Economy
Chappal Finally Completes Take Over of Equinor Assets in Nigeria
By Adedapo Adesanya
Chappal Energies has successfully completed the acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA, following the announcement of the transaction in 2023.
The total value of the deal is estimated at up to $1.2 billion, with $710 million as the purchase price and the remainder made up of contingent payments.
Business Post reports that Equinor Nigeria confirmed the sale of ENEC, which holds a 54 per cent stake in the OML 128 oil and gas lease, to Chappal Energies in November 2023.
Now, the Mauritius-registered Chappal Energies has finally completed the acquisition of Equinor Nigeria Energy Company (ENEC).
The deal was completed on December 6, 2024.
Equinor Nigeria stated “As part of the transaction, all of Equinor’s assets in Nigeria have been transferred to Chappal Energies. Local employees will remain with the newly transferred company under its new ownership, marking a complete exit of Equinor from Nigeria.’’
The acquisition grants Chappal Energies control over Equinor, which holds a 53.85 per cent stake in the OML 128 oil and gas lease.
This includes a 20.2 per cent interest in the Chevron-operated Agbami oil field and the operatorship of OML 129.
Despite facing several months of delay, Nigerian regulators officially approved the transaction in November 2024. The deal, executed through Project Odinmim a special-purpose vehicle owned by Chappal Energies—was finalized in early December.
Under the terms of the agreement, Equinor retains no significant liabilities, except for certain contractual obligations to Chappal Energies as outlined in the transaction documents.
Equinor’s presence in Nigeria dates back to 1992, and over the last 30 years, the company has played a pivotal role in the development of the Agbami field, which is Nigeria’s largest deep-water oil field.
Since commencing production in 2008, the Agbami field has yielded over one billion barrels of oil, generating substantial profits for its partners and contributing significantly to Nigeria’s economy.
However, in January 2023, Equinor signalled its intention to divest its stake in the Agbami oilfield. At the time, the company had invested over $3.5 billion for its 20.21 per cent share in the field.
Despite its early successes, with 10 wells drilled and a 40 per cent discovery rate, production in Agbami has been declining in recent years, falling from 36,000 barrels of oil equivalent per day (boepd) in 2019 to 29,000 boepd in 2020.
Equinor’s decision to exit the Nigerian offshore sector is part of its broader strategy to focus on more profitable and strategically aligned assets.
The sale allows Equinor to optimise its international oil and gas portfolio, sharpening its focus on its core areas of operation.
By Adedapo Adesanya
APM Terminals Apapa has reported a 31.5 per cent increase in export volumes for April 2025, reaching its highest monthly figure since operations began in 2006.
The terminal handled 8,687 twenty-foot equivalent units (TEUs) of export cargo, up from 6,606 TEUs in April 2024.
According to the terminal manager, Mr Steen Knudsen, this underscores a major milestone in Nigeria’s growing export momentum and reflects years of sustained growth and strategic investment in export infrastructure.
“It’s advantageous for Nigerian shippers when ships depart our ports fully loaded with exports. Preventing ships from leaving empty positively influences the overall cost of shipments into Nigeria,” he said.
Mr Knudsen attributed the growth to targeted operational improvements and alignment with national economic priorities.
“Our aim aligns with the Federal Government’s vision of transforming Nigeria into an export-driven economy. To support this, we launched a new rail service in February to expedite the movement of goods from the hinterland to Apapa port,” he revealed.
“We’ve expanded our yard capacity for exports and introduced dedicated truck lanes to streamline the process, reducing the time exports spend in the terminal and ensuring timely ship departures,” he added.
Mr Knudsen praised top agencies including Nigerian Ports Authority (NPA) and Nigerian Railway Corporation (NRC) for their support in enabling the terminal to focus on delivering top-tier services to its customers.
Since acquiring the Apapa concession, the company has made significant capital investments to boost capacity, efficiency, and overall terminal productivity.
In the last four years, APM Terminals Apapa has recorded a steady rise in export volumes. In 2022, the terminal handled 53,807 TEUs of exports. This number rose to 70,432 TEUs in 2023 and 77,631 TEUs in 2024.
As Nigeria’s largest container terminal and a subsidiary of the A.P. Moller Maersk Group, APM Terminals Apapa continues to play a central role in the modernization and expansion of the country’s maritime logistics network.
By Aduragbemi Omiyale
President Bola Tinubu’s Senior Special Assistant on Entrepreneurship Development in Communications, Innovation and Digital Economy, Ms. Chalya Shagaya, has commended Legend Internet Plc for listing its shares on the Nigerian Exchange (NGX) Limited.
Last month, the internet service provider (ISP) listed about two billion stocks valued at N12.4 billion on the local bourse, becoming the first indefinite telecom operator in Nigeria to do so, reflects strong investor confidence in nation’s digital economy.
Speaking during a visit to the headquarters of the organisation, Ms Shagaya praised the team led by Mr Bruce Ayonote for the achievement.
“The listing of Legend Internet Plc is not just a corporate achievement, it is a national win. It sends a powerful message to indigenous digital and tech companies that the capital markets are within reach,” Ms Shagaya stated.
The President’s aide further highlighted the alignment of this success with the Renewed Hope Agenda of her boss, emphasising the administration’s dedication to building a business-friendly environment driven by digital transformation and inclusive economic growth.
She also applauded the tech firm for its inclusivity efforts, noting that the majority of its executive and senior members of staff are women, describing this as a progressive example of gender representation in leadership, which aligns with national goals for women’s inclusion in economic development.
Ms Shagaya expressed her readiness to support Legend Internet and its affiliate company, Suburban, in future initiatives, including expansion of digital infrastructure, innovation policy development, and capacity building programs for entrepreneurs.
She also stressed the ripple effect such achievements could have on the broader ecosystem, from enhancing local content development and broadband access to creating jobs and fostering innovation, encouraging the organisation to further engage in mentorship, tech training, and entrepreneurship support initiatives.
“Legend Internet’s story is one of vision, resilience, leadership, and inclusivity. It is the kind of story this administration is proud to champion and we look forward to partnering with more companies that are pushing the boundaries of what is possible,” she stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.64 per cent increase on Monday, May 12, with its total value rising by N12.46 billion to N1.947 trillion from the N1.935 trillion quoted at the preceding session, as the NASD Unlisted Security Index (NSI) went up by 21.28 points to 3,326.06 points from 3,3204.74 points.
The expansion recorded during the first trading session of the week was influenced by price appreciation in the shares of three companies admitted to the platform.
Central Securities Clearing System (CSCS) went up by N2.25 to trade at N24.85 per unit versus last Friday’s N22.60 per unit, FrieslandCampina Wamco Nigeria Plc improved its value by 40 Kobo to settle at N40.43 per share from the previous closing value of N40.03, per share, and Geo-Fluids Plc added 10 Kobo to end at N1.91 per unit, on contrast to the preceding session’s N1.81 per unit.
During the trading day, the volume of shares bought and sold by the market participants decreased by 99.7 per cent to 673,233 units from the 231.6 million units traded in the previous trading day, the value of securities transacted by investors moderated by 98.9 per cent to N6.3 million from N606.4 million, and the number of deals retreated by 38.6 per cent to 35 deals from 57 deals.
When trading activities finished for the day, the most active stock by volume on a year-to-date basis remained Impresit Bakolori Plc with a turnover of 534.0 million units worth N521.1 million, followed by Geo-Fluids Plc with 266.4 million units valued at N470.5 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.
The most traded stock by value on a year-to-date basis also remained Okitipupa Plc with the sale of 153.6 million units for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 20.0 million units valued at N768.5 million, and Impresit Bakolori Plc with a turnover of 534.0 million units worth N521.1 million.
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