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Seplat Lauds Former Director for Contributing to Company’s Journey, Transformation

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Seplat Energy Plc - Investors King

Seplat Energy Plc (SEPLAT) has commended Mr. Xavier Rolet, KBE, a former Independent Non-Executive Director and Chairman of its remunerations committee (REMCO) for his contributions to the energy company’s journey and transformational vision.

Dr. ABC Orjiako, Chairman of SEPLAT who lauded Rolet after he stepped down from the Board of Seplat Energy Plc effective Thursday November 11 on personal reasons said, ‘We would like to thank Mr. Rolet for his contributions and the wealth of experience he brought to the Board.”

Rolet joined SEPLAT board on October 1, 2020 as independent non-executive directors of the company.

In his decade at the helm of the London Stock Exchange (LSE), he grew its fortunes as the market valuation rose from £800 million to more than £15 billion.

“He showed great commitment and passion toward Seplat Energy’s journey and our transformational vision. We wish him well in his future endeavours,” Seplat Chairman added.

Seplat Energy’s focus is clear: “Reliable energy, limitless potential”. The leading Nigerian independent energy company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange reported a nine month (Q3) 2021 revenue of N182.7billion, representing a rise of 18.7 percent year-on-year.

Seplat Energy Plc production has recovered strongly since the outage at Forcados Oil Terminal (FOT) and it has been averaging nearly 33kbopd liquids throughout October.

Now that its production has normalised, SEPLAT expects production to be in the range 48-50 kboepd for the year, provided uptime on the Forcados Pipeline and FOT remains above the budgeted 80percent. Its new wells at Gbetiokun are performing strongly, and the company will soon commence drilling the exciting Sibiri prospect on OML40.

SEPLAT business model is robust, despite setbacks in the third quarter, thanks to the prudent and flexible approach the company has taken to managing the business.

With an increased focus on efficiency in its operations, improving uptime by opening up the Amukpe to Escravos Pipeline and driving further cost reduction across its portfolio, this will provide the bedrock allowing SEPLAT to operate effectively in fluctuating commodity prices and generate returns for shareholders.

It paid shareholders interim dividend of 2.5 cents ($0.025) as shown in its unaudited results for the nine months ended September 30, 2021.

SEPLAT reported an operating profit of N62.6billion, representing a rise by 299 percent year-on-year.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) also rose to N105.7billion from N71.9billion recorded 9M 2020, depicting a growth of 29.6 percent.

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Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

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Facebook Meta

The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

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Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

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flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”

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Again, NNPCL Fails to Make Port Harcourt Refinery Functional After Several Promises 

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NNPC - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has again disappointed Nigerians over the functionality of the country’s refinery in Port-Harcourt, Rivers State.

The Group Chief Executive Officer of the NNPC, Mele Kyari, had in July, this year, stated categorically that the refinery would come into operation in early August.

Kyari’s announcement made it the seventh time the petroleum company would promise Nigerians that the Port-Harcourt Refinery would restart operations.

But the company has not been able to fulfill any of its assurances as at the time of this report, even as the challenges of fuel availability facing Nigeria bite harder.

The NNPC CEO had earlier promised that the refineries would be functional before the end of former president Muhammadu Buhari’s administration in May 2023.

The most recent date was promised by the Chief Financial Officer of the NNPC, Umar Ajiya, who said the Port Harcourt refinery would commence operations in September 2024.

In a recent reply to an enquiry by legal luminary, Femi Falana, SAN, it was noted that the contractor overseeing the rehabilitation of the Port Harcourt refinery, said it would provide details on the project’s completion by or before October 2.

The contractor conveyed this through a law firm, Olajide Oyewole LLP, in response to a letter from a Senior Advocate of Nigeria, Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation.

Falana had written to them on September 17 and 24, respectively regarding the contract with the NNPC.

Kyari had informed the Senate recently when he appeared before the red chamber that Nigeria would be a net exporter of petroleum products by the end of the year.

He had informed the lawmakers that it was impossible to have the Kaduna refinery come into operation before December and that it would get to December. He had said similar things of both Warri and Kaduna Refineries.

According to him, Port Harcourt would commence production in early August this year.

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