Court orders company, Orjiako to pay $144.2m debt to three banks
A Federal High Court sitting in Lagos has ordered Shebah Exploration & Production Company Limited, Allenne Limited and Dr. Ambrosie Bryant Chukwueloka Orjiako, to pay the sum of $144.2 million to three banks. The amount, which was to be paid to African Export-Import Bank, Diamond Bank Plc and Skye Bank Plc, was the outstanding and…
'Government must withdraw completely from private businesses’
Austine Avuru, a co-founder of Seplat, was appointed Chief Executive Officer on May 1, 2010. Prior to joining Seplat, Avuru spent 12 years at the Nigerian National Petroleum Corporation (NNPC), beginning from 1980, where he held various positions including wellsite geologist, production seismologist and reservoir engineer. In 1992, he joined Allied Energy Resources in Nigeria,…
Seplat restrategises to mitigate losses, boost cash flow
To mitigate downtime losses, Seplat Plc, has said it is currently co-financing a third-party operated Escravos Pipeline, which is projected to be fully commissioned and operational this third quarter. The pipeline is expected to serve as the primary evacuation route and deliver crude oil to Escravos, which is a Chevron Nigeria operated terminal…
Stakeholders at gas roundtable seek policies to boost investment
Stakeholders who gathered at a Roundtable for Gas Development, organised by The Business Year, in partnership with the Lagos Petroleum Club, have emphasised the need for the Federal Government...
Oil firms, others lift stock market index by 0.83%
Equity transactions on the floor of the Nigerian Stock Exchange sustained rising profile, following gains recorded by major highly capitalized stocks, especially Seplat and Mobil causing the All-share index to rise further by 0.83 per cent.
Seplat, International breweries, others top market N101b loss
Following price losses suffered by most blue chip companies, especially Seplat, and international Breweries, transactions on the equity sector of the Nigerian Stock Exchange (NSE), closed on a downward note yesterday, as market capitalisation dipped by N101billion. Specifically, at the end of transactions yesterday, 37 stocks recorded price depreciation, led by Seplat with 13.50 kobo…
Stakeholder urges strong regulations in oil industry
The Managing Director of Seplat, Austin Avuru has insisted that for the nation’s oil and gas sector to move forward, there is need for strong regulation Speaking at Petroleum Club Guarantors Dinner in Lagos recently....
Seplat, GlaxoSmithKline, others lift NSE’s indices by N101 billion
Price gains in the shares of some companies on the Nigerian Stock Exchange (NSE), especially Seplat Petroleum, and GlaxoSmithKline, yesterday pushed market capitalisation up by N101billion.
Indigenous firms achieve great feats in oil exploration, production
Indigenous companies are beginning to develop capacity to compete with International Oil Companies (IOCs), which have dominated the exploration and production of oil and gas in Nigeria for decades.