Connect with us

Merger and Acquisition

Seplat Moves To Acquire Shallow Water Assets, Eyes Shell’s $4 Billion Oil Stake

Published

on

Shell

Seplat Energy is currently holding talks with another oil driller, ExxonMobil towards purchasing its Nigerian shallow water assets.

This was disclosed by the company’s Chief Financial Officer, Emeka Onwuka.

Seplat Energy, formed in June 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited is aimed at meeting Nigeria’s energy needs in a responsible way.

In 2021, the company accelerated asset divestments in Africa, selling an 80 percent interest in a Ghanaian offshore block and proposing to offload its stake in the Doba oilfield in Chad.

Investors King gathered that the energy company is also in contention with Sahara Group, ND Western Limited and Tony Elumelu-backed Heirs Oil and Gas to take over an equity interest said to be worth $4 billion, held by the Nigerian unit of Hague-based oil major, Shell Plc, via a joint venture.

According to a report by Bloomberg, the four bidders handed in the non-binding offers last month for a stake, estimated by Wood Mackenzie in August to be $2.3 billion using a long-term oil benchmark of $50 per barrel.

Shell’s slice of the joint venture is 30 per cent, while state-owned Nigerian National Petroleum Corporation (NNPC) owns 55 per cent, TotalEnergies SE 10 per cent and Eni 5 per cent.

Woodmac had listed the assets up for sale as OML 11, OML 20, OML 21 (Asda North), OML 22 (Eneche), OML 23 (Soku), OML 25, OML 27, OML 28 (Gbaran-Ubie), among others.

Bloomberg reports that Shell is yet to disclose to buyers the scale of potential future costs related to litigation or decommissioning and abandoning oil wells, which could bring down the sale price significantly.

However, the company is disposing of its assets in Africa’s biggest producer in a bid to move to cleaner energy as part of the push to boost its climate credentials.

Continue Reading
Comments

Merger and Acquisition

Access Bank Plans Expansion Into Angolan Market

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Published

on

Access bank

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Investors King learnt that Access Bank Plc is expanding its presence to Angola through the acquisition of a 51 percent stake in Finibanco.

The acquisition of Finibanco was disclosed in a filing to the Nigerian Exchange Limited by Access Holdings Plc.

Finibanco is a full-service commercial bank with over 20 branches and around $300 million in total assets in Angola.

According to Access Holding Secretary, Mr Sunday Ekwochi, the Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population, represents a strong potential for the bank’s growth aspirations

The Secretary further stated that the transaction is subject to regulatory approvals in Nigeria and Angola. The transaction is expected to be completed during the first half of 2023. This will however be subjected to customary conditions.

Access Bank has been on an acquisition spree since the beginning of 2021. The acquisition of a majority stake in Finibanco makes it Access’s sixth acquisition in the last 18 months.

In June 2022, it acquired a $37 million stake in Kenya Sidian Bank. Other acquisitions include African Banking Corporation of Botswana Limited, African Banking Corporation Zambia Limited, as well as Cavmont Bank.

Access bank is one of the leading banks in Nigeria. As a commercial bank, it operates through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 45 million customers.

The lending bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom. It also has a branch in Dubai, UAE and representative offices in China, Lebanon and India.

As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.

Continue Reading

Merger and Acquisition

Shell to Acquire Nigerian Solar Energy Provider, Daystar Power

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

Published

on

Shell

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

Daystar Power, which is one of the leading providers of hybrid solar power solutions to commercial and industrial (C&I) hubs in West Africa, announced the potential acquisition in a press release. 

According to the energy provider, the acquisition will help Daystar Power to continue its growth in West Africa while expanding its presence to other African countries in East and Southern Africa. 

The Lagos-based company has a target to increase its installed solar capacity to 400MW by 2025. 

Daystar Power currently has an installed solar capacity of 32 Megawatts (MW).

This could make Daystar Power to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.

The Chief Executive Officer of Daystar, Jasper Graf von Hardenberg disclosed that Daystar Power needed more capital to expand operations to meet the rising demand for solar energy and the choice of Shell as the new parent company comes at the right time. 

Jasper further stated that Shell’s strong balance sheet and long history in Africa will help to take Daystar to a new height.

On the other hand, Shell’s Executive Vice-President, Renewable Generation, Thomas Brostrøm noted that the deal will be Shell’s first power acquisition in Africa. 

He noted further that the deal is a fundamental step for Shell in growing its presence in the emerging power market. 

“We have had a long and established presence in West Africa and with Daystar Power, we are taking our first steps into the renewable power space,” he said.

“Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond.” Shell’s Executive Vice-President concluded.

Investors King learnt that Daystar Power currently has a presence in Nigeria, Ghana, Senegal and Togo. The company also received $20 million in funding last year to boost its operations.

 

Continue Reading

Merger and Acquisition

PowerDFI Acquires Nigerian Startup Naijacrypto to Impove BlockChain Transparency And Security

PowerDFI, a US-based blockchain company that redefines payments and enables the usage of tokenized assets, has acquired Nigerian-owned cryptocurrency exchange company Naijacrypto.

Published

on

naijacrypto

PowerDFI, a US-based blockchain company that redefines payments and enables the usage of tokenized assets, has acquired Nigerian-owned cryptocurrency exchange company Naijacrypto.

The Nigerian cryptocurrency exchange startup expanded its offering into six new markets this year and also improved its presence in existing markets.

It is one of the few Nigerian cryptocurrency exchange platforms with its presence in the Caribbean, and has on several occasions indicated an interest in expanding to other Latin American countries.

Speaking on the recent acquisition, PowerDFI CEO Tim Webb said “Adding the work done by Naijacrypto to what we are building in PowerDFI fills out our technology suite to handle trillions in assets over the next decade.”

“We are set to lead the transition of the $57 trillion shadow banking market to the blockchain to improve transparency and security,”

Our combined strengths of being first in the market to allow the staking of physical assets using smart contracts on the blockchain and the integration of various yield mechanisms to be a leading fintech globally.” 

We’re also building a derivative platform on the blockchain to help businesses hedge against native currency and asset exposure risk to global markets,” Webb explained.

Also speaking on the acquisition, Naijacrypto CEO Chiagozie Iwu in an email to its users said;

“Harnessing its innovative blockchain technologies, PowerDfi also expects to lead the way in “bringing physical asset economic utility to the Blockchain.

This acquisition allows us to bring the future of financing vast amounts of critical assets to the blockchain. No other DeFi platform is making it possible for tokenized assets to be leveraged for staking, loans, and derivative creation.

Large amounts of equity can now be unlocked and unfrozen because of the PowerDfi platform and its staking and lending protocols.

At a time of job-cutting and freezing client funds in this sector, we’re creating a robust new platform that will drive asset financing on the blockchain globally.

PowerDfi’s acquisition of Naijacrypto is a fit-like-a-glove, synergistic arrangement in which the capabilities of each company perfectly meet the needs of the other”.

PowerDfi is the next phase of the DeFi evolution, and I am glad Naijacrypto and its entire team will have a front seat on this journey”.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending