Princkez:
something is really happening here...May be special dividend loading

Princkez:
something is really happening here...May be special dividend loading

Mpeace:
So today, transcorp fell from 1.40 to 1.32. Then now returned to 1.41. Meanwhile 130million units done already. I strongly believe there is something going on somewhere that we do not know about.

Princkez:
did anyone notice that 74M Cross deal on FBNH @12.40

yMcy56:

Over 1.8Billion staked on FBNH today again......

OBAGADAFFI:


That is how FBNH price manages to stay above UBA and Access bank, with no result.

NGX magic

mails4funshi:



https://www.linkedin.com/posts/tonyelumelu_congratulations-to-heirs-oil-gas-last-activity-6932302287444815872-yV97?utm_source=linkedin_share&utm_medium=member_desktop_web

ojesymsym:
What does " Seller account has insufficient balance to sell?" mean on Morgan, it has been rejecting me selling NB since last week where as I could sell another one.

ojesymsym:
What is the organization structure between Heirs Oil and Gas with Transcorp? Any ideas?

OBAGADAFFI:
That is how FBNH price manages to stay above UBA and Access bank, with no result.

NGX magic

yMcy56:

With the rate they're accumulating FBNH, I won't be surprised if the next point of call is N15......
People just waiting for 2021 FYE result, if it's good with nice Div payout, FBNH will give them more gap o.......hope it won't be disappointing sha.......

For UBA,there's this 50M bulk buyer, could be that they're deliberately keeping UBA's price low to enter @ circa 7.50 or so.

OBAGADAFFI:

FBNH will be interesting to market watchers.


And Access selling her pension fund arm to First Pension Custodian a subsidiary of FBNH is a good News.

Wapgod:

How is it good news?
If the business is so good why sell it?
There was no reason given for the sale to shareholders.
Maybe Access bank insiders can shed a light on this?

Wapgod:

How is it good news?
If the business is so good why sell it?
There was no reason given for the sale to shareholders.
Maybe Access bank insiders can shed a light on this?

Heishere:


They purchased the PFC not PFA, which is good as they are only 4 in the country. With the purchase it will be 3 now as they will merge it First Pension Custodian. They only house pension funds for PFAs and earn fees from it. So the more funds the more fees...

OBAGADAFFI:


PFC is very profitable with little competition
Access bank shouldn't have sold that PFC.

ololufemi:


The PFC business was a forced one because of the acquisition of Diamond Bank PLC and its subsidiaries. Also, that PFC business is not a cash cow like the PFA business. Access PLC used to be a shareholder in Stanbic IBTC PFA but had to sell their shares as a result of the acquisition.

The PFA business is like an organization printing money. You earn an administrative fee of NGR100 per month per account, earn a management fee as well as an incentive fee for significant growth in your assets under management. Imagine how much they will earn with the appreciation the market has witnessed year to date.

If you have a million customers, the administrative fee will be NGR300 million a quarter and NGR1.2 Billion a year for administrative expenses which are exclusive of your management and incentive fees.

ololufemi:


The PFC business was a forced one because of the acquisition of Diamond Bank PLC and its subsidiaries. Also, that PFC business is not a cash cow like the PFA business. Access PLC used to be a shareholder in Stanbic IBTC PFA but had to sell their shares as a result of the acquisition.

The PFA business is like an organization printing money. You earn an administrative fee of NGR100 per month per account, earn a management fee as well as an incentive fee for significant growth in your assets under management. Imagine how much they will earn with the appreciation the market has witnessed year to date.

If you have a million customers, the administrative fee will be NGR300 million a quarter and NGR1.2 Billion a year for administrative expenses which are exclusive of your management and incentive fees.

OBAGADAFFI:


According to PENCOM

Pension Fund Custodians (PFCs) are responsible for keeping safe custody of pension assets on trust on behalf of contributors. The main functions of PFCs are to receive pension contributions on behalf of PFAs; settle transactions and undertake activities relating to the administration of pension fund investments on behalf of PFAs and to notify the PFA within 24 hours of the receipt of pension contributions from employers.

This means PFCs are making money Both from PFAs and millions of customers.

ololufemi:


My dear brother, I'll share a story with you here. NLPC used to own a Pension Management License before the advent of the Pension Reform Act 2004 and had a lot of corporate and mega oil and gas institutions under their management. When PRA 2004 kicked in, their Managing Director at that time pushed that they should surrender the PFA license and get a PFC license instead.

Years later when organizations like ExxonMobil, Mobil Oil, Central Bank of Nigeria, NEPA, etc moved their accounts to companies like Stanbic IBTC PFA, PAL PFA, ARM PFA and were earning fat fees during those mad capital appreciation days, they realized the folly they had made because they saw their income drop drastically. The Managing Director who recommended the strategy was told to leave. NLPC had to submit that PFC license to apply for a PFA license which they hold today.

I even remember Mr Fola Adeola and some of his team members at GTB saying at an event that he regrets not resigning from the PRA Reform 2004 board at that time because it denied GT Bank PLC the opportunity to partner with ARM PFA to set up a PFA then because of potential conflict of interest issues that some industryplayers would have raised. This would have made them a behemoth in the banking and non-banking financial industry at that time using their commercial banking and bank assurance network nationwide. He has even boasted that Stanbic IBTC for no smell anything near wetin dem get today as Retirement Savings Account customers (over 1 million RSAs).

PFC money na small money compared to the money PFA wey get lots of accounts dey see. PFCs are just like your custodian in the same business warehousing the funds. They don't charge investment management fees or incentive fees.

ololufemi:


My dear brother, I'll share a story with you here. NLPC used to own a Pension Management License before the advent of the Pension Reform Act 2004 and had a lot of corporate and mega oil and gas institutions under their management. When PRA 2004 kicked in, their Managing Director at that time pushed that they should surrender the PFA license and get a PFC license instead.

Years later when organizations like ExxonMobil, Mobil Oil, Central Bank of Nigeria, NEPA, etc moved their accounts to companies like Stanbic IBTC PFA, PAL PFA, ARM PFA and were earning fat fees during those mad capital appreciation days, they realized the folly they had made because they saw their income drop drastically. The Managing Director who recommended the strategy was told to leave. NLPC had to submit that PFC license to apply for a PFA license which they hold today.

I even remember Mr Fola Adeola and some of his team members at GTB saying at an event that he regrets not resigning from the PRA Reform 2004 board at that time because it denied GT Bank PLC the opportunity to partner with ARM PFA to set up a PFA then because of potential conflict of interest issues that some industryplayers would have raised. This would have made them a behemoth in the banking and non-banking financial industry at that time using their commercial banking and bank assurance network nationwide. He has even boasted that Stanbic IBTC for no smell anything near wetin dem get today as Retirement Savings Account customers (over 1 million RSAs).

PFC money na small money compared to the money PFA wey get lots of accounts dey see. PFCs are just like your custodian in the same business warehousing the funds. They don't charge investment management fees or incentive fees.

Nigerialabalaba:

kikikikiki.

With over a trillion naira gbese, corporate governance disaster ex-MD Avuru wey codedly float anoda oil coy to bid against Seplat even while as full time MD/co-founder and Chairman/cofounder wey be serial debtor so tey bank dey seal Seplat offices na experience?

Seplat na oando 2.0 wey still dey disguise .

Nestle go dey laugh wen people compare dem with a gbese-laden coy like Seplat because dem share price dey close. If Nestle dey owe over a trillion gbese dem no go dey defend dia price at over N1400.

Nigerialabalaba:

Na God just safe seplat shareholders. Dem for hear wheen. We those my turenchi people sef becos me I no sabi turenchi.
Igi pawpaw o ni wo pawa o

BREAKING: FG Declines Consent to Seplat, Mobil Oil Producing Assets Acquisition Deal

May 19, 2022 4:39 am
Obinna Chima


The federal government declined its consent to the proposed acquisition of oil and gas assets belonging to Mobil Oil Producing Nigeria Unlimited (MPNU) by Seplat Energy.
The government among others, cited overriding national interest as one of the reasons for rejecting the deal.

The Chief Executive, Nigerian Upstream Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, stated these in two separate letters addressed to the Chairman/ Managing Director, Mobil Producing Nigeria Unlimited, Mr. Richard Laing as well as the immediate past Chairman of Seplat Energy, Dr. ABC Orjiako. Both letters obtained by THISDAY yesterday, were dated May 13, 2022.
Seplat Energy had in February this year, announced its acquisition of oil and gas assets belonging to MPNU. But the deal was subject to Ministerial Consent and other required regulatory approvals. However, few weeks after, it was reported that the Nigerian National Petroleum Company (NNPC) Limited had opted to exercise its Right of First Refusal (RFR) on the sale of the assets, which then put a hold on the transaction.


But Komolafe in the letter stressed that regardless of the mode of the transaction, Mobil Oil still remains to all intents and purposes, the assignor of the asset under the Nigerian law.

“We also note that MPNU failed to follow the procedure for assignments laid down in the Guidelines by not providing the requisite notices to the Commission at all relevant stages of the transaction. Even if the transaction has been between Seplat Energy Offshore Limited and the MPNU shareholders, responsibility to ensure compliance with Nigerian laws, rules and regulations always remain that of MPNU, the entity that was awarded the assets.

He also made reference to the multinational oil company’s letter dated March 30, 2022 with Ref: MPN-PGA-NUP-CCE-0322-0027 on the above subject matter.
Komolafe highlighted contents of the letter MPNU wrote then to the NUPRC on the proposed acquisition, and in particular, the section that stated that the transaction was between parties who were not privy to the Joint Operating Agreement (JOA) between the Nigerian National Petroleum Company (NNPC) and the MPNU dated June 28, 1990, and that does not trigger any relevant rights or obligations under the JOA for either NNPC or MPNU. Also, the MPNU had stated in the letter that the sale of shares by shareholders of MPNU would have no bearing on the consent or preferential right and option requirements of the JOA in favour of NNPC and that the NNPC does not have preferential rights in respect to the transaction.

In addition, the regulator made reference to another aspect of the letter Mobil wrote to it on the matter that, the MPNU shareholders would be proceeding with their efforts to satisfy the conditions required for the approval of the proposed transaction, and the procurement of the consent of the Minister of Petroleum Resources.
Furthermore, the Commission pointed out that: “You may also be aware that the Commission is in receipt of a letter of 10th March 2022, written by Seplat Energy to the Minister of State for Petroleum Resources, requesting the consent of the Minister of Petroleum Resources to the transaction. This letter was received by the Commission on March 30, 2022.

Please be advised that even if the transaction in question were between parties who are not privy to the JOA, MPNU remains the leaseholder of the assets subject to the transaction and the focal point of contact with the federal government of Nigeria on any matter or dealings with the assets.
“In this regard, you may wish to note that paragraph 3.1 of the Guidelines and Procedures for Obtaining Minister’s Consent to the Assignment of Interest in Oil and Gas Assets 2021 provides, in line with extant Nigerian law, that ‘an Assignment involves the transfer of an OPL, OML, MF or OGPL or an interest, power or right therein by any company or person with equity, participating, contractual or working interest in the said OPL, OML, MF or OGPL, through merger, acquisition, take-over, divestment or any such transaction that may alter the ownership, equity, rights or interest of the assigning company in question, not minding the nature of upstream arrangement that the assigning company may be involved in, including but not limited to Joint Venture (JV), Production Sharing Contract (PSC), Production Sharing Agreement (PSA),Service Contract (SC), Sole Risk (SR) or Marginal Fields operation.’

“Also note that overriding National interest will always be the compass of the law. Paragraph 3.1.1 of the guidelines also expressly restates that assignment shall include, but not be limited to: ‘assignment by way of exchange or transfer of shares: This shall entail the acquisition of part or all of the shares of a company which holds an OPL, OML, MF or OGPL in Nigeria.”
According to the regulatory commission, until an assignment was completed, including the granting of Ministerial consent to such assignment, the leaseholder remains the registered owner of the asset and the only one with the locus to interact with the government in respect of the asset.

Also, in the letter addressed to Orjiako, the regulatory commission also highlighted relevant sections in the Guidelines and Procedures for Obtaining Minister’s Consent to the Assignment of Interest in Oil and Gas Assets 2021.
“Thus, regardless of the mode of the transaction, MPNU, remains, to all intents and purposes, the assignor under Nigerian law and is the proper person to bring an application for Ministerial consent to the transaction, not Seplat. Consequently, you are hereby requested to revert to MPNU, the assignor, to receive updates on your application,” it stated.


https://www.thisdaylive.com/index.php/2022/05/19/fg-declines-consent-to-seplat-mobil-oil-producing-assets-acquisition-deal/

Nigerialabalaba:
Multiverse Mining & Exploration Plc: Proposed Share Capital Reconstruction

emmanuelewumi:




But FGN does not have the fund and the expertise to manage the asset, why are they frustrating the private sector

Nigerialabalaba:
Multiverse Mining & Exploration Plc: Proposed Share Capital Reconstruction
_The share capital reconstruction will result in the cancellation of nine (9) existing ordinary shares out of every ten (10) ordinary shares held by existing Shareholders.
Note:Further information regarding the Share Reconstruction will be communicated in due course._