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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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Axxela Limited Raises N16.4bn in Oversubscribed Bond Issuance

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Bonds- Investors King

Axxela Limited, a leading sub-Saharan African gas and power company, has successfully completed its N15 billion Series 1 Bond Issuance.

The company raised N16.4 billion due to oversubscription and investor confidence in the company’s financial strength and strategic direction.

Bolaji Osunsanya, Axxela’s Chief Executive Officer, expressed his satisfaction with the outcome, highlighting the bond’s oversubscription of 109%.

Despite challenging economic conditions marked by rising interest rates and limited market liquidity, Axxela’s bond offering attracted strong interest from a diverse group of investors, including pension fund administrators, asset managers, and high-net-worth individuals.

Osunsanya explained that the proceeds from the bond issuance would play a crucial role in funding the company’s long-term capital expenditures, managing its weighted average cost of capital, and diversifying its funding sources.

The funds will support the completion of ongoing gas pipeline projects across Nigeria, aligning with the company’s commitment to enhancing energy infrastructure and contributing to the country’s energy transition agenda.

Stanbic IBTC Capital, serving as the lead issuing house alongside seven joint issuing houses, played a pivotal role in facilitating the transaction, with Stanbic IBTC Bank acting as the transaction bank.

The successful bond issuance reflects Axxela’s strategic positioning as a key player in the region’s energy sector and its ability to leverage strong investor confidence to drive growth and innovation in the industry.

As Axxela continues to expand its presence and strengthen its operations, the oversubscribed bond issuance serves as a testament to the company’s resilience and its commitment to delivering value to shareholders and stakeholders alike.

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Dangote Refinery Continues Price Slashing: Diesel Now at ₦940/Litre, Aviation Fuel at ₦980/Litre

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Dangote Refinery

Dangote Petroleum Refinery has once again sent ripples through Nigeria’s fuel market by further reducing the prices of diesel and aviation fuel.

In a bid to alleviate economic hardships faced by Nigerians, the refinery has lowered the price of diesel to ₦940 per litre and aviation fuel to ₦980 per litre.

This latest move comes on the heels of the refinery’s recent price reduction to ₦1,000 per litre for diesel, which was celebrated across the country.

The decision to slash prices further underscores Dangote Refinery’s commitment to providing affordable fuel to consumers.

Anthony Chiejina, the Head of Communication at Dangote Petroleum Refinery, announced the development.

He revealed that the new prices are part of a strategic partnership with MRS Oil and Gas stations to ensure accessibility and affordability of fuel across all major locations, including Lagos and Maiduguri.

The refinery’s management expressed optimism that the price reduction would significantly ease the financial burden on consumers, particularly amid rising inflation and energy costs.

They also hinted at extending the partnership to other major oil marketers to ensure uniform pricing and prevent retail buyers from purchasing fuel at exorbitant prices.

This marks the third major reduction in diesel prices in less than three weeks, signaling Dangote Refinery’s proactive approach to addressing economic challenges.

The move has garnered praise from various quarters, with Nigerian President Bola Tinubu commending the refinery for its efforts to support the economy.

Industry experts, including Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria, lauded the refinery’s initiative, highlighting its potential to stimulate economic activities across critical sectors such as industrial operations, transportation, logistics, and agriculture.

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MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

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MicroStrategy- Investors King

Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

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