Japaul Gold & VenturesLists N20bn Worth of Shares on NGX
Kayode Tokede
Japaul Gold & Ventures Plc has disclosed that it has secured approval from the Securities & Exchange Commission (SEC) on their Special Placement of eight billion units of new Shares at N2.50k to run pari-passu with the existing shares.
This translates into N20 billion worth of new capital to the company listed on the Nigerian Exchange Limited (NGX).
Commenting at a press briefing yesterday, Chairman, Japaul Gold & Ventures, Mr. Jegede Paul said the company’s new shares has been listed on the NGX at N2.50 per share. Japaul was incorporated in 1994 but started its business in 1997 as a private company.
He expressed further that, “Initially, it operated as an oil servicing company, supporting international oil companies by providing Offshore Logistics services such as chartering of sea going Vessels, Barges and Accommodation Barges.
“The Company also engaged in dredging and quarry operations in the Mining business since 2005 till date. Due to low patronage of IOCs generally to Oil Servicing Companies, which Japaul is not left out, a strategic decision was made by Japaulin year 2020 to diversify into mining of Gold and other Solid Minerals, having identified the great potentials in the Mining Industry in Nigeria.”
He noted that Nigeria is so blessed with more than 44 different Minerals including Gold in different parts of the Country, and Japaul has been strategically positioned to start the business of mining Gold and other Minerals with the vision of having both Gold produced and Gold reserve in excess of 100million ounces between now and year 2034.
Continuing, Paul stated that, “Japaul has many exploration licenses in different parts of the country and Mining Leases in different Gold fields. The Company is now being reorganized structurally by KPMG with the objective of becoming a world class Gold Mining Company, not only in Nigeria but across the Globe.
“Presently, Japaul has 637,000 Inferred Reserve ounces of Gold, which worth $1,551,095,000 on its Mining Leases that it has acquired. To this end, the Company has been able to come up with the means of financing further Exploration and to commence the preliminary development of the Gold field, with the already made clear plan to commence Gold production before the end of 2025.”
Commenting as well, Managing Director, Japaul Gold & Ventures, Mr. Akin Oladapo said, “ The Company’s transition into the Mining Sector is aimed at establishing a niche for the organisation across the value chain of the Global Mining Business. As a result of this strategic shift, the Company changed its name from Japaul Oil & Maritime Services Plc to Japaul Gold & Ventures Plc in the year 2020.
Oladapo, noted that Japaul has been able to come out of the woods, and “ there is light now at the end of the tunnel for the Company that looked as if it was going to go out of business, coming from a huge operating loss of N2 .869bllion in 2021 to an operating profit of N191millon in 2022, and the Profit improved further to N 619 million in 2023, but due to economic situation as regards Foreign Exchange, the Company was hit by an exchange loss of about N1.20 billion, which had adverse effect on our net position.”
“With the recent development in our Company, we are positioned for continuous growth of our revenue and profitability, there shall be ceaseless payment of dividends in a very short time from now, and tremendous value shall be added to the Assets of the investors to the Company.
“Japaul has always been a trailblazer in the line of their businesses, They were the only Company in the Maritime Sector at the Stock Exchange before the diversitication of its business to mining of Gold, and they are now trailing the blaze in finding strategic means of financing the mining of Gold, which happen to be an area of business that many financial institutions in Nigeria are yet to understand,” he added.
