Having approved its final dividend of 7.5 cents per share at last week’s Annual General Meeting (AGM), Seplat Energy’s shareholders will be delighted to learn they have enabled the company to pass an impressive milestone in the history of any company.

The foregoing was contained in a statement issued by Edgar Oche, Consulting Communications Specialist, and made available to newsmen at the weekend.

Edgar in the statement said once the final dividend is paid, along with the 20 percent higher dividend of 3 cents per share announced for the first quarter of this year, Seplat’s $537 million returns to shareholders in the form of dividends since the Initial Public Offering (IPO) in 2014, will have surpassed the $535 million it raised from shareholders.

The statement further stated that “to return to shareholders more than you raised in the IPO is an impressive feat, one that takes good management and a strong focus on profitability and the generation of cash. It takes a talented workforce, committed to following the company’s leadership in the pursuit of success that enables such generous returns.

To reiterate, this milestone is evidence of a well-managed company with happy and hard-working staff. The profitability and dividend payments are facts that speak for themselves.

“Yet malign forces wished to prevent Nigeria’s leading independent energy company from achieving this remarkable milestone and it seems they wish to destroy the company’s success. Three law suits, brought by 13 shareholders owning less than 800 shares between them are claiming, against the evidence, that all is not well, that the company is poorly managed and rife with racism that would surely sour its performance.

“In the latest case, they even tried to stop the Annual General Meeting (AGM) which is a regulatory obligation for companies.  But how can they claim this in the face of these self-evident achievements and the strong start to 2023 recorded in its recent first quarter results?

“Shareholders are having none of it. At last week’s AGM they voted to receive the company’s accounts, meaning they did not see any problems with them. They voted to support the resolution on directors’ remuneration, meaning they were happy with the way the CEO and directors were running the company. Infact, the majority voted for each and every resolution.

“They did not object or raise concerns about allegations brought by the 13 shareholders, in fact quite the opposite, they were frustrated with the attacks of the few. They can see clearly that this is obviously a co-ordinated scheme, a conspiracy intended to deceive both the courts and the shareholders that this successful, profitable company is somehow underperforming.

“When these matters come to court, the plaintiffs should think very carefully before they take their oath and swear to tell the truth.”

The Federal High Court sitting in Yenagoa, Bayelsa State has delivered a landmark judgment confirming the authority of the Nigerian Content Development and Monitoring Board (NCDMB) to collect the one percent Nigerian Content Development Fund (NCDF) levy from every contract awarded in the Nigerian oil and gas upstream transaction as mandated under section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

The judgment was delivered in the case instituted by a group of Nigerian Drilling Companies known as Incorporated Trustees of the International Association of Drilling Contractors (IADC) against the NCDMB, seeking to stop the collection of one percent NCDF levy.

The IADC members had filed the lawsuit – Suit No.FHC/YNG/CS/178/2022 challenging the powers of NCDMB to demand the one percent NCDF levy from their members and contractors, contrary to the clear provisions of section 104(2) of the NOGICD Act which states that “the sum of one percent of every contract awarded to any operator, contractor, subcontractor, alliance partner or any other entity involved in any project, operation, activity, or transaction in the upstream sector of the Nigeria oil and gas industry shall be deducted at source and paid into the Fund.”

The group also obtained an ex-parte injunction against the Board prohibiting the demand, collection or anything whatsoever either by itself or through its agents, representatives, or privies in relation to NCDF payment or remittance from their members and contractors pending the final determination of the lawsuit.

The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote confirmed the development, saying that “the Board vigorously contested the issues in court and effectively countered the arguments of the plaintiffs. Hence, on Tuesday 9th May 2023, the Federal High Court finally gave judgment in favour of the Board, dismissing the suit and prayers of the plaintiffs as wholly incompetent, baseless and that the suit did not disclose any reasonable cause of action. The interim injunction earlier granted ex-parte on the 19th of July 2022 was also vacated.”

Wabote enthused that the decision would strengthen the Board’s resolve and commitment to Nigerian content implementation regardless of any headwind or distraction.

The NCDF is NCDMB’s only source of funding sequel to the exit of the Board from federal allocation in 2017/2018. The NCDF is applied towards funding the implementation of Nigerian content development in the Nigerian oil and gas industry, notably projects, programmes and activities directed at increasing Nigerian content in the oil and gas industry.

One of the judicious applications of the Fund is the very successful credit scheme extended to Nigerian oil and gas businesses through the Nigerian Content Intervention Fund (NCI Fund), managed by the Bank of Industry (BOI) and the Nigerian Export-Import Bank (NEXIM-Bank).

Other notable utilisations of the NCDF are the development of Nigerian Oil and Gas Parks Scheme (NOGAPS), equity participation in notable third-party ventures, Human capacity development initiatives, and the institution of the Nigerian Content Research & Development Fund as well as other R&D initiatives.

Other applications are the construction of the 17-storey Nigerian Content Tower, entrepreneurship schemes and competitions, and the on-going construction of the Conference Hotel Project (CHP).

Seplat Energy says it was already aware of moves to promote certain media publications to the effect that the Federal High Court, presided by Hon. Justice I. E. Ekwo, sitting in Abuja in suit number FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others has granted ex parte Interim Orders against Seplat Energy and some of its Officers.

In a statement on Thursday, Mrs. Chioma Afe of Seplat Communications & External Affairs, said “the Interim Orders, which are yet to be served on the Company or any of the affected Officers, primarily restrain the Board Chairman, the named Independent Non-Executive Directors, the Chief Operating Officer and the Company Secretary from operating or functioning as officers of Seplat Energy in any capacity, or otherwise conducting the affairs of the Company.

“The Company, as a law-abiding entity, has defended against the Interim Orders by immediately filing an

Appeal and a Motion for Stay of Execution of the Orders. Seplat Energy has been advised by its legal team that the Interim Orders, which are yet to be served on the Company or its officers, cannot be enforced until the Court of Appeal has heard and determined the Appeal and application for Stay of Execution.

“This petition is a third in the series of duplicative petitions filed by purported minority shareholders between March and April 2023, as part of orchestrated attempts to damage the Company in response to its unrelenting efforts to improve corporate governance by eliminating related party transactions and

implementing other corporate governance initiatives.”

The Company previously announced that:

• The Federal High Court in Lagos, presided over by Hon. Justice Aneke, in Moses Igbrude & 4 ors V. Seplat Energy & 2 ors, has vacated the ex parte Interim Orders that required the Company’s CEO to step

aside.

* The Federal High Court in Abuja, presided over by Hon. Justice Ekwo, in Federal Republic of Nigeria V. Seplat Energy & 8 ors, formally dismissed the Immigration Charge against the Company and some of its

Officers, and fully discharged all named Officers. This discharge followed the Notice of Withdrawal/Discharge filed by the Director Legal of the Nigeria Immigration Service and

the company’s cooperation with the immigration authorities.

• The Federal High Court in Abuja, presided over by Hon. Justice Ekwo, in Boniface Okezie & 4 ors. V. Seplat Energy & 9 ors, refused to grant to the Petitioners’ request to grant ex parte Interim Orders

restraining the Company from holding its AGM.

Seplat Energy remains relentless in its commitment to governance and operational excellence.

It is interesting to note that Hon. Justice I. E. Ekwo has presided over three out of the four cases involving Seplat and some minority shareholders.

L-R: Vice President, Yemi Osinbajo; Group Chairman, Transcorp Plc, Mr. Tony Elumelu; President/GCEO, Transnational Corporation Plc, Dr. (Mrs) Owen Omogiafo; and, Director General, Bureau of Public Enterprises (BPE), Alexander Okoh during the commissioning of Transcorp Afam 3 Fast Power 240MW turbines in Afam, Rivers State yesterday.

The Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo yesterday commissioned Transafam Power – a subsidiary of Transnational Corporation Plc’s 240MW Afam Three Fast Power plant in Afam, Rivers State.

With an already existing power plant residing in Afam, this brings the cumulative generating capacity of the plant to 1,000MW.

The Commissioning of Afam Three Fast Power plant came on the heel of the presentation of the Discharge Certificate to Transcorp Power Limited by the Vice President and Chairman of the National Council on privatisation (NCP) in a ceremony held at the presidential Villa Abuja on Monday, following the fulfilment of all privatisation conditions set by the Bureau for Public Enterprise (BPE).

Speaking during the commissioning, the Vice President lauded the Chairman of Transcorp Group, Tony Elumelu and the entire Transcorp team for yet another power sector investment.

“Afam Three Fast Power is an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories and businesses that provide their livelihoods. It brings into view the importance of private capital in building up capacity along the power value chain,” the Vice President said.

Speaking further, Prof. Osinbajo said:

“A major weakness of our privatisation process has been inadequacy of private investments and new cash injections. But the tide is turning with indigenous power and private investors such as Transcorp Power and Heirs Holdings, making significant investments such as the 100% acquisition of the 966MW installed capacity in Afam Plc and Afam III fast power Limited jointly referred to as Afam Genco.”

In his remark, The Minister of Power, Engr. Abubakar Aliyu applauded Transcorp Group for its positive contributions to improving electricity generation in Nigeria.

“What we are celebrating today is an exemplar of the best of Public-Private partnerships. This collaboration has ensured that we are commissioning Afam Three Fast Power today, with a capacity to inject an additional 240MW of electricity into the National grid.”

“At full capacity, it will no doubt provide about 40% of our generated energy today. This is commendable and will certainly improve electricity supply to the nation along with growth of our economy and Gross Domestic Product (GDP)”, Engr. Abubakar said.

The Chairman of Transcorp Group, Mr. Tony O. Elumelu, during the ceremony said that “We all know the importance of power in Nigeria.  We all experience the consequences of our power deficit – the implications for our people, our businesses, our schools, hospitals, and institutions – our national destiny. Transcorp Group is a key player in the power sector.  We recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation.

Therefore, I am so proud today, that we have been able to bring together so many key stakeholders. He concluded his speech with the commitment to continue to do well and do good. “We will not rest until we know every Nigerian has access to the power and the fruits of that power, which we know can transform our country.

We are fulfilling our promises to the Government and demonstrating Transcorp’s purpose of “Improving Lives and Transforming Africa.”

The Director General of the Bureau for Public Enterprises, Alex Okoh highlighted the importance of projects such as these in improving access to electricity in Nigeria.

He said “Afam Three fast Power combined with the adjoining Afam Power Plc, will in the next few years add almost 1,000MW of electricity to the national grid. This will go a long way towards reducing the current power deficit while enhancing access to electricity for millions of private and corporate Nigerians, creating jobs, and ensuring the socio-economic development and well-being of the nation.”

The successful commissioning of the Afam Three Fast Power turbines is a testament to the Transcorp Group’s commitment to providing reliable and sustainable power to Nigerians. The commissioning took place shortly after the second anniversary of Transafam Power’s operational takeover of the Afam Power Asset.

Transcorp Group remains at the forefront of driving Nigeria’s economic revitalisation through its power investments in Ughelli, hospitality through Transcorp Hotels and now Transafam.

Transafam Power Limited is one of the power subsidiaries of Transcorp Group and the core investor in Afam Genco, comprising Afam Power Plc and Afam Three Fast Power Limited.  The Afam GenCo Power Plant is located at Okoloma Village, in Oyigbo LGA of Rivers State with a total installed capacity of 966 MW.

Transnational Corporation Plc (Transcorp Group) is a publicly quoted conglomerate, with a diversified shareholder base of approximately 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors.

Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy. Visit www.transcorpgroup.com for more.