Sachs New York; and co-Head of European Equities Sales and Trading at Goldman Sachs International Ltd in London.

Mr. Rolet received his post-graduate degree in Defense Studies and Economic Intelligence from Institut des Hautes études de défense Nationale (“IHEDN”), an MBA in International Finance from Columbia Business School, and an MSc in Management from Kedge Business School.

Mr. Rolet is an Honorary Knight Commander of the Order of the British Empire (KBE), a Knight of the National Order of the Legion of Honour of France, an Officer of the Royal Sharifian Order of Al-Alawi, and a Member of the Order of Friendship of the Russian Federation.

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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Transcorp Power Plc Listing Sparks Surge in Energy Sector Interest in Capital Market

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Transcorp Power

The recent listing of Transcorp Power Plc on the Nigerian Stock Exchange has ignited a wave of enthusiasm among energy sector players, signaling a significant shift towards capital market engagement.

With the introduction of 7.5 billion ordinary shares at N240 per share, Transcorp Power Plc entered the market with a bang, boasting a market cap worth N1.8 trillion.

The reception was nothing short of remarkable as the stock surged by 10% on its first trading day, closing at N264 per unit.

By the end of the week, it had appreciated by 46.38% to N351.30 per share.

This unprecedented success has not gone unnoticed with financial analysts and stockbrokers heralding the listing as a catalyst for broader market participation.

Vincent Ugwu, Managing Director/CEO of De-Lords Securities Limited, explained the allure of the capital market for power sector players, citing its capacity to raise low-cost capital.

He highlighted the abundance of opportunities within the sector, including those in the gas value chain, widening areas of coverage, and cross-border power sales.

Echoing similar sentiments, Mike Eze, CEO of Crane Securities Limited, commended the reception of Transcorp Power Plc’s listing by Nigerian investors, underscoring the market’s ability to absorb funding demands from the power sector.

Abdulmumin Ali, an Abuja-based financial analyst, projected sustained growth for Transcorp Power Plc shares, urging early investors to seize the opportunity for substantial returns in the short to medium term.

Speaking at the listing ceremony, Transcorp Power’s Managing Director, Peter Ikenga, expressed pride in the company’s dedication to Nigeria’s growth and its commitment to delivering sustainable energy solutions.

As the energy sector increasingly embraces the capital market, the listing of Transcorp Power Plc stands as a testament to the market’s potential to drive sectoral growth and innovation in Nigeria.

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Merger and Acquisition

Foreign Investor Eyes 7% Stake in LivingTrust Mortgage Bank Plc

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LivingTrust Mortgage - Investors King

LivingTrust Mortgage Bank Plc is on the brink of a significant financial move as reports indicate a foreign investor’s interest in acquiring a seven percent stake in the institution.

According to industry insiders familiar with the matter, the prospective investor is poised to proceed with the regulatory formalities following the completion of due diligence.

The potential investment is anticipated to provide a substantial capital injection for LivingTrust Mortgage Bank Plc, paving the way for enhanced operational capabilities and strategic growth initiatives.

However, as of the time of reporting, the specifics of the investor and the financial terms of the deal remain undisclosed, pending regulatory filings and approvals.

This development comes on the heels of the recent appointment of Dr. Olumide Adedeji as the new Managing Director of LivingTrust Mortgage Bank Plc, effective March 7, 2024.

Dr. Adedeji, a seasoned finance professional with a wealth of experience garnered from esteemed institutions such as Standard Chartered Bank, FCMB, and Diamond Bank, among others, is poised to steer the bank through this potential transformative phase.

While the transaction awaits official confirmation, industry analysts speculate that the investment could signify a vote of confidence in the bank’s prospects and the broader Nigerian financial landscape.

Furthermore, it underscores the appeal of Nigerian financial institutions to foreign investors seeking strategic opportunities in emerging markets.

The move aligns with LivingTrust Mortgage Bank Plc’s commitment to fortifying its position in the market and unlocking value for its stakeholders amidst a dynamic economic environment.

As the regulatory processes unfold, stakeholders eagerly anticipate the potential implications of this strategic partnership on the bank’s trajectory and the broader financial ecosystem.

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Transcorp Power Lists on the Nigerian Exchange; Gains 10% First Day of Trading

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Transcorp Power

Transcorp Power Plc, a power subsidiary of Transnational Corporation Plc (Transcorp Group), has listed its shares via introduction on the Main Board of the Nigerian Exchange (NGX), adding more than N1.8 trillion to the market capitalization of NGX and further boosting liquidity in the Nigerian capital market.

The listing was celebrated on the 4th of March 2024, with a Closing Gong ceremony and a “Facts Behind the Listing” presentation.

Transcorp Power gained 10% on the first day of trading, to close at N264 per share, up from the listing price of N240 per share.

The listing of Transcorp Power is further evidence of the execution of Transcorp Group’s integrated power strategy, ensuring Nigeria’s natural resources are harnessed for the development of the Nigerian economy and so delivering on the Group’s mission of “Improving Lives and Transforming Africa”.

The listing which comes on the 10th anniversary of Transcorp Power’s founding, demonstrates the Company’s strong corporate governance, operational excellence, and value creation for stakeholders.

This track record was earlier recognised in May 2023, when the Company became the first successor Power Generating Company in Nigeria to receive its post-privatization discharge from the National Council on Privatisation, having met and surpassed the key performance indicators set out by the Bureau of Public Enterprises (BPE).

Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW. At the time of acquisition, the plant had an available capacity of 160MW.

Transcorp Power invested and increased the available capacity to 680.83MW (a 227% increase) within 4 years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.

Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.

Peter Ikenga, Transcorp Power’s Managing Director/CEO stated, “This is a testament to our unwavering dedication to powering Nigeria’s growth.  We embark on this new chapter with a sense of purpose, innovation, and a commitment to continue to deliver sustainable energy solutions in Nigeria and beyond.”

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