The British independent oil and gas company, Savannah Petroleum Plc, has announced its completion of acquisition of assets of the Seven Energy International Limited (SEIL) in a recent business transaction to become a full-cycle Exploration and Production company.
A statement issued by one Mutiu Yekeen on behalf of Savannah Petroleum said the acquisition which took place on November 13 led to the appointment of administrators who would preside over the transfer of assets to group of companies controlled by Savannah and AIIM.
The company confirmed that the final long-form documentation on the transaction was performed in accordance with laid out agreement, adding that the transaction has now been formalised.
Aside becoming a full-cycle E&P company, Savannah Petroleum Limited now possesses the assets formerly belonging to the defunct Seven Energy International Limited.
The development equally gives Savannah a strong platform in the Nigerian oil and gas industry.
Speaking on the development, Andrew Knott, CEO of Savannah Petroleum, expressed his excitement as his company enters a new terrain.
He said:“We are very pleased to have completed the Seven Energy Transaction. The deal transforms Savannah into a full-cycle E&P company in West Africa and marks the start of a very exciting time for us.
“We have acquired a business with great people and a strong set of exploration, appraisal, development and production assets which are expected to be highly cash flow generative for the company.”
Air Peace Airline says it has signed a contract with Embraer for three additional E195-E2 aircraft, worth $212.6 million.
The company said in a statement on Sunday in Lagos that the contract confirmed the purchase rights from the original contract signed in April.
It said the new E195-E2s would be included in Embraer’s 2019 fourth-quarter backlog and the $212.6 million was based on Embraer’s current list prices.
The News reports has it that the E195-E2 is the largest aircraft in the E-Jet E2 family.
It has been designed to maximize returns and efficiency on high-density routes with its high-aspect-ratio wings and swept tips, combined with other aerodynamic improvements.
The E195-E2 achieves double-digit lower fuel consumption compared to current-generation E-Jets.
According to Air Peace, the airline will be the first E-Jets E2 operator in Africa.
Air Peace’s firm order, announced in April this year, is now for 13 E195-E2s with 17 purchase rights for the same model.
It also said the first delivery had been scheduled for the second quarter of 2020.
Speaking on the purchase of the aircraft, Chairman of Air Peace Airline, Mr Allen Onyema, said the E195-E2 was the perfect aircraft to expand the company’s operations in Africa.
Onyema noted that the new order was a further confirmation of the airline’s ‘no-city-left-behind initiative’ which the company shall continue to execute.
Onyema, also the Chief Executive Officer (CEO), Air Peace Airline, said: “We are receiving impressive data about the aircraft’s economics.
“We look forward to receiving our first aircraft, which will enhance connectivity in Nigeria and the African region while feeding long-haul flights from our Lagos hub.
Raul Villaron, Vice President Sales, Africa and Middle East, Embraer Commercial Aviation, said Air Peace would love the aircraft’s efficiency and the passenger would also experience an unparalleled level of comfort, especially in First Class.
According to him, Air Peace is the launch customer for Embraer’s new premium staggered seating option.
“We look forward to supporting Air Peace’s growing E2s fleet and to deepening our fruitful partnership.
“That experience with Embraer’s products and services, including the pool programme, and the undeniable economic benefits of right-sizing aircraft for the mission, was a key factor in selecting the E2.
“Air Peace’s E195-E2s will be configured in a comfortable dual-class arrangement with 124 seats,” Villaron said.
Air Peace subsidiary, Air Peace Hopper, started operating six ERJ145 jets last year on short thin routes.
Air Peace operates more than 20 local, regional, and international routes and has strategic plans to expand those routes.
Embraer is the world’s leading manufacturer of commercial jets up to 150 seats.
The company has 100 customers from all over the world operating the ERJ and E-Jet families of aircraft.
For the E-Jets programme alone, Embraer has logged more than 1,800 orders and 1,500 deliveries, redefining the traditional concept of regional aircraft.
Aviation authorities in Frankfurt said a collision between two passenger jets on the tarmac at Frankfurt Airport caused damage but left no one injured.
The Korean Air Boeing and Air Namibia Airbus planes hit each other shortly after both landed at the airport on Saturday evening.
The German news agency DPA reported that the German Federal Bureau of Aircraft Accident Investigation said on Sunday there were no injuries, and it wasn’t immediately possible to detail the extent of the damage to the planes.
Authorities are working to determine the cause.
South Korea’s Yonhap News Agency reported that Korean Air said no passengers were injured since the Air Namibia jet was “moving at low speed on the ground.”
It reported that the collision affected the horizontal stabiliser of the Korean plane and the Air Namibia jet’s wingtip
Nigerian businesswoman Temie Giwa-Tubosun, founder and CEO, LifeBank has won the first place prize of $250,000 at the first Jack Ma Foundation annual Africa Netpreneur Prize Initiative (ANPI), which held in Accra, Ghana on Saturday night.
Dr. Omar Sakr, founder and CEO, Nawah-Scientific placed second and won $150,000, while
Christelle Kwizera, founder, Water Access Rwanda came third and will go back to Kigali with $100,000.
$1million in prize money was shared to 10 budding African entrepreneurs by ANPI, created by Jack Ma, China’s second richest man and founder of e-commerce behemoth Alibaba after his first trip to Africa in 2017.
The aim of the prize is to support and inspire the next generation of African entrepreneurs who are building a more sustainable and inclusive economy for the future. In its inaugural year, nearly 10,000 entrepreneurs from 50 countries across the continent applied. The Jack Ma Foundation has committed to running the competition for 10 years.
The finale event, called “Africa’s Business Heroes,” was held in Accra, Ghana, where the top 10 finalists pitched their businesses directly to four judges including Jack Ma. The other judges were Strive Masiyiwa, Founder and Executive Chairman of Econet Group; Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group; and Joe Tsai, Executive Vice Chairman of Alibaba.
Said an elated Temie Giwa-Tubosun: “It was an incredible honour to be named Africa’s Business Hero. I was truly inspired by my fellow winners at today’s Netpreneur Summit. The Africa Netpreneur Prize will give me the resources to grow LifeBank and expand our presence in Nigeria and throughout the rest of Africa. I look forward to continuing my journey to solve problems and make a significant impact on the future of Africa.”
Seven other finalists, among them three Nigerians received $65,000 each. They are Ayodeji Arikawe, co-founder, Thrive Agric, Dr. Tosan J. Mogbeyiteren, founder, Black Swan and Chibuzo Opara, co-founder, DrugStoc.
Egyptian Waleed Abd El Rahman, CEO, Mumm, Liberian Mahmud Johnson, founder and CEO, J-Palm and Rwandan Kevine Kagirimpundu, co-founder and CEO, UZURI K&Y and Ivorian Moulaye Taboure, co-founder and CEO, Afrikrea were the other finalists who also got $65,000 each.
“The finalists who competed in ‘Africa’s Business Heroes’ should be an inspiration for Africa and for the world. Each of these entrepreneurs looked at big challenges facing their communities, and saw them as opportunities,” said Jack Ma said.
“It is my strong belief that entrepreneur heroes, like these finalists, will change the world – creating companies that drive inclusive growth and opportunity for the continent. Everyone is a winner tonight.”
“This competition demonstrates the overwhelming entrepreneurial talent that exists across Africa. I’m very excited about the future of industry and entrepreneurship for this continent,” said Strive Masiyiwa, Founder and Executive Chairman of Econet Group. “The top 10 truly show the limitless potential of African business.”
“What really struck me about the finalists was that they each addressed specific African problems with a specific African solution in a fresh way, leveraging technology that wasn’t available previously,” said Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group. “If this is an indication of the future of entrepreneurship on the continent, then Africa’s future looks bright.”
Vice-President Yemi Osinbajo last week hosted a delegation of Chinese entrepreneurs, led by billionaire businessman and co-founder of Alibaba Group, Jack Ma, at the Presidential Villa in Abuja.
Alibaba Group Holding Limited is a Chinese multinational company with investments in e-commerce, retail, Internet and technology.
Osinbajo and Ma spoke on opportunities in Nigeria's digital economy and the nation's huge population with its advantages.
The vice-president thanked Ma for honouring the invitation he extended to him to visit Nigeria when they met at the World Economic Forum in Davos, Cologny-Geneva, Switzerland.
He said Nigeria represents incredible opportunity and potential as it will, in another two decades, become the third largest in terms of population in the world.
Osinbajo said the Alibaba group had achieved a lot in broadening the scope of business and activities for people everywhere.
'If there is anything you have achieved, for the politician, we say you have democratised business.
'It is a great achievement. I think it is something we will like to learn from and benefit from, especially as we open up government businesses and transactions and make them more efficient for the use of our people.
'This is an exciting time for us and we are very happy that you are here. A lot of businesses and entrepreneurs are looking forward to your interacting with them later today.
'I think you will find a very energetic, very creative group of young men and women and old men and women who are increasingly getting interested in entrepreneurship, especially digital entrepreneurship. I am happy to see that you have a good group of businesses from China.
'I hope it will create an opportunity to start investigating business opportunities in Nigeria and I really hope that we will be able to do something and create some opportunities here,' he said.
Osinbajo assured his guest that Nigeria has many entrepreneurs and young people who are actively engaged in digital economy.
The Vice-President said the Federal Government started a job programme for young people, called N-Power, where half a million youths were engaged.
He added that the government had to build the e-infrastructure to make the programme happen.
Osinbajo said a system was developed in which N-Power beneficiaries were paid online and online materials were put in open and accessible portals for them.
'They also have equipment which enables them to train as extension workers for farm; we train them to teach also using the open portal; and it has proved to tremendously successful.'
'We have a programme called broadband connectivity for all by 2023; which basically is to see how we can deepen connectivity across the country by 2023 and we are looking just as you said about e-government.
'That is also crucial because government tend to be viewed with a great deal of suspicion; nobody is quite sure of what government is up to all the time.
'I think that the government can benefit from the efficiency that digital economy provides,' he said.
Ma said Chinese entrepreneurs were bringing four 'Es' to Africa.
He said the first 'e' was e-infrastructure; to support internet connection to all parts of Africa as it hoped that every young people, every small business should have a mobile phone to run their businesses anywhere, anytime.
'We hope to support e-entrepreneurs; we want to make entrepreneurs the heroes of the African continent, it is the entrepreneurs that promote business development in China; government support entrepreneur with the infrastructure they need.
'If the government is on 'e', government will be very efficient, transparent and the people know what the government can do and the government know what the people want.
'The last and very important is e-education; in the next few days, we are going to have African e-entrepreneur prize; so all the African countries can apply for our awards.
'So, I am very happy to hear that four Nigerian entrepreneurs are right among the top 10; we will be in the final competition in two days and I think Nigerian entrepreneurs will have a great result.
'It is just the beginning for us; our job is to support entrepreneurs because we are all entrepreneurs; we are all founders of our own businesses in China,' he said.