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Oil Spill: Shell Spills 5 Barrels of Oil in Bodo Community Rivers State

Shell has spilled five barrels of crude oil from its Trans Nigeria Pipeline (TNP) into the Bodo community in Gokana Rivers state

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One of the world’s leading energy companies, Shell has spilled five barrels of crude oil from its Trans Nigeria Pipeline (TNP) into the Bodo community in Gokana Rivers state.

The oil spillage was reported by Joint Investigation Visit (JIV) approved by the host community, Rivers state Ministry of Environment, the National Oil Spill Detection and Response Agency (NOSDRA) and Shell Petroleum Development Company (SPDC).

JIV is an organisation that investigates oil spills, pipeline leakages, causes and their impact on the community.

Shell’s Trans Nigeria Pipeline spilled about 98% of water and 2% of crude oil into the Bodo community due to the ongoing flushing of the TNP with 5 barrels of leftover crude oil.

The spokesperson for Shell Petroleum Development Company (SDPC), Michael Adande, however, explained that the effect of the oil spill on the community was minimal since the TNP has not transported crude oil since June 2022.

According to him, the JIV will release an up-to-date report on the situation. 

Micheal said, “The spill from the Bomu-Bonny section of the Shell petroleum development company JV’s TNP in Bodo community, in the local government area of Gokana, Rivers State was largely water (98 per cent) from the ongoing flushing of the TNP, with the leftover crude oil of about five barrels as established and signed by the JIV led by regulators and involving representatives of the Rivers State Ministry of Environment and the community.

“Owing to the high level of theft, Shell petroleum Development Council has not processed crude oil through the TNP since mid-June 2022.

“Cleanup of the affected area and repair work on the pipeline are underway.”

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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.

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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.

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Kogi Government Seals Dangote’s Largest Cement Factory

The largest cement factory in Nigeria owned by Aliko Dangote, the richest black man, has been shut down by the Kogi State Internal Revenue Service (KGIRS) for tax evasion and acquisition controversy.

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The largest cement factory in Nigeria owned by Aliko Dangote, the richest black man, has been shut down by the Kogi State Internal Revenue Service (KGIRS) for tax evasion and acquisition controversy.

A staff, who works at Dangote Cement factory in Obajana, Kogi State, confirmed the development, saying “in fact, I’m on my way home as we speak”.

The decision, which was obviously backed by the Kogi State House of Assembly, was supported by Kingsley Fanwo, the Kogi State Commissioner for Information, who said the decision was taken after an investigation was conducted into the acquisition of Obajana Cement Company by Dangote.

He said: “Pursuant to the Constitutional authorities of the Kogi State House of Assembly, and upon petition by the people of Kogi State, an investigation was carried out on the acquisition of Obajana Cement Company by Dangote Company.

“It was found that no valid acquisition took place, as Dangote could not show evidence of what was paid as consideration for the acquisition.

“The legislators invited the Chairman of the Company, Aliko Dangote, before the house for explanations but he failed to appear before the state assembly, giving excuses.

“The House of Assembly, therefore, ordered the closure of the company pending when they are able to present it with credible evidence of a valid acquisition.”

The cement factory was estimated at 16.25Mta capacity across five lines of production, making it the largest cement factory in Nigeria.

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NNPCL Acquires 380 Oando Retail Stations Among Other Assets

The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets among other assets which include eight Liquefied Petroleum Gas (LPG) plants and three lube blending plants. 

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The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets among other assets which include eight Liquefied Petroleum Gas (LPG) plants and three lube blending plants. 

The Nigerian National Petroleum Company Limited has acquired OVH Energy, a major downstream player in the oil and gas industry.

OVH Energy (OVH) Limited owns Onado and operates all the Oando- branded retail service stations across the country.

Speaking at the unveiling of one of the new NNPC Ltd stations formerly Oando in Abuja on Saturday, the Group Chief Executive Officer NNPC Limited, Mele Kyari, said, “The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo”. 

He added that NNPC Limited has a target to attain 1,500 retail oil stations. The recently rebranded company aims to be the largest petroleum product retail network in Africa.

“It is absolutely not about assets, we are building relationships. At this moment, we are the largest downstream company in Nigeria and by this merger.  We are also likely going to be the largest downstream company in Africa.” the GCEO, Mele Kyari stated.

Other assets acquired under the OVH Energy deal include a reception jetty (ASPM) with 240,000 metric tons monthly capacity. The deal also included eight Liquefied Petroleum Gas (LPG) plants, three lubes blending plants, three aviation depots, and 12 warehouses. 

Investors King could recall that the passage of the Petroleum Industrial Act, 2021 has transformed NNPC into NNPC Limited. 

Hence NNPCL is expected to operate as a commercial and profit-focused company. Unlike NNPC which ran for the government by remitting to the Federation Account, NNPCL has no mandate to do so.

The acquisition of OVH Energy Marketing Limited by the Nigerian National Petroleum Company Limited (NNPCL) is considered a landmark deal as NNPCL is set to refocus into retail oil marketing. 

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