…Secure $100m Capital Equity As Investments Of Coy Hit $1bn
Former Governors of Akwa Ibom State, Obong Victor Attah, Godswill Akpabio and the 2015 gubernatorial candidate of the All Progressives Congress (APC), Obong Umana Umana, on Sunday met for the first time after the elections.
A reliable source in Lagos confided to our reporter that despite the seemingly sour relationship between Obong Victor Attah,Chief Godswill Akpabio, and Umana Umana, the trio sat and discussed the fortunes made in Seven Energy, which acquired Universal Energy Resources Limited (UERL), an operator of the Stubb Creek Marginal Field that was supposedly owned by the Akwa Ibom State Government.
The source said “they discussed their shares in Seven Energy Company ahead of the company’s AGM”.
After the meeting, the trio proceeded to the 70th birthday of Sen Florence Ita Giwa, held last Sunday in Lagos state, our source added.
Meanwhile, the Executive Officer of ASMA, Mr. Stephen Vineburg, will join the Board of Directors of Seven Energy during the company’s AGM to represent the trio.
The report has it that Seven Energy is seeking additional equity of $100m to enhance the company’s liquidity as it completes the gas pipeline that integrates its existing pipelines in the South East of Nigeria over the next few months.
“When completed, the company will own and operate a flexible gas transportation network from Ukanafun and Ikot Abasi in Akwa Ibom State to Calabar, Cross River State, enabling the group to deliver more gas to Nigeria’s growing domestic market for power generation and industrial consumption”, our correspondent said.
Seven Energy is currently delivering total gas volumes in excess of 110 million standard cubic feet per day (MMcfpd) to three power stations, a cement plant and a fertiliser factory, and it’s the leading integrated gas company in South East Nigeria.
As Calabar and Ibom Power stations complete their commissioning work and electricity transmission infrastructure, gas deliveries would increase to 200 MMcfpd over the coming year.
The Chief Executive Officer of Seven Energy Mr. Phillip Ihenacho, recently said the company is pleased by the continued support shown by her leading shareholders and the vote of confidence in their business plan demonstrated by the investment from the IDB Infrastructure Fund II.
Seven Energy is now established as a significant participant in the Nigerian gas market. Gas deliveries have more than tripled in 2015, and are currently running in excess of 110 MMcfpd.
This new funding will enable the company complete its current development phase, enhancing pipeline network, which will be capable of transporting 600 MMcfpd of gas to regional markets.
It is alleged Obong Victor Attah, Chief Godswill Akpabio, Mr Umana Umana and former President Goodluck Jonathan hold significant share through different agents in Seven Energy.
Reacting to the said meeting, the Special Assistant to Sen. Godswill Akpabio, Mr Anietie Ekong and media consultant to Mr. Umana Okon Umana, Mr Iboro Otongaran said they have no idea about the meeting and that if it is true that such meeting actually took place, the trio have the rights to invest in any business of their choosing.
Akpabio’s media aide said via SMS “I’m in Abuja. Senator Akpabio has been in Lagos over the weekend to attend the birthday ceremonies of Senators Ben Bruce and Florence Ita-Giwa. I’ve seen on the internet pictures of Senator Akpabio and Obong Victor Attah exchanging pleasantries at Sen Ita-Giwa’s birthday”
“I’m not aware that Senator Akpabio has shares in Seven Energy Company talk less of meeting with Attah and Umana to discuss the fortune of their shares.
