Exxon deal, two other factors that made Seplat’s owners, Orjiako, Avuru, others N50.54bn richer


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BUSINESSExxon deal, two other factors that made Seplat’s owners, Orjiako, Avuru, others N50.54bn richerPublished 2 hours ago on March 2, 2022By Olalekan Fakoyejo


Seplat chairman, ABC Orjiako, former Chief Executive Officer, Austin Avuru, and other shareholders of the company saw their networth increase by 9.99% on Tuesday, following series of reports emanating from the oil & gas firm since Friday.

The first was on February 25, Seplat announced that the company had acquired Mobil Producing Nigeria Unlimited from United States investor, Exxon Mobil – a deal worth over $1.283 million plus $300 million contingent.

Three days later, on February 28, the domestic oil giant informed shareholders and the investing public that it had exited an operating loss of $31.7 million suffered in 2020, after generating an operating profit of $250.7 million for the year 2021.

During the same period, stockholders read from the 2021 financial statements released on Monday that Seplat grew oil & gas revenue by 38.2% from the $530.5 million generated in 2020 to $733.2 million.

Shockingly, despite the improved earnings, Seplat management didn’t hike the company’s dividend payout to shareholders for 2021 period, concluding on $0.10 per share, same amount paid out in 2020.

However, having the ability to match 2020 payment, rather than cut the dividend, as well as sealing growth deal with Exxon, and exiting operational loss, was enough motivation for shareholders and the capital market to remain bullish on Seplat, renewing their interest in the firm.


SEARCH
Latest Nigeria News | Top Stories from Ripples Nigeria
Latest Nigeria News | Top Stories from Ripples Nigeria
BUSINESSExxon deal, two other factors that made Seplat’s owners, Orjiako, Avuru, others N50.54bn richerPublished 2 hours ago on March 2, 2022By Olalekan Fakoyejo


Seplat chairman, ABC Orjiako, former Chief Executive Officer, Austin Avuru, and other shareholders of the company saw their networth increase by 9.99% on Tuesday, following series of reports emanating from the oil & gas firm since Friday.

The first was on February 25, Seplat announced that the company had acquired Mobil Producing Nigeria Unlimited from United States investor, Exxon Mobil – a deal worth over $1.283 million plus $300 million contingent.

Three days later, on February 28, the domestic oil giant informed shareholders and the investing public that it had exited an operating loss of $31.7 million suffered in 2020, after generating an operating profit of $250.7 million for the year 2021.

During the same period, stockholders read from the 2021 financial statements released on Monday that Seplat grew oil & gas revenue by 38.2% from the $530.5 million generated in 2020 to $733.2 million.

Shockingly, despite the improved earnings, Seplat management didn’t hike the company’s dividend payout to shareholders for 2021 period, concluding on $0.10 per share, same amount paid out in 2020.

However, having the ability to match 2020 payment, rather than cut the dividend, as well as sealing growth deal with Exxon, and exiting operational loss, was enough motivation for shareholders and the capital market to remain bullish on Seplat, renewing their interest in the firm.
This led to an increased demand for Seplat stock among capital market investors, causing the share value to rise by 9.99%, as shareholders held on to their holdings.
Due to the increased demand and rise in asking price for the share, analysis of Seplat trading activity by Ripples Nigeria showed that shareholders total investment grew to N556.55 billion on Monday – after lack of growth for two days – from N506 billion.

Persons and entities holding on to Seplat shares, such as substantial stockholders, Orjiako and Avuru, including minority shareholders, earned N50.54 billion from the investment growth induced by renewed interest of the capital market in the oil & gas firm.

Orjiako’s share out of this amount was N3.24 billion, while that of Seplat’s former CEO, now turned Non-executive, Avuru, was put at N4.14 billion, with minority stockholders sharing the balance.

The chairman’s networth in Seplat rose to N35.76 billion from N32.52 billion, and Avuru’s fortune in the oil company moved from N41.48 billion to N45.63 billion.
https://www.ripplesnigeria.com/exxon-deal-two-other-factors-that-made-seplats-owners-orjiako-avuru-others-n50-54bn-richer/

The smell of oil money

Seplat oil and Gas leading indigenous oil exploration company in Nigeria

Just imagine how much fellow Nigerians control: $1.3 billion. I am still making a few dollars and thinking that I am thinking touching money. Nawa oh!

SmartPolician:
Just imagine how much fellow Nigerians control: $1.3 billion. I am still making a few dollars and thinking that I am thinking touching money. Nawa oh!

This life dey zigzag, e no gree straight

Nice one my Igbo in-laws

post=110695663:
Seplat oil and Gas leading indigenous oil exploration company in Nigeria

According to

forgiveness:


According to n

Prove me wrong

forgiveness:


According to

You sabi our noisy neighbors wella. Atiku sold his Intel shares and pocketed a whooping $5.4million yet there was no noise. Atiku alone would reduce Orjiakor's total networth into Kobo coins. But as usual, these people in their usual mental state must beat chest.

Igbo technocrats buying over the assets of fleeing IOC's is indeed a great move!

I think it's safe to say that Igbos have fully recovered from the debilitating effects of the civil war and we have fully bounced back.

PressMyButton:

You sabi our noisy neighbors wella. Atiku sold his Intel shares and pocketed a whooping $5.4million yet there was no noise. Atiku alone would reduce Orjiakor's total networth into Kobo coins. But as usual, these people in their usual mental state must beat chest.

I feel your pain Seplat will be the new Oga of Famfa this one no be media vuvuzela on Forbes, Alakija with all her years in partnership with ExxonMobil she is not buoyant to acquire Exxon assets in Nigeria

Cc
forgiveness:

post=110699771:

I feel your pain Seplat will be the new Oga of Famfa this one no be media vuvuzela on Forbes, Alakija with all her years in partnership with ExxonMobil she is not buoyant to acquire Exxon assets in Nigeria

Cc
forgiveness:

I must confess that it is therapeutic when you guys clown around and make a fool of yourselves.
All IOCs are selling off their assets and relocating out of the country. They are leaving behind uncertainties and operational loses for new opportunities for explorations & frontiers in some African countries. So much so that the new PIB could not dissuade their leaving.
Would the indigenous investors be able to meet shortfalls & turn around operational loses. If you had sense, you'd know that the IOCs are leaving behind a monumental gap in the oil and gas sector.

https://www.nairaland.com/6513084/why-shell-chevron-other-oil

https://www.nairaland.com/7008949/nnpc-confirms-iocs-exit-insists

post=110699771:

I feel your pain Seplat will be the new Oga of Famfa this one no be media vuvuzela on Forbes, Alakija with all her years in partnership with ExxonMobil she is not buoyant to acquire Exxon assets in Nigeria

Cc
forgiveness:

What has your news report got to do with the Yoruba Alakija?

It seems you were pained all along with her wealth because Alakija is not Igbo?

Anyway, you are only being Igbo.

[s]

PressMyButton:

I must confess that it is therapeutic when you guys clown around and make a fool of yourselves.
All IOCs are selling off their assets and relocating out of the country. They are leaving behind uncertainties and operational loses for new opportunities for explorations & frontiers in some African countries. So much so that the new PIB could not dissuade their leaving.
Would the indigenous investors be able to meet shortfalls & turn around operational loses. If you had sense, you'd know that the IOCs are leaving behind a monumental gap in the oil and gas sector.

https://www.nairaland.com/6513084/why-shell-chevron-other-oil

https://www.nairaland.com/7008949/nnpc-confirms-iocs-exit-insists

[/s]
Cry of a loser because Alakija can't afford the deal

post=110701612:
[s][/s]
Cry of a loser because Alakija can't afford the deal

Alakija can't afford the deal you say, the joke is on you. She is not interested in ExxonMobil, rather she had already tendered her bids to acquire Shell. Although, she has other indigenous investors to compete with. Seplat was also in the race to buy Shell before pulling out of the deal and buying a subsidiary of ExxonMobil. Seplat could not compete with the likes of Famfam, Sahara group, Niger Delta Exploration & production company, so he had to pull out.
To clarify your ignorance, Seplat did not acquire the whole of ExxonMobil. What was sold to him was an affiliate of ExxonMobil called the shallow- water affiliate of Mobile producing Nig. Unlimited.
Seplat only acquired 40% share of ExxonMobil, while ExxonMobil retains deep water assets which accounts for the majority shares. Like I said, ExxonMobil rather only sold off the aspect of their operational loses.

If you ask me, I rather advise, Alakija to not waste her money buying Shell as future projections are looking bleak. International banks & investors are very wary of oil & gas assets in Nigeria due to insecurity, future damage to oil & gas infrastructures and corruption in NNPC. She should keep her money and invest in Dangote refinery or Lekki/Badagry deep seaport.

post=110698267:

Prove me wrong

Abeg, is Seplat in Bonny Island, I dey do NYSC here,
I dey look for oil company job after service year.

Throwback:


What has your news report got to do with the Yoruba Alakija?

It seems you were pained all along with her wealth because Alakija is not Igbo?

Anyway, you are only being Igbo.

He had to project his insecurity as obviously as much as possible, as if Alakija is in the class of baby Orjiakor

At least we won’t hear Nigeria hate us, FG is only supporting Northerners, FG is killing igbo businesses just because they hate us

When they win, it’s because they are smart
When they lose, it’s because FG and afonja hate them

PressMyButton:

Alakija can't afford the deal you say, the joke is on you. She is not interested in ExxonMobil, rather she had already tendered her bids to acquire Shell. Although, she has other indigenous investors to compete with. Seplat was also in the race to buy Shell before pulling out of the deal and buying a subsidiary of ExxonMobil. Seplat could not compete with the likes of Famfam, Sahara group, Niger Delta Exploration & production company, so he had to pull out.
To clarify your ignorance, Seplat did not acquire the whole of ExxonMobil. What was sold to him was an affiliate of ExxonMobil called the shallow- water affiliate of Mobile producing Nig. Unlimited.
Seplat only acquired 40% share of ExxonMobil, while ExxonMobil retains deep water assets which accounts for the majority shares. Like I said, ExxonMobil rather only sold off the aspect of their operational loses.

If you ask me, I rather advise, Alakija to not waste her money buying Shell as future projections are looking bleak. International banks & investors are very wary of oil & gas assets in Nigeria due to insecurity, future damage to oil & gas infrastructures and corruption in NNPC. She should keep her money and invest in Dangote refinery or Lekki/Badagry deep seaport.

It is obvious you know what you are talking about?

post=110701612:
[s][/s]
Cry of a loser because Alakija can't afford the deal

ABC Orjiakor that is resigning from seplat in June because of a debt to Union Bank?

buckeyemedia:
ABC Orjiakor that is resigning from seplat in June because of a debt to Union Bank?

Can we see a link to the report?

buckeyemedia:
ABC Orjiakor that is resigning from seplat in June because of a debt to Union Bank?

Empty brain even if he resign as Chairman ABC Ojiakor and Austin are the founders and still control the highest shares

PressMyButton:

Alakija can't afford the deal you say, the joke is on you. She is not interested in ExxonMobil, rather she had already tendered her bids to acquire Shell. Although, she has other indigenous investors to compete with. Seplat was also in the race to buy Shell before pulling out of the deal and buying a subsidiary of ExxonMobil. Seplat could not compete with the likes of Famfam, Sahara group, Niger Delta Exploration & production company, so he had to pull out.
To clarify your ignorance, Seplat did not acquire the whole of ExxonMobil. What was sold to him was an affiliate of ExxonMobil called the shallow- water affiliate of Mobile producing Nig. Unlimited.
Seplat only acquired 40% share of ExxonMobil, while ExxonMobil retains deep water assets which accounts for the majority shares. Like I said, ExxonMobil rather only sold off the aspect of their operational loses.

If you ask me, I rather advise, Alakija to not waste her money buying Shell as future projections are looking bleak. International banks & investors are very wary of oil & gas assets in Nigeria due to insecurity, future damage to oil & gas infrastructures and corruption in NNPC. She should keep her money and invest in Dangote refinery or Lekki/Badagry deep seaport.

Leeki deep Seaport is Chinese investments, 100% funded by China, Alakija is not a major player in oil exploration in Nigeria, Famfa her company is not into oil exploration, ABC Orjiako also has other business interests in construction, real estate development, pharmaceuticals and shipping. He is also the chairman of Neimeth Pharmaceutical International plc, which is listed on the Nigeria Stock Exchange, and a director of MPI and Etablissements Maurel et Prom, both of which are listed on the New York Stock Exchange and Euronext Paris. He is the owner of UK’s Glencore, Abbeycourt Energy, Zebbra Energy and Shebah Exploration and Production Company Limited. If you are not ignorant you will know gas is the future and Seplat is leading indigenous company currently investing over a billion dollars in Anah greenfield Gas and Condesant processing plants in Imo State, second highest investment in embarked by indigenous firm after Dangote refinery in oil and gas sector, Seplat greenfield gas processing plant is more futuristic than Dangote refinery.

Nice one..

I think it's time igbo business men start moving their business headquarters to the SE to stop our educated youths from migration..

We need many multinationals in the east.. It will also reduce this IPOB nonsense.

Never knew that Avuru had more shares in Seplat than Orjiakor.

The baba lifestyle no be here. O por.

Majority of the platforms in Mobil field require thorough maintenance… I doubt the new owners have any plans for maintenance as they are already counting profits.
We don’t want a repeat of Trinity Spirit type disaster…