Savannah Steps up Nigeria’s Seven Energy Acquisition Plan

Image

By Dipo Olowookere

UK-based firm, Savannah Petroleum, has secured a partnership deal with a Bahraini fund manager, which invests on behalf of the Islamic Development Bank, ASMA Capital Partners, to raise equity capital for the acquisition of assets of a Nigerian company, Seven Energy International Limited.

Last week, Savannah said it intends to raise $250 million through the issue of new ordinary shares of £0.001 each in the capital of the company by way of a placing with institutional investors to fund, inter alia, the cash consideration portion of the company’s proposed acquisition of certain of the Nigerian oil and gas assets of Seven Energy International Limited.

In another statement this Monday, Savannah said it had formed a strategic partnership with ASMA Capital Partners regarding a potential investment of up to $90 million for new Ordinary Shares at the Placing Price, including (i) an initial $30 million to be invested shortly after the completion of the Placing; and (ii) for a period of 24 months following the completion of the Placing, the Investors will have the right to subscribe for an additional $60 million of new Ordinary Shares at the Placing Price.

Savannah said it intends for its Placing from institutional investors to now raise up to $220 million.

According to the statement, “The parties have agreed to work in good faith to progress and execute the Proposed Investment. The current expectation is that Savannah and the Investors will enter into the required documentation (including but not limited to subscription agreements or some similar form) within 30 days (or such later date as the parties may agree) of the Company’s shareholder general meeting to be convened in due course to approve the Placing and the Agreed Transaction.

“The Proposed Investment is subject to completion of final due diligence, the signature of definitive documentation in form and substance satisfactory to the Investors and each Investors’ relevant internal approvals, including but not limited to final investment committee approval.”

Share
Related Stories
Image
21-September-2023

CBN Postpones September 2023 MPC Meeting

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

Image
22-September-2023

Anxiety as Naira Nears N1000/$1 at Parallel Market

By Adedapo Adesanya All is not well with the Naira in the parallel market and the peer-to-peer (P2P) segments of the foreign exchange (FX) market in Nigeria, with its exchange rate against the Dollar nearing N1000. At the black market on Thursday, the Nigerian Naira depreciated against the US Dollar by N25 to sell at N995/$1 compared with the preceding session’s value of N970/$1. It was a similar story with the local currency in the P2P wing of the forex market as it lost N22 against the greenback yesterday to quote at N992/$1, in contrast to Wednesday’s exchange rate of

Image
22-September-2023

MPC Meeting Postponement Sways Stock Investors to Sell Off

By Dipo Olowookere Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

Image
22-September-2023

FG, NGX to Attract Startups to Stock Market

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

More Stories
Image
31-December-2018

T-Bills Yields Finish 2018 at 15.26% after N154b OMO Sale

By Dipo Olowookere The average treasury bills yields at the secondary market close on Monday, December 31, 2018, at 15.26 percent after three tenors recorded losses and two maturities appreciated. Business Post reports that yields on the one-month, 3-montha and 6-month tenors depreciated by 0.03 percent, 0.46 percent and 0.04 percent respectively to settle at 14.91 percent, 14.04 percent and 13.41 percent apiece. However, the 9-month and 12-month maturities grew by 0.03 percent each to finish at 16.58 percent and 17.34 percent respectively. It was observed that at the market on Monday, transactions were scanty as some market players sold

Image
19-August-2021

Selloffs Bring Down Nigerian Stock Market by 0.01%

By Dipo Olowookere The Nigerian stock market succumbed to profit-taking on Wednesday, losing 0.01 per cent as a result of selloffs in GTCO, FBN Holdings, Access Bank, Ecobank and 13 others. The delay in the release of the half-year results of tier-one banks at the Nigerian Exchange (NGX) Limited is still making some investors trade cautiously. They want to see what the numbers are saying before taking an action. At the close of business at the midweek session, the All-Share Index (ASI) slumped by 4.69 points to 39,545.67 points from 39,550.36 points, while the market capitalisation shrank by N2 billion

Image
22-August-2018

God Bless You, Pastor Sam Adeyemi, But Please!

By Nneka Okumazie Pastor Sam Adeyemi, you are one of the most inspiring achievers around. Your values, messages, lifestyle and wisdom have changed the lives of many. One of your mentors is Bishop Oyedepo and you often came to Covenant University, with your wife from around – 2003. You had also visited RCCG at their massive headquarters and ministered on occasions. You have been to several ministries and programs around the world. You didn’t newly join the ministry; you have been there for two decades. You kept learning, growing, getting better and raising role models. But, of recent, your messages

Image
09-February-2022

Stock Market Investors Further Lose N78bn on Weak Sentiment

By Dipo Olowookere A weak sentiment on the floor of the Nigerian Exchange (NGX) Limited on Tuesday caused portfolios of investors to further deplete by 0.31 per cent. Business Post reports that the stock market ended the trading session with 18 appreciating stocks and 21 depreciating stocks, indicating a negative market breadth. At the close of business, the All-Share Index (ASI) decreased by 146.15 points to 47,057.24 points from 47,203.39 points, while the market capitalisation declined by N78 billion to N25.358 trillion from N25.436 trillion. According to data from the exchange, the banking and industrial goods sectors went down by

Image
02-October-2020

Owners of Chicken Republic Declare N3.3bn Net Profit

By Adedapo Adesanya Food Concepts Plc, owners of the popular Chicken Republic, has declared a 135.7 per cent growth in its profit after tax (PAT) for the financial year ended December 31, 2019. The company revealed this in its financial statements and a look at the books showed that the net profit increased to N3.3 billion from N1.4 billion in the 2018 fiscal year. The firm recorded a 73.3 per cent rise in profit before tax to N2.6 billion from N1.5 billion in 2018 and in the period under review, it received a tax credit of N723 million, which boosted

Image
01-June-2022

Lagos Urges Residents Not to Panic as Okada Ban Takes Effect

By Aduragbemi Omiyale The Lagos State government has urged residents not to panic over the enforcement of the ban on commercial motorcycles, popularly known as okada, from Wednesday, June 1, 2022. On May 18, 2022, after the killing and lynching of a sound engineer, Mr David Imoh, by some okada riders in the highbrow Lekki area of the state, Governor Babajide Sanwo-Olu, announced another ban on operations of commercial motorcycles in six local government areas of the metropolis. “After a critical review of our restriction on okada activities in the first six Local Government Areas where we restricted them on

Image
07-January-2022

Crude Oil Rises to $82 Amid Kazakhstan Unrest, Libyan Outages

By Adedapo Adesanya Crude oil prices climbed to $82 per barrel on Thursday, extending a rally from the previous session, on escalating unrest in oil producer Kazakhstan and supply outages in Libya. Yesterday, the Brent rose by 1.68 per cent or $1.36 to sell at $82.16 per barrel while the US West Texas Intermediate (WTI) moved up by 2.36 per cent or $1.84 to trade at $79.69 per barrel. Protests against soaring energy prices taking place in Kazakhstan continued after initially erupting during the weekend in the oil-rich country sparked by the lifting of price caps on liquefied petroleum gas

Image
11-May-2023

Our Decarbonization Targets Anchored on Sound Investments—Eni

By Kestér Kenn Klomegâh An Italian multinational energy giant headquartered in Rome, Eni, has emphasised that its decarbonization targets would be anchored on sound investments, reaffirming its commitments towards net zero emissions by 2050. The company said this in its latest 2022 report, which outlined the main outcomes and objectives in the energy transition pathways for a number of African countries. Eni described its contribution to a just transition that ensures access to efficient and sustainable energy, sharing the social and economic benefits of the path towards net zero emissions by 2050 with employees, suppliers, communities, and customers with an

Ad
Ad
Recent Stories
Image
24-September-2023

Nigerian Banks Capable To Support Big-Ticket Transactions—Adeduntan

By Bliss Okperan The Managing Director and chief executive of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that financial institutions in the country have the balance sheet to support big-ticket transactions, particularly from offshore investors. President Bola Tinubu travelled to the United States last week for the United Nations General Assembly (UNGA) and went with some businessmen and bank executives, including Mr Adeduntan. The Nigerian leader used the occasion to urge foreign investors to bring their funds into the country because he would create a business-friendly environment to make their investments grow. Nigeria, which is the largest

Image
24-September-2023

SERAP Tasks Tinubu to Probe Missing $15bn, N200bn Oil Revenues

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

Image
24-September-2023

Nigeria Picks 12 Gold Medals at ITTF African Para Championships

By Adedapo Adesanya Nigeria emerged as the overall champion of the 2023 International Table Tennis Federation (ITTF) African Para Championships, which ended on Saturday, September 23, 2023, in Giza, Egypt. The country went away with 12 gold medals to dethrone Egypt as the new para table tennis champion in Africa. The three-day tournament had hosts – Egypt – Algeria, Nigeria, Mauritius, Cameroon, South Africa, Kenya, and Cote d’Ivoire competing in the singles, doubles, and mixed doubles events. However, Nigeria dominated as the continent’s champions by leading the singles event to pick up most of the tickets to the Paris 2024

Image
23-September-2023

Dr Abayomi Baiyewu of Obitoks Hospital is a Quack Surgeon—LAHA

By Modupe Gbadeyanka The medical practitioner who performed surgery on the late 12-year-old Adebola Akin-Bright at the Obitoks Hospital in the Alimosho area of Lagos State, Dr Abayomi Baiyewu, has been described as a quack surgeon. The Chairman of the Lagos State House of Assembly ad-hoc committee with the mandate to investigate the circumstances that led to the disappearance of Adebola’s small intestine, Mr Noheem Adams, said the doctor was not qualified to carry out the exercise. Adebola died on Tuesday at the Lagos State University Teaching Hospital (LASUTH), Ikeja, where he was receiving treatment after he underwent surgery two

Image
23-September-2023

Advans Nigeria Scores Brace at Marketing Edge Awards

By Modupe Gbadeyanka It was a double reward for a foremost microfinance institution, Advans Nigeria, at the recently concluded Marketing Edge Awards in Lagos. The firm, a subsidiary of Advans Group, was announced as the Most Innovative Microfinance Bank of the Year and the Most Customer-centric Microfinance Bank of the Year. The double awards are coming after the organisation was recently named as The Best in Retail Banking of the Year at the Pan African International Award. Advans Nigeria won the accolades due to its top-notch financial services and unwavering commitment to its customers. “We are immensely proud to receive

Image
23-September-2023

UNIOSUN Targets Spot in 10 Top Universities in Nigeria by 2026

By Bliss Okperan The University of Osun State (UNIOSUN) has set a goal to achieve a spot in the 10 top universities in Nigeria by 2026. The Vice Chancellor of the institution, Prof. Clement Adebooye, while speaking on Friday at the main campus of the university in Osogbo, said the management also intends to make the school one of the 25 best in Africa in three years’ time. According to him, the management has begun to implement the strategies designed to meet this target, including providing a peaceful academic environment for students and others. He expressed the commitment of the

Image
23-September-2023

Why Debt Financing is so Important for the African Business Market

By Nathaniel Nyika Small and medium-sized enterprises (SMEs) are the beating heart of Africa’s economies. According to the World Economic Forum, as engines of growth, SMEs are responsible for around 80% of the continent’s employment, ultimately helping to reduce poverty and income inequality, enabling the establishment of a new middle class and driving demand for new goods and services. That’s why creating an enabling environment for SMEs to access finance will enhance their ability to not only contribute to Africa’s labour force but also facilitate the continent’s development and economic growth while driving the innovation needed to help solve the

Image
23-September-2023

Food Concepts, Two Others Rescue OTC Exchange From Bears

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

Image
23-September-2023

Naira Falls at I&E, P2P, Gains at Black Market on New CBN Leadership

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

Image
23-September-2023

Crude Oil Trades Mixed on Demand Concerns Despite Supply Woes

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia