Chris & Imeh: Septa Energy, the company Godswill Akpabio gave $33m upfront and N800m for right of way is a fully owned subsidiary of Seven Energy. If you can recall, I asked on September 2011 who is/are the true owner/s of Septa Energy, because it was reported that: ``The Federal Government has approved a service agreement between the National Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) and Septa Energy, an indigenous independent gas development and production company, to facilitate gas supply to Independent Power Plants (IPPs) in the Niger Delta. Most of the IPPs have been lying fallow, because they were built without any consideration to their sources of gas. The partnership is therefore seen as a major milestone in government’s efforts to ensure the availability of adequate gas for power supply……… The transaction said to have been sealed about six weeks ago, will see Septa Energy investing about $700 million in the long term.Septa Energy, a gas solution provider, recently invested $420 million in the development of two main gas fields and for the construction of a 60km gas pipeline in Nigeria for the delivery of gas to the Ibom Power Plant, making the firm the first Nigerian company to deliver gas to an IPP.`` by The Man - Goodluck Jonathan Support Group on Wednesday, October 27, 2010 at 2:37am This is excerpt of my comment from Ibom forum posted Sept.25, 2011: …..What is the logic of our state paying Septa Energy for right of way of N 800m for a land they never owned; instead of the company(Septa) or the state paying it directly to the land owners; very questionable or suspicious of being a potential fraud. This deposit of $33m upfront into escrow account is very disturbing and very likely it is a scheme to siphon the treasury. There is no indication of the state equity interest in the gas processing plant as Godswill Akpabio would want us to believe that the state is in partnership with Septa Energy as stated below from excerpt of his interview and reported by Edet Isong. I smell a very stinky rat, something is not looking right. Ette Clement Ikpatt, can you help to explain the logic on the $33m escrow account and do we have any ownership interest in the gas plant. Asuquo Essien submitted to Ibom Forum on : Sunday, September 25, 2011 6:55 PM Excerpt of Godswill Akpabio’s Interview: ``For instance, we partnered with a firm called Septa Energy...we put in place a gas processing plant which cost a little over $500 million. Outside provision of land we made deposit of $33 million upfront , for future purchase of the gas because we want to encourage them to come in. We gave them that money which they paid into an escrow account, to assure we are ready. We also handed over 800 million in payment for right of way to lay pipes for the project. We also signed an agreement that we will purchase the gas.`` THISDAY Special Release culled from facebook/note.php?note_id=136092836441416 IPPs: FG Okays NNPC, Septa Energy Gas Supply Deal. The GEJ Commitment to improve Power in Nigeria is a reality. The Federal Government has approved a service agreement between the National Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) and Septa Energy, an indigenous independent gas development and production company, to facilitate gas supply to Independent Power Plants (IPPs) in the Niger Delta. Most of the IPPs have been lying fallow, because they were built without any consideration to their sources of gas. The partnership is therefore seen as a major milestone in government’s efforts to ensure the availability of adequate gas for power supply. The NPDC is holder of 55 per cent interest in OML, 38, 41 and 4 located in the oil-rich Niger Delta, while Shell Petroleum Development Company of Nigeria Limited, Total Exploration and Production Limited and Nigeria Agip Oil Company held 30 per cent, 10 per cent and five per cent respectively. However in January, the multinationals reached an agreement to jointly transfer their 45 per cent stake in the three production licences and related equipment in the Niger Delta to a consortium led by two Nigerian companies, Seplat Petroleum Company Limited, a Nigerian consortium jointly owned by two Nigerian firms - Platform Petroleum Limited and Shebah Petroleum Development Company Ltd - along with Maurel & Prom of France. Sources familiar with the transaction hinted that Septa Energy, which had a subsisting MoU with the NNPC, signed when Rilwanu Lukman was the Petroleum Minister, had sought to buy over the NPDC’s 55 per cent interest in the oil mining leases. The company, whose focus was to supply gas for the domestic market, was said to have expressed particular interest in gas.It was learnt that after due diligence was conducted and Septa Energy was discovered to have a track record in gas developing projects, with keen interest to invest huge amounts of money in the Nigerian oil and gas industry, the NPDC invited the company for partnership, after President Goodluck Jonathan consented to the deal. The transaction said to have been sealed about six weeks ago, will see Septa Energy investing about $700 million in the long term.Septa Energy, a gas solution provider, recently invested $420 million in the development of two main gas fields and for the construction of a 60km gas pipeline in Nigeria for the delivery of gas to the Ibom Power Plant, making the firm the first Nigerian company to deliver gas to an IPP. On assumption of office, Jonathan had declared that his priority would be to deliver electricity to Nigerians who had been groaning in darkness notwithstanding the country’s abundant energy sources. He has consistently said government would take all necessary steps this time around to deliver on its promise to provide stable electricity supply to Nigerians. In his bid to address the gas supply constraint, which hampers power generation, the president had pledged to encourage committed indigenous companies who are interest in investing in the Nigeria oil and gas by giving them jobs. It was also for the same reason, that he signed the Nigerian Content Bill into law in April. Performing the ground breaking for the construction of the 60km-gas pipeline by Septa Energy, mid this year, the president had described as “disappointing”, a situation whereby Nigeria’s power generation still hovered around 3,000mw, declaring that the only way to move the sector forward was by opening it up to the private sector. Jonathan said if successive administrations had opened the sector to the private operators to come in, Nigeria, by now, would have been supplying electricity to the rest of West Africa and some other countries in Africa. “This project is a unique one in that we have gas; we lack power; we have water; we don’t have power; we have coal; we don‘t have power. These are things that are supposed not to be so. The society is no longer the kind of locked-up society that government controls everything. Government has decided to open up all our sectors for the private sector to come in. We would not have been where we are today if we had opened up for private sector involvement some 20 years back,” the president said while performing the ground breaking of the pipeline. Industry stakeholders applauded the president’s decision to approve the Septa Energy’s partnership with NPDC, saying it is a testimony that he (president) is not only committed to grow indigenous capacity but to delivering on his promise to provide stable electricity supply to Nigerians. “The signing was as a result of the president’s desire to address the long running electricity problem in the country. Without gas, we cannot be talking about power. So what he did was to identify companies that are actually interested and determined to invest in gas. “This is a testimony that he is sincere in his promises. You can see that the man means business and he has swung into action to ensure that these power plants that have been lying fallow are supplied with gas. It is kudos to the Federal Government. It is a source of encouragement to other companies. Government should encourage indigenous companies that are serious investors. Companies that are ready to do long term investment, that are not anxious to recover their money in one or two years should be encouraged,” said an industry player.`` facebook/note.php?note_id=136092836441416 I think this company is a front to empty the state and National treasuries. I hope, Septa/Seven Energy and the state will close the $33m escrow plus the N800m to be replaced with equity shares to the state . Regards Asuquo Essien Antioch,CA On Friday, August 15, 2014 1:41 PM, Chris Udoh udoh.chris@yahoo [Ibom_Forum] wrote: Dear Umana Okon Umana, I dont have your phone number, otherwise I would have placed a private call to you. Also after the N11.8b vehicle refurbishment ordeal, I have misplaced your email address. This the reason for my trying to reach you in this public forum. I heard in the AIT tonight that President Jonathan and Akpabio, your former boss were commissioning a gas plant somewhere in Eket. I recall that during your tenure as the SSG, Akpabio invested Akwa Ibom money, $33,000,000 plus N800,000,000 Land acquisition, in one gas company. i. Is the currently commissioned company one and the same company that Akpabio invested Akwa Ibom money on. ii. If the answer to the above is yes where did you keep the investment certificate before you were chased out of office. iii. If the commissioned company is different from the one Akpabio invested $33m + N800m on, what is the status of the company that Akpabio invested Akwa Ibom money on. Thanks for helping us with answers to above questions. Chris Udoh MEnin ESD ATLANTIC REPUBLIC Dear Obong Umana Umana, Please Sir, this questions begs for answers. Michael Mathew
Posted on: Sat, 16 Aug 2014 09:24:39 +0000
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