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Organisations have been urged to migrate to cleaner energy sources for their operations because of the capacity to reduce the impact of emissions on the environment.

 

This assertion was made by Basil Omiyi, Chairman, Stanbic IBTC PLC, recently. Acknowledging that the economy and society are wholly owned subsidiaries of the environment, he stated that the use of green energy will help keep the environment stable to support economic and social activities.

 

He noted that for development in Nigeria to be sustainable, there must be a balance that guarantees that the environment and society are not negatively affected by economic activities now and in the future.

 

“Green energy is devoid of carbon emissions (unlike fossil fuel energy sources which harm the environment) and is one of the major contributors to climate change. Corporates can shift to cleaner energy sources for their operations. Financial institutions can help advance this shift by facilitating funding (in line with their risk appetites) which will be necessary to achieve growth in the green energy space”, he said.

 

The Stanbic IBTC Chairman also revealed that his organisation was committed to creating a greener environment across its operational locations.

He said: “At Stanbic IBTC, building environmental resilience is one of our four sustainability pillars. This pillar demonstrates our focus on environmental footprint management.”

 

In this regard, the Stanbic IBTC has continued to implement and expand on programmes to reduce its carbon emissions. Some of the ways include reduction of energy consumption in office locations using energy-efficient fittings; adoption of cleaner energy sources across the office locations, as well as the Go-Green programmes across some branch locations to reduce energy and paper consumption and improve water efficiency.

 

The organisation has also adopted tree planting programmes to help with carbon sequestration. Already, over 300 trees have been planted across the country and the number will grow significantly in the near future.

 

He added that most developing economies do not possess the capacity to implement green energy due to the technical and financial requirements while, conversely, the developed world is responsible for the bulk of carbon emitted into the atmosphere.

 

Basil stated further: “As you saw at COP26 (Conference of Parties 26), the world is attempting to obtain the commitment of Nation States to the Net-zero emission world. The developed world, which is disproportionally responsible, on both gross and per capita basis for the bulk of carbon emission into the atmosphere, is unwilling to drastically cut their energy consumption, as they wish to maintain the standard of living of their people. Therefore, there is a need for a just energy transition strategy that is fair to all and affordable to all.”

 

“Knowing the urgency in halting climate change, Stanbic IBTC is working with vendors and customers to provide solutions that can help address climate change issues. This is reflected in one of our seven focus SEE Impact Areas – Climate Change and Sustainable Finance – where the Group seeks to provide financial solutions to support climate change mitigation and adaptation measures. We also continue to advance awareness around climate change amongst the general public; leveraging our social media platforms and webinars, for instance, the recently concluded Net Zero Webinar. Similarly, our parent company, the Standard Bank Group hosted a Climate Summit in partnership with University of London’s School of Oriental and African Studies. We continue to take awareness communication initiatives by sharing practical tips that people can adopt to help address climate change,” he said.

 

Basil was appointed as the Chairman of the Stanbic IBTC Holdings Board with effect from 15 May 2017. He spent most of his career at Royal Dutch Shell in various roles both in Nigeria and Europe, including Head of Production Technology, Chief Petroleum Engineer, Managing Director of Shell Petroleum Development Company of Nigeria Ltd, and ultimately country Chairman of Shell Nigeria.

He is currently an Independent Non-Executive Director on the Board of Seplat Petroleum Development Company Plc. He has also held a number of Board memberships and senior advisory positions including; Chairman of Greenacres Energy Limited, Chairman of the Nigerian Upstream Industry Group, Board member of the Nigerian Business Group of New Partnership for Africa’s Development (NEPAD) and Nigerian Extractive Industry.

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Police launch manhunt for Sterling Bank staff for Stealing customers’ N300m

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The Delta State Police Command on Sunday says it has begun search for a female staff of Sterling Bank in Effurun Branch, Delta State for allegedly disappearing with customers’ money to the tune of N300 milion.

 

Police Public Relations Officer in the State, DSP Bright Edafe who confirmed this to our correspondent, said that the suspect, a female staff (name withheld) allegedly defrauded customers of the bank she works in the sum of N300million, adding that the police were seriously looking for her.

 

DSP Bright Edafe said that the female banker was said to have approached some account owners to grant her permission to be using their money for business while she would be giving the customers certain percentage every month, adding that this was not to be as it was discovered last week by one of the customers that the woman stopped coming to work and an attempt to reach her on phone was unsuccessful as her lines were switched off.

 

It was gathered that on getting to her house around Living Faith Church at Water Resources, Effurun where she lived, it was alleged that she had also absconded as one of her colleagues said that the female banker did business with customers’ money with their consent while it backfired when many people she gave money to refused to pay back, a situation that had kept her hiding from the people.

 

Edafe said that the police will do everything possible to arrest her, disclosing that her co-workers denied her whereabouts when the incident happened upon police investigation, adding that there has been palpable tension laced with threats to sack her co-workers who assisted her to ensure that she was allowed to be using the funds when they pleaded with the owners of the money.

 

He also revealed that her husband had been invited for questioning.

 

Kontongs Bello, Police Public Relations Officer, who confirmed this to journalists, said that the suspect is wanted for many cases that bothered on robbery, stealing among others, adding that the police will do everything possible to smoke him from his hideout.

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Oriental Energy in 4m Dollar Debt Mess

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The Federal high court sitting in Lagos, south west Nigeria has adjourned till 28 of September,2022, when hearing will commence in a case of debt recovery of USD4,143,856.70 filed against Oriental Energy Resources Company by Borr International Operation drilling company,being an alleged outstanding approved and unpaid invoices for the drilling services rendered in accordance with Contract for the provision of Jack-Up Drilling Unit and Drilling Rig Services rendered in the Defendant’s Ebok Field in OML 67.

 

 

The drilling company in a suit filed by its lawyer, Barrister,Gabriel Uduafi is also praying the court for interest on US$ 4,143,856.70 million based on the current London Interbank Offered Rate (LIBOR), one month interest rate increased by 5 percent and calculated pro data on a daily basis from 6th October, 2021, till the date of liquidation of the judgement debt.

 

In its statement of claim, the Plaintiff stated that by the relevant provisions of the contract, the Drilling Operations, which the Plaintiff was engaged to carry out was required to be done within the Firm Term of 120 days.

 

It stated that going by the relevant provisions of the Contract, there was no fixed-or set target that the Plaintiff was obligated to achieve, as the Contract was not a turnkey but a day rate’ contract; and to this effect, Clauses and Schedule of the Contract explicitly set out the various rates to include Operating Rate, Standby Rate, Repair Rate, . Force Majeure Rate, Redrill Rate, Moving Rate and Zero Kate.

 

The plaintiff stated that the Lump Sum payments under the contract are the Mobilization cost of $450,000 and the

Demobilization cost of $250,000, a sum Which become due and payable upon the completion of the contract.

 

However,following the default in making payment as stipulated under the Contract, the plaintiff wrote to the Defendant both by mail and letters, demanding for the payment of the outstanding and approved invoices and that the Defendant wrote replies raising issues and points that are completely alien to the Contract as its reason for not making the payment.

 

The Plaintiff contended that in setting up a completely ridiculous claim, the Defendant claimed spread cost for nonproductive time (NPT) in the total sum of US$3,437,500.00 where there is no provision in the Contract to support such claim.

 

The Plaintiff added that following series of engagement , it was compelled to instruct its lawyers to issue a demand for the payment of the invoices, and by a letter dated 19th January, 2022 the Plaintiffs Solicitors delivered a formal demand for the payment of some of the outstanding invoices in the sum of US$2,533,749.12 net of taxes.

 

Rather than simply honour its payment obligation under the Contract and credit the Plaintiff with the value of the invoices, the Defendant caused its Solicitors to reply the Plaintiff’s formal demand by the letter dated 26th January, 2022 by which the Defendant now seeks to claim the sum of $10,511,754.00 as spread cost for non-productive time (NPT) and consequential loss, as against the sum of US$3,437,500.00 initially set up by the Defendant in its earlier engagement with the Plaintiff.

 

The plaintiff added that in accordance with the provisions of the Contract, the same came to completion on 10th October, 2021 when the Plaintiff’s Drilling Unit left the Defendant’s Ebok Field OML 67.

 

Plaintiff avers that by the Completion Date, the lump sum Demobilization Rate of US$250,000 became due and payable.

The reasons given by the Defendant in refusing to honour its payment obligation under the Contract are flimsy, frivolous, vexatious and ultra vires, the provisions of the Contract between the Parties, and having approved the invoices, the defendant is obligated to make the payment within the stipulated 30 days under the Contract.

Consequently,excuses given by the Defendant in failing to honour its contractual obligations to the Plaintiff are simply provocative, as same are not supported or derived from the Contract.

The Plaintiff is being denied of the payment due to it in respect of the services rendered to the Defendant

as a result of which the Defendant is indebted to the Plaintiff to the tune of US$4,143,856.70 as stipulated under Clause 11.2 of the Contract.

It will be in the interest of justice to grant all the reliefs claimed in this suit adding that except the Court intervenes and grant the reliefs sought, the Defendant will continue to default in the payment of the invoices which have been duly approved for payment by the Plaintiff.

In its defence, Oriental Energy Resources Limited stated that the company is not indebted to the Plaintiff in the manner alleged in it’s claim or in any manner whatsoever as the invoices upon which the alleged debt purportedly arose are disputed by the defendant.

 

The Defendant stated that the Plaintiff misled it into agreeing to the mobilisation of the drilling rig to commence the contract, by fraudulently misrepresenting to the Defendant that its drilling rig, Borr Natt, was suitable for the Defendant’s Drilling Programme.

 

In an affidavit deposed to by Abraham Faga, a Well Engineering Manager in the Defendant company, he stated that the Defendant is not indebted to the Plaintiff in the way and manner alleged in its claim or in any way and manner whatsoever as the Defendant is disputing the invoices upon which the purported debt arose.

 

He averred that without the Plaintiff’s fraudulent misrepresentations, the Defendant would never have commenced the contract and approved mobilisation of the drilling unit, hence the issue of Plaintiff’s invoices which were issued within the contract would never have arisen.

 

He added that the Defendant would, be claiming for a refund of all payments it has so far made to the Plaintiff as the payments were fraudulently obtained.

 

He claimed that due to the Plaintiff’s fraudulent misrepresentation, the purported execution of the contract was completely appalling with non-productive time of over 25 days attributed to rig related repairs which is unprecedented in the industry for drilling operations.

 

He stated that the Plaintiff hastily commenced this suit under undefended list to mislead the court into believing that the Defendant has no defence to its claims.

 

The deponent further stated that Justice will be better served if the Defendant is allowed to defend the suit.

 

He urged the court to transfer the suit to Ordinary Cause List for a complete and holistic determination of all issues in controversy.

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