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How Alleged Maltreatment Of Nigerian Workers By Suspended Seplat CEO Cost Shareholders N73bn Loss

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How Alleged Maltreatment Of Nigerian Workers By Suspended Seplat CEO Cost Shareholders N73bn Loss

 

How Alleged Maltreatment Of Nigerian Workers By Suspended Seplat CEO Cost Shareholders N73bn Loss

 

 

Sadly, it is reported that Seplat Energy Plc has lost N73.5bn of its market value in the hit of the racism scandal linked to its suspended Chief Executive Officer, Roger Brown.

 

 

 

 

 

 

 

 

 

 

Analysis on the company’s performance between March 2 to March 10, 2022, shows that the company’s market capitalization has dipped from N779bn which it was on March 2, 2023, to N706.1bn as of Friday, March 10.

 

How Alleged Maltreatment Of Nigerian Workers By Suspended Seplat CEO Cost Shareholders N73bn Loss

 

 

 

 

 

 

 

During the review period, Seplat shares fell from N1,325 to N1,200, hence losing N125 or 9.4 per cent of its value in eight days.

 

 

 

 

 

 

This is the worst performance of the indigenous oil and gas firm since January 31, 2023, when its shares fell to N1,230.8.

 

 

 

 

 

 

 

The Company’s portfolio comprises seven oil and gas blocks in the Niger Delta region, including Petroleum Prospecting Licence (PPL) 4, 38 and 41, PPL 283, OPL 53, PPL 55, PPL 40 and Ubima.

 

 

 

 

 

 

 

Seplat’s sudden dip is linked to Brown’s battle with shareholders who petitioned him to Nigeria’s Ministry of Interior citing racism and maltreatment of Nigerian workers.

 

 

 

 

 

 

 

 

According to Seplat, Brown “organised a site visit for a number of its major shareholders to the Company’s operations, canceled some catering and landscaping contracts, and introduced a new job performance rating.”

 

 

 

 

 

 

 

 

Seplat board however cast a vote of confidence on the CEO and absolved him of any wrongdoing.

 

 

 

 

 

 

 

 

But the Nigerian authorities revoked the embattled CEO’s Visa and work permit after he was found to have contravened extant laws.

 

 

 

 

 

 

 

 

The company however, moved him to the UK office and insisted that Brown will remain Seplat CEO and exercise his duties from London.

But to compound Brown’s case, an ex-parte order was granted by Justice C. J. Aneke of the Federal High Court in Lagos, restraining him from participating in the running of the Company for a period of seven days.

 

 

 

 

 

 

 

The injunction was filed by Messrs. Moses Igbrude, Sarat Kudaisi, Kenneth Nnabike, Ajani Abidoye and Robert Ibekwe, who were said to have shares in Seplat Energy Plc.

 

 

 

 

 

 

 

 

Brown however, appointed Seplat’s Chief Operating Officer, Samson Ezugworie, to act as CEO pending when the matter is resolved.

 

 

 

 

 

 

 

The board had said the “allegations are a spurious and vindictive reaction to the Board’s enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the Company. The Board of Seplat Energy has unanimously passed a vote of confidence in Mr Brown as the CEO

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OVER 3m MSMEs TO BENEFIT AS NIGERIA LAUNCHES FG/ALAT SKILLNOVATION

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OVER 3m MSMEs TO BENEFIT AS NIGERIA LAUNCHES FG/ALAT SKILLNOVATION

**No going back on creating inclusive economy, VP Shettima declares*

 

 

 

 

In a bid to support information technology revolution that would, in turn, extend the reach of economic and social interactions as well as enhance productivity growth in Nigeria, the Federal Government and ALAT have launched Skillnovation Programme.

 

 

 

 

The initiative will provide over three million Nigerians with essential digital skills required to succeed in the global economy.

 

 

 

 

Speaking during the launch of the programme at the Banquet Hall of the Presidential Villa, Abuja, on Friday, September 29, 2023, the Vice President, Sen. Kashim Shettima, described the Skillnovation as a “transformative initiative” that “ushers in a new era of digital empowerment for” Nigerians.

 

 

 

 

He said, “We are compelled to tread this path by the direction in which the world has headed, a world of disruptive technologies redefined by the fourth Industrial Revolution.

 

 

 

 

“This initiative is a response to the evolution of the modern business environment, an acknowledgment that digital skills have become the cornerstone of economic ease and expansion.”

 

 

 

 

The Vice President hinted that the gathering is one of the many to come and an occasion to reassure the nation that President Bola Ahmed Tinubu is fully committed to supporting small businesses across Nigeria.

 

 

 

 

 

The Skillnovation Programme will establish 15 state-of-the-art ICT centres, strategically placed across Nigeria, to provide individuals and businesses alike with access to cutting-edge digital training, resources, and support.

 

 

 

 

The first phase of the programme will focus on the states of Katsina, Anambra, Borno, Lagos, Oyo, and Kano, while the second phase will include Delta, Kaduna, Ogun, Bauchi, Kwara, and Ekiti States.

 

 

 

 

Giving an insight into how the country would benefit from the programme, Vice President said, “Nigeria, with its expanding MSME sector of close to 40 million, has the potential to lead business innovation beyond Africa. The Skillnovation Programme, therefore, aims to unlock this immense potential. The initiative is designed to provide the necessary tools and skills for our MSMEs to thrive and compete on the global stage.

 

 

 

“As you have witnessed, ladies and gentlemen, the Skillnovation Programme is not a mere promise; it is a resounding commitment to the Nigerian people,” the Vice President added. “It’s in pursuit of this administration’s resolve to empower our youth and MSMEs and to create a more inclusive and prosperous Nigeria. Today, we are translating that commitment into action, and we intend to be your allies in your race to take over the world through your enhanced skills.”

VP Shetimma also assured that nobody will be left out of the Skillnovation Programme, regardless of age, gender, or disability.

“There will be no disadvantaged demographic in accessing this opportunity. Our youth, women, and persons with disabilities have found friends and allies and will be favored in our proposed single-digit loan schemes for our valued MSMEs, for which talks are already ongoing with the Bank of Industry and other critical stakeholders and partners,” he stated.

The Skillnovation Programme is a significant step towards achieving the Federal Government’s vision of a digitally empowered and economically prosperous Nigeria. By providing MSMEs with the essential digital skills and support they need to succeed, the programme will help to create jobs, boost economic growth, and improve the lives of millions of Nigerians.

Earlier in his welcome address, the Senior Special Assistant to the President on Job Creation and MSMEs, Mr Temitola Adekunle-Johnson, emphasised the significance of partnership, noting that government alone cannot address the challenges confronting Nigerians.

On his part, Managing Director of Wema Bank, Mr Moruf Oseni, commended the passion of the President and Vice President for empowering young Nigerians, even as he announced the establishment of skills training centres across 17 states, beginning with Lagos and Borno.

He said the programme will directly impact 2 million youths and 1 million small businesses across the benefitting States.

The MD expressed optimism that the scheme will be impactful, particularly empowering young Nigerians and preparing them for the challenges of the future.

In his goodwill message, Minister of Communications and Digital Economy, Mr Bosun Tijjani, said President Tinubu administration’s will leverage the enthusiasm of youths in the technology space to launch Nigeria as a global power in sector.

He called on other private sectors to collaborate more with government to actualize the objectives of job creation.

On his part Governor Ahmad Aliyu of Sokoto State pledged the state government’s support for the success of the programme.

Also present at the event were the Ministers of Agriculture, Sen. Abubakar Kyari; Labour and Employment, Hon. Simon Lalong; Deputy Governors of Borno, Umar Kadafur; Kaduna, Hadiza Balarabe; Anambra, Onyeka Ibezim; Jigawa, Aminu Usman, and Heads of government agencies.

 

OVER 3m MSMEs TO BENEFIT AS NIGERIA LAUNCHES FG/ALAT SKILLNOVATION

 

 

 

*Stanley Nkwocha*

*Senior Special Assistant to the President on Media & Communications*

*(Office of the Vice President)*

*29th September, 2023*

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Business

Foundation Provides Financial Support To Outstanding Pupils In Ogun

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Foundation Provides Financial Support To Outstanding Pupils In Ogun

Foundation Provides Financial Support To Outstanding Pupils In Ogun

 

 

 

In a bid to compliment government efforts at providing qualitative education to vulnerable children in Ogun schools, Obaruwa Foundation, a non-profit organization on Friday launched fund support for pupils at Ogbogbo Baptist Primary School, Ogbogbo-Ijebu in Ijebu North East local government area of the state.

 

Foundation Provides Financial Support To Outstanding Pupils In Ogun

 

 

 

Speaking through Mr Tunde Oresanya at the presentation of the cash gifts, the founder of the foundation, Omooba Adekunle Ayoola said the fund support has become an annual gesture of the group in reaching out to outstanding pupils who despite the lean purse of their parents came out with flying academic records in their examination.

 

 

 

 

According to him, the beneficiaries of the latest fund support were drawn from primary one to six, and pupils who came 1st, 2nd and 3rd in each class were rewarded.

 

 

 

 

Omooba Ayoola, a Poland based security expert whose passion for education support has received various outstanding laurels stressed that he would continue to employ various measures and programmes to improve the lives of the children, including educational sponsorships, educational supports, advocacy and healthcare assistance.

 

 

 

 

 

 

In her remarks, Mrs B.A Kazeem, the Assistant Head Teacher of the school, expressed appreciation towards the annual educational support of the foundation, seeking for more support both from the government and donors alike.

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AfricentOCL UK Makes ‘Global Energy Awards 2023’ Finalists List

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AfricentOCL UK Makes ‘Global Energy Awards 2023’ Finalists List

AfricentOCL UK Makes ‘Global Energy Awards 2023’ Finalists List

 

 

 

 

It’s another major milestone for a top firm in the maritime business sector, AfricentOCL UK, as it made the finalists list of the 2023 edition of Platts Global Energy Awards.

 

 

 

In the carefully screened list of 207 credible energy companies, AfricentOCL UK tops five others in the Energy Transition (Mainstream) category. According to S&P Global Platts, the organizers of the awards event, firms are recognized based on their achievements and results, positive impact on customers and the industry.

 

AfricentOCL UK Makes ‘Global Energy Awards 2023’ Finalists List

 

 

 

 

 

“The ‘Global Energy Awards’ indicates the direction in which the energy industry is headed. It is about recognizing the energy sector’s exponential growth and rapid progress, thereby acknowledging companies and individuals working on the crucial, innovative, practicable solutions that will solve the energy industry challenges,” the organizers declared.

 

 

 

 

It is AfricentOCL UK’s second global honour within a space of eleven months. Making the list as one of the finalists in the Global Energy Awards was coming soon after its victory as the 2023 Greater London Enterprise Awards’ ‘Best Maritime Materials and Vessel Chartering Provider’ winner.

 

 

 

 

 

Expressing his joy at the fresh honour for his business empire, AfricentOCL UK CEO, Mr. Juwon Lawal Razaq, stated that such an honour coming from an internally recognized outfit like S&P Global Platts is to him a good ego booster, which encourages business outfits to aspire to achieve more exploits. “Making the finalists list, for us, is a great leap to winning. We understand that people are watching us, they know that we have the gifts and skills and we have never been afraid to show them toward making the industry greater. So, it’s a great way to announce our future win, and we will celebrate the honour,” Juwon Lawal affirms.

A special reception to mark Platts Global Energy Awards’ 25th anniversary will be held in New York on December 7, 2023, where winners will be announced.

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