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ExxonMobil Gets Upgrade from Big Banks

Analysts at Wall Street’s biggest banks say now’s the time to buy Exxon Mobil Corp. as rallying oil and gas prices increase the chances of the company being able to keep its highly prized dividend, the third-highest in the S&P 500 Index. JPMorgan Chase & Co. on Wednesday joined Morgan Stanley, Goldman Sachs Group Inc. and Well Fargo & Co. ...

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Stanbic IBTC supports businesses with bouquet of solutions

Nigeria’s leading financial institution, Stanbic IBTC Holdings PLC, has highlighted its array of solutions to support businesses in the country to make the most of 2021. The solutions on offer are geared towards providing access to flexible funding for small, medium and large-scale enterprises thereby addressing inadequate access to capital, exposure to international markets and inherent challenges plaguing local and ...

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NNPC to Raise $1 Billion for Port Harcourt Refinery Revamp

The Nigerian National Petroleum Corporation (NNPC) is seeking to raise $1 billion oil prepay for revamping Port Harcourt refinery. According to Reuters, the oil firm intends to raise the fund in prepayment with trading firms to refurbish its largest refining complex at Port Harcourt. Although NNPC declined to comment, about seven sources familiar with the discussions confirmed this. The sources ...

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FCMB to Appoints Yemisi Edun as Acting Managing Director

The Management and Board of First City Monument Bank (FCMB) Plc is to name Yemisi Edun as Acting Managing Director, subject to regulatory approvals which will be subsequently announced in the coming days. The planned appointment has been reported by several online sites and widely circulated on social media. This is also confirmed from a reliable source within the bank ...

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Fidelity Bank Announces Board Retirements, New Appointments

Fidelity Bank Plc yesterday announced new board appointments to replace some of its outgoing directors who recently completed their tenure on its board in accordance with its internal governance policies. According to a statement from the bank, Mrs. Aku Odinkemelu, its Executive Director, South Directorate, who was appointed to the board on August 4, 2014, will be retiring by December ...

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NNPC Records N222.3 Billion Gross Revenue in November

…….Corporation loses 1.88 million barrels to shut-ins…… The Nigerian National Petroleum Corporation (NNPC) recorded a gross revenue of N222.3 billion, excluding statutory and obligatory deductions in November 2020, latest figures from the national oil company have indicated. Documents presented by the corporation, detailing its activities to the Federation Account Allocation Committee (FAAC) meeting of 15-16 December, 2020, showed that after ...

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CBN Debits 23 Banks N349.72b for CRR Breach

……..Banks’ revenue to dip 20 percent….. The Central Bank of Nigeria (CBN) has debited the accounts of 23 deposit money banks with N349.72 billion over Cash Reserve Ratio (CRR) breaches. The debits are the latest in the regulator’s CRR debits meant to get the banks to lend to real sector operators. The debits are also part of the apex bank’s ...

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Major Shareholders Opt to Divest from Eterna

Some major shareholders of Eterna Plc have commenced the selling of their equity stakes in the oil and gas company. In a regulatory filing signed by the Company Secretary, Bunmi Agagu, yesterday, Eterna stated that some of its substantial shareholders have informed its board of ongoing negotiations to sell their equity holdings in the company to a new investor. According ...

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RMAFC Applauds NNPC for Openness, Sustained Progress

……… As Corporation Commits to Third Party Financing for Gas Development……. The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has commended the Mallam Mele Kyari-led management of the Nigerian National Petroleum Corporation (NNPC) for its openness and sustained progress towards accountability and meeting its obligations to the Federation in spite of the challenges posed by the Covid-19 pandemic. The Chairman ...

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Declining Revenue Raises FG’s Deficit to N1.3 Trillion in Q3

The Federal Government (FG) recorded a 42 percent shortfall in revenue collected in the third quarter 2020 (Q3’20) which resulted in deficit spending of N1.29 trillion during the quarter. The deficit spending recorded in the period represents a slight increase when compared with the N1.25 trillion recorded in Q2’20. Central Bank of Nigeria (CBN) disclosed this in its economic report ...

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