Japaul Oil & Maritime Services Plc Announces Change in Company Name and Service to Japaul Gold and Ventures Plc

With the consistent high global demand for minerals along with the constant change and decline in the oil and gas climate, Japaul Oil & Maritime Services Plc unveiled a new company corporate name, Japaul Gold and Ventures Plc to reflect the new focus of the company from the Oil and Gas servicing sector into natural resource management, specifically the exploration, mining, processing and export of minerals, such as gold, lithium, etc.

Picture 1 caption: From left to right: Barr.Onome Okodiya, Non-Executive Director; Barr.Micheal Edeko, Company Secretary; Mr.Akinloye Oladapo, GMD/CEO; Mr.Paul Jegede,chairman; Mr.Oluwaseyi Oyinlola, Non-Executive Director; Mrs. Olufunmila Omodamori, Executive Director Finance & Planning during the company AGM meeting in Lagos

The discovery of lithium and nickel at some of Japaul mines, which is believed to be the oil of tomorrow without any negative impact on the environment, necessitated the new company focus. Gold for instance, is used in jewelry, electronics and mobile phones base; metals such as lithium and manganese are used in battery technology which helps power solar energy and electric vehicles.

Already, Japaul, a three-time Nigerian Stock Exchange (NSE) award winner has acquired licenses for the exploration, mining and exportation of gold, lithium, copper, tin, lead and zinc across seven (7) states in Nigeria where strategic minerals have been discovered in commercial quantities and reserves and has also started a kickoff of landmark restructuring and transitioning to become Nigeria’s first indigenous publicly-quoted company in that space.

The diversification from the company’s core business which is reflected in the new company name, Japaul Gold and Ventures Plc according to the Group Managing Director, Mr. Akin Oladapo, is as a result of the company’s five-years company growth forecast; “we had the foresight that the situations of oil and gas sectors would not improve for a long time, which is the case today. We started training ourselves in mining related businesses and the rest is history, we now have some mining and explorations licenses through buy-overs for Gold, Lithium, Lead, Copper, Tin, Zinc etc which our company will be working with”.

We already have Canadian expatriates that have been doing exploration works for us – MATRIX GEOTECH in Toronto, Canada. Our strategy is to start mining gold as from 2021 to 2022 while exploration works continue on other licenses that we have,” Mr Akin Oladapo concluded.

Mr. Paul Jegede, the company Chairman stated, “the oil and gas servicing sector has been posing a whole lot of challenges. About $150m was invested by the company in the purchase of different marine vessels and the assets have stopped bringing returns to the shareholders because there are no more contracts with International oil companies (IOC) to engage them. The few jobs available with them became so competitive. With this situation, we have been incurring losses for some time now and no dividend is being paid and debt in the bank was mounting. The company was finding it difficult to meet her various obligations.”

Since the diversification, the company finances have started yielding positive financial outlook for the company and its shareholders. For instance, from our 2018 financial year, N7.4billion turned to N40billion profit in 2019; the shareholders fund turned from N35billion negative to N4.6billion by the end of the 2019 financial year while earning per share turned from N105 negative in 2018 to positive N653 in 2019”; Mr. Paul Jegede concluded.

By the approval of the shareholders’ under the company chairman, Mr. Paul Jegede, during its Annual General Meeting held on 30th June, 2020 at Japaul House, passed the resolution to reconstruct all existing ordinary shares of 6,000,000,000 and/or increase in authorized share capital to 60,000,000,000 shares and subsequent public offering through combination of book building and/or public offer to raise $70m naira equivalent through all possible legitimate means to finance the completion of expanded explorations; mining activities; mineral processing; export; engineering design; procurement; installation of a Gold processing plant and working capital, amongst others.

With this new business focus, Japaul Gold and Ventures Plc is already positioned strategically for the supply of the Oil of tomorrow to international markets which have unlimited demand as the world makes a more mineral-intensive transition from fossil fuel to low-emission energy and from the industrial revolution era to the use of more advanced technologies.