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UTM Offshore, Delta, NNPCL, sign agreement to develop floating LNG

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Delta State Government, Nigerian National Petroleum Company Limited and the UTM Offshore Ltd, Tuesday, signed a Shareholders Agreement for the development of first Floating Liquefied Natural Gas, FLNG in Nigeria.

Secretary to the State Government, Dr Kingsley Emu and Solicitor General and Permanent Secretary Ministry of Justice, Mr Omamuzo Erebe signed for the Delta State Government, while the Group Chief Executive Officer, Mr. Mele Kyari and Group Managing Director Julius Rone signed for NNPC Limited and UTM Offshore, respectively.

With the agreement Delta State Government will own eight percent share of the project, NNPC Limited 20 percent and UTM Offshore 72 percent.

Speaking at the signing ceremony at the NNPC Towers Abuja, Governor Sheriff Oborevwori of Delta State, said the UTM FLNG Project was the first of its kind to be developed by an indigenous private company in Nigeria.

Governor Oborevwori explained that the state government took 8% equity in the floating LNG project because of its conviction of the strategic importance of the project to the national economy, adding that with 40% of Nigeria’s proven gas reserves in Delta State, it was a worthy investment.

According to him, the deal marked a significant milestone in the development of the project, expressing hope that construction will begin next year.

He said: “Of particular interest to Delta State Government is the dividend that this UTM FLNG will generate, thus advancing the socio-economic development of our great state. It is expected that over 300,000 metric tonnes of LPG (cooking gas) will be produced and dedicated to the domestic market.

“This project will also help to mitigate the environmental hazards in the Niger Delta by reducing gas flaring. Of course, our women folk will also benefit from the fuel switch from kerosene and firewood to cleaner energy, thus improving their health and general wellbeing.

“Another benefit we envisage with this project is that it will create job opportunities for our youths, which is one of the four pillars of our MORE agenda”.

While commending the immediate the immediate past Governor, Senator Ifeanyi Okowa for his foresight in investing in the venture, he commended other stakeholders “like regulators and Afreximbank for helping to arrange financing and, of course, the dedicated staff of Delta State Investment and Development Agency (DIDA) for their resourcefulness”.

In his remarks, the Group Chief Executive Officer, NNPC, Mr Mele Kyari commended the Delta State Governor for not just being a promoter of gas development in the country but for also investing in gas projects.

“We are happy to collaborate with the Delta State Government in this venture. The State Government is here in two capacities, one as a supporter of growing gas utilization in the country and also now as an investor in this necessary industry but potentially a valuable industry for all of us”, he added.

Also speaking, the Minister of State Petroleum Resources (Gas), Hon. Ekprikpe Ekpo noted that it was time for the country to begin the monitisation of its huge gas reserves for the development of the economy.

In his remarks, Group Managing Director of UTM, Mr. Julius Rone said the signing ceremony marks another significant milestone in actualizing Nigeria’s first indigenous FLNG.

Mr. Rone said he expects the Final Investment Decision (FID) on the project to be taken before the end of the first quarter of 2024. He commended the stakeholders for their support, especially the Delta State Government for investing in the project.

“I want to thank the Delta State Government for taking an equity on this laudable project which will create other sources of revenue for the state to develop their infrastructure that is highly needed and create employment for the teeming youths of Delta State”, Rone said.


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Oando set to Redeem Promise to Shareholders

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In its  commitment to enhancing shareholders value Oando  has concluded plans to  reward them  by giving them an incredible 1.28 billion additional shares in the form of stock dividend. This means shareholders will get more shares added to their investment portfolio at no extra cost. The sheer size of the offering, with 1.28 billion shares distributed, makes it the biggest shareholder reward in Oando’s history.

This decision follows the approval of shareholders at the Company’s 45th Annual General Meeting (AGM) held on December 17, 2024, authorising “the Company may cause shares received pursuant to sub-resolution (b) above, and/or their cash equivalent to be distributed to shareholders of record at date(s) as may be determined by the Board of Directors, from time to time, on a pro-rata basis.”

Subsequently, the Board of Directors resolved to distribute the shares in two tranches in a meeting held on January 30, 2025. The total worth of shares valued at 97,562,157,676, based on Oando PLC’s closing share price of 76 as of January 30, 2025, will be distributed to its shareholders beginning with 641,856,301 ordinary shares at the close of business on February 14, 2025, and 641,856,300 ordinary shares at the close of business on June 30, 2025.

Stock dividends are considered more superior to cash dividends as shareholders are being given the choice of either keeping their return on investment or turning it to cash whenever they want; with a cash dividend, that option is unavailable.  In this instance Oando shareholders are getting a return on investment of over 10%. The increase in shares also means an increase in potential future dividends, as the more shares a shareholder owns, the more dividends they can potentially receive.

Furthermore, instead of paying cash, which could weaken the company’s future financial position, Oando is preserving value and ensuring shareholders benefit from future growth through this scheme. By distributing shares, the company can maintain a strong financial position, which is crucial for future growth and investment opportunities.

This positive news for Oando shareholders directly increases minority shareholders’ ownership stakes by one (1) new ordinary share of 50 kobo each for every twelve (12) existing ordinary shares of 50 kobo held by the shareholders without dilution.

This news comes in the wake of Oando’s robust performance in 2024, bolstered by its $783Million acquisition of Nigerian Agip Oil Company (NAOC) in August 2024, which led to a bullish increase of over 500% in its share price. The acquisition also significantly impacted the company’s FY 2024 financial results, resulting in a 45% surge in revenue to N4.1Trillion. This strong financial performance should instil confidence in shareholders about the company’s prospects.

Building on the track record of 2024, Oando announced the award of Block KON 13 in Angola’s Onshore Kwanza Basin in January 2025. The future remains hopeful for shareholders, as the Group Chief Executive (GCE), Wale Tinubu CON, mentioned in a recent statement that the company will prioritise cost optimization, operational efficiency, streamlining processes, enhancing procurement, and leveraging technology to improve productivity across operations.

By distributing the shares in two phases, Oando ensures that its stock price remains strong and stable, avoiding any sudden market drops.

 


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Audullahi Saheed Mosadoluwa: Visionary Leader Redefining Real Estate, Community Development

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Hon. (Dr.) Audullahi Saheed Mosadoluwa, fondly known as “Mr. Ibile,” embodies the spirit of innovation, resilience, and purpose. His journey from a young entrepreneur to one of Nigeria’s most revered real estate developers is an inspiring testament to visionary leadership and a deep commitment to societal transformation.
Born into an entrepreneurial family, Mosadoluwa developed a sharp business acumen at an early age, a foundation that set the stage for his remarkable career. His ambition and forward-thinking approach eventually led him to establish Harmony Gardens and Estate Development Limited, a company now synonymous with excellence and innovation in Nigeria’s real estate sector.
Under his guidance, Harmony Gardens has flourished into a household name, delivering projects that cater to both luxury seekers and everyday Nigerians. One of the company’s standout developments, the Lekki Aviation Town Estate, is a masterfully designed residential hub strategically located near the upcoming Lekki-Epe International Airport. Spanning over 1,400 hectares, this ambitious project offers state-of-the-art amenities and positions Harmony Gardens as a key player in addressing Nigeria’s housing deficit.
In addition to Lekki Aviation Town, Harmony Gardens boasts other groundbreaking projects such as HarmonyVille Estate, CrestView Estate, and Granville by Harmony. Each of these developments is a testament to Mosadoluwa’s dedication to creating inclusive, sustainable communities that elevate the living standards of Nigerians.
Recently, Mosadoluwa expanded his influence by launching Ibile Holdings Global Limited, a new venture focused on optimizing construction practices and property management in Nigeria. This move underscores his commitment to diversifying the economy, creating jobs, and setting new benchmarks in quality and efficiency.
Beyond his business accomplishments, Mosadoluwa is a devoted philanthropist. He has funded scholarships for underprivileged students, supported affordable housing initiatives for low-income families, and spearheaded free healthcare outreach programs in underserved communities. His generosity and advocacy for equity have touched countless lives, solidifying his reputation as a compassionate leader who prioritizes people over profit.
Mosadoluwa’s contributions have not gone unnoticed. He has received numerous accolades, including an Honorary Doctorate from the Chartered Institute of Public Resources Management & Politics (CIPRMP), Ghana, for his efforts in democracy, education, and affordable housing. His leadership and advocacy have also earned him the Outstanding Real Estate Leader Award and the Pan-African Housing Leadership Award.
While his journey has not been without challenges, including allegations of land disputes that he has consistently addressed through legal channels, Mosadoluwa remains steadfast in his mission to operate transparently and uphold ethical standards in the real estate industry.
Looking ahead, Mosadoluwa envisions a Nigeria where housing is accessible to all. With ambitious plans to build over 750,000 affordable homes by 2030 and attract foreign investments into the country’s housing sector, he is committed to driving sustainable development and economic growth.
Hon. (Dr.) Audullahi Saheed Mosadoluwa is more than a businessman—he is a visionary leader, a philanthropist, and a symbol of hope for countless Nigerians. Through his groundbreaking projects, unwavering dedication to ethical practices, and relentless pursuit of excellence, he continues to inspire and transform lives across the nation.
-Written by Sunday Adebayo


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Oil Tycoon, Wale Tinubu, Begins the New Year with Positive Momentum

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Oil tycoon and highflying businessman, Jubril Adewale Tinubu, has started the year 2025 on a very good and brighter note as he has just led Oando to secure a major oil block in Angola.

The  integrated energy solutions provider this week secured a major win by emerging as the operator of Angola’s Kwanza Basin Block KON 13.

This milestone marks a significant step in the company’s efforts to increase its oil production capacity to 100,000 barrels per day as part of its broader global expansion plans.

Over the weekend, the National Agency for Petroleum, Gas and Biofuels (ANPG), Angola’s upstream petroleum regulator, announced the results of the Limited Public Tender for Block KON 13, located in the Kwanza Onshore Basin.

The tender process began on May 24, 2024, with bidding held on September 3, 2024.

According to ANPG, Oando Energy has been designated the operator with a 45 percent stake in the block.

An additional 10 percent interest remains available for non-operating companies, to be awarded through a restricted competition involving unsuccessful bidders from the operator selection round.

The Angolan regulator stated that the bid process adhered to the requirements outlined in Presidential Decree No. 86/18, which governs criteria for financial and technical capacity for operators and financial capability for non-operators.

Oando’s success in Angola reflects its decade-long ambition to establish a presence in the country’s hydrocarbon sector.

In 2014, Tinubu revealed that Oando had signed joint ventures in Angola and Mozambique. However, financial challenges over the years cast doubt on the company’s ability to sustain its pan-African vision.

That narrative shifted with Oando’s recent acquisition of 100 percent ownership of Nigerian Agip Oil Company Limited (NAOC Ltd) from Eni S.p.A., an Italian oil giant.

This acquisition increased Oando’s stake in four key oil mining leases —OMLs 60, 61, 62, and 63—from 20 percent to 40 percent.

Oando has outlined plans to enhance output through new drilling projects and improved security measures.

The acquisition has also bolstered investor confidence, with a notable rise in the company’s share price and market value.

Definitely, it is not too early to conclude that the world the world class serial investor  has achieved prompt success and  positive developments, while setting a favourable tone for the rest of the year.

 

 

 


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