Below is a reminder of the addendum released in December 2007 by Nospetco board with a view of taking effect from January 2008. It's 6 months now since it was released, nothing has happened and there is no explaination for it.
Nospetco's partners as they called have been in the dark for over a year now. Can someone please draw the company's attention to updating it's website frequently so its partners can have an idea of what they are up to all the time?
The Board of Nospecto Oil & Gas Ltd (NOG) during its extraordinary board meeting reviewed the structure & frame work of its joint venture partnership with private individuals and corporate organizations and came up with the following addendum to the signed MOU with its JV partners.
1. Source of Funds
Funds for the Joint Venture Partnership (JVP) will subsist from private individuals and corporate bodies with the exception of uneducated individuals and minors.
2. Rate for Returns
Taking into consideration the prevailing business climate in the down stream sector of Nigerian Oil & Gas industry most especially with the deepening effects of deregulation on the marketing of refined petroleum gas & petrol-chemical products where NOG largely operates, the board decided to adopt and revert returns on every slot of the JVP to 25% per annum on redemption basis, with effect from January, 2008.
3. Redemption
This entails non-payment of monthly returns. Payment of capital & returns will be on a redeeming pattern. Every month, returns on outstanding investment is assumed to be part of the subsisting capital and returns as at the date of redemption. A partner cannot redeem more than 4 times a year.
4. Mode of Redemption
Redemption will be executed subject to availability of funds and at the discretion of management in the following pattern:-
a) Up to one million naira within 30 days.
b) Above one million naira to 10 million naira within 45 days.
c) Above 10 million naira within 60 days.
However, returns subsisting within the notice period will be earned. Any request to reduce the redeeming period will amount to loss of returns for the period.
5. Review
At the discretion of the management, if there are any changes on the foregoing, the JVP partners will be duly informed.
6. Interegnum
The period between May and December 2007 saw the company at its highest state of instability and disarray as a result of the adverse effects of the campaign of calumny sponsored by our perceived enemies unprecedented and overwhelming divestment orchestrated by the ill conceived Securities and Exchanged Commission (SEC) advertorials as well as the serial closure of our bank accounts by 4 banks namely:- Zenith bank, UBA, GTB and First bank, who rather than identify with us in our plight as an outstanding customer, dubbed us as competitors.
These developments distorted the entire operations of the company, caused an uncontrollable ran on the system, created disharmony and disaffection between us and our partners that culminated in an untimely closure of operations before the end of the year.
7. The Way Forward
Fellow partners, this interegnum between May and December 2007 saw us doing little or no business, as such no tangible profit to share. As a result of this unforeseen interregnum, we therefore sincerely and earnestly seek to appeal for your understanding, support and acceptance for us to create an harmonious platform for us to negotiate with you our partners on how to mutually handle the issue of unpaid returns for the affected periods, we also seek for your further acceptance and adoption of the new structure contained in this addendum as an extension of the JV MOU and a way forward from January 2008.
Your company NOG still boasts of the potential of becoming the most diversified indigenous oil and gas company in Nigeria, with your unflinching support.
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