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Geregu Power Adds N250 Billion to NGX Market Capitalization

The listing by introduction of Geregu Power Plc on the Main Board of The Nigerian Exchange Limited (NGX), today, added N250 billion to the market capitalization of the Exchange. NGX said in a statement that the listing has further boosted liquidity in the Nigerian capital market and provided opportunities for wealth creation. It said a total of 2.5 billion ordinary ...

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NNPC Grows Profit to N674 Billion in 2021

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday announced that the NNPC as a corporation grew its profit after tax from N287bn in 2020 to N674bn in 2021. Kyari, who disclosed this at a press conference in Abuja, said the 2021 profit was contained in the Group Audited Financial Statement of the oil firm ...

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Ardova : We have Remained Focused Looking Beyond Traditional Downstream Businesses – Adeosun

Mr Olumide Adeosun, Chief Executive Officer, Ardova Group, a Nigerian integrated energy company, has said that the company has remained focused on a future beyond traditional fuels and by taking necessary bold initiatives. It could be recalled that Ardova was one of the companies that won the recent federal government bid round for marginal fields and is now poised to ...

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Private Equity Firms Ignore Nigeria in Quest to Invest in Energy Business

As big banks wind down hydrocarbon investment, some private equity firms that back oil and gas investments are recording an upward trajectory in the role they plan in the global energy business; a development Nigeria might miss due to multiple challenges threatening the potential of the country’s oil sector. A new report by the US-based Private Equity Stakeholder Project showed ...

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Reps Begin Investigation into NNPC’s 32-Year Joint Ventures

The House of Representatives has begun its investigation of the Joint Ventures and Production Sharing Contracts entered into by the Nigerian National Petroleum Corporation in the last 32 years. The House’ Ad Hoc Committee to Investigate the Structure & Accountability of the Joint Venture Businesses and Production Sharing Contracts of the Nigerian National Petroleum Corporation from 1990 to Date, on ...

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NEITI Audit: FG Recovers N600 Billion from Oil Companies

The Federal Government has recovered N600 billion from oil and gas companies operating in Nigeria which comprised unpaid taxes, royalties, penalties and commission on rentals that were identified in the audit report of the Nigeria Extractive Industries Transparency Initiative. Data seen in Abuja on Friday showed that the total liabilities of the 77 oil firms that were involved as at ...

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Gastech : Sylva Decry Limited Financial Exposure by Offshore Investment Institutions to Nigeria

……Eni plans $4.47 Billion Investment Annually….. ……….. by Amaka Praise……. The Minister of State for Petroleum Resources, Chief Timipre Sylva has decry the poor financial exposure by banks and investments institution in Europe to Nigerian oil and gas sector which has limited investment and stiffled exploration and production in the sector. The Minister who spoke yesterday at the ongoing Gastech ...

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Chevron, Shell, Others to Remit N341 Billion JV Revenue to NNPCL in September

Four oil companies – Chevron Nigeria Limited (CNL), Mobil Producing Nigeria (MPN), Shell Petroleum Development Company (SPDC) and First E&P are expected to remit N341.091 billion to the Nigerian National Petroleum Company Limited (NNPCL) this September. The proceeds, which are from the sale of domestic crude oil in June this year, are only due to being offset this month in ...

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Oil Earnings Drop by 29 Percent to N790 Billion – CBN

Crude oil revenue crashed by 29 per cent in the first quarter of 2022, according to statistics from the Central Bank of Nigeria. The CBN, in its latest economic and statistical report for the first quarter of 2022, stated that earnings from crude oil dropped to N790bn from N1.1trn recorded in the previous quarter, which was from October to December ...

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CBN Identifies Public Debt as Negative Fiscal Sustainability

The Central Bank of Nigeria (CBN) Monday identified budget deficit and public debt as those that could exert direct and negative consequences on fiscal sustainability,. According to the apex bank, these remained those things that are used in assessing macroeconomic policies’ credibility. Dr. Mahmud Hassan, Director, Monetary Policy Department, CBN  stated this at the opening of the Regional Course on ...

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