Home » FINANCING

FINANCING

Shell Records $68 Billion on Cash Flow with $40 Billion Adjusted Earnings for 2022 Financial Year

Oil giant Shell PLC has recorded a cash flow of $68 billion with its highest ever full year results of adjusted earnings hitting $40 billion in 2022 financial year. According to the 2022 financial report jointly delivered by the Chief Executive Officer, Wael Sawan and the Chief Financial Officer, Sinead Gorman on Thursday, Gorman said the company recorded strong quarterly ...

Read More »

Chevron Annual Profit Hits Record as Q4 Miss Hits Shares

Chevron Corp has posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings, but the bottom line fell shy of Wall Street estimates, undercut by asset write-downs and rising costs. The second largest U.S. oil producer’s adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10 billion. Still, higher expenses ...

Read More »

The federal government plans to spend N10.3 Trillion on Fuel, Electricity and the naira.

The Breakdown showing that N6 trillion will be on fuel subsidy for six months, N4 trillion to subsidise the naira and N300 billion to subsidise electricity in 2023. The Kaduna State Governor, Nasir El-Rufai, who was lamenting over the non remittance of money to the federation account by the Nigerian National Petroleum Company Limited (NNPCL) said that this year, the ...

Read More »

CBN Pegged Total Direct Remittances for 2022 at $2.16 Billion

The Central Bank of Nigeria (CBN) has pegged total direct remittances for 2022 at $2.16 billion, a decline of 11.18 per cent from the previous year. The apex bank in its “International payment” data disclosed that the country recorded $2.43billion in total direct remittances in 2021, amounting to 11.18 per cent decline when compared to 2022 remittances. A breakdown showed ...

Read More »

Shell to Take $2 Billion Tax Hit for 4Q as Integrated Gas Trading Rose

Shell PLC said weekend that it expects to take a $2 billion hit for the fourth-quarter from additional taxes in the European Union and the U.K. government’s energy windfall tax, and that its integrated gas trading and optimization results significantly rose on quarter. Recently announced additional taxes in the European Union, and the deferred tax hit from the increased U.K. ...

Read More »

25 Buyers Invited for Polaris Bank Sale – CBN

The Central Bank of Nigeria has said 25 firms were invited to participate in the sale process of Polaris Bank Limited via the execution of a non-disclosure agreement. The Director of Corporate Communications, CBN, Osita Nwanisobi, said this in a statement titled, ‘Sale of Polaris Bank: CBN sets record straight’. He said the attention of CBN had been drawn to ...

Read More »

CBN to Reduce Cash-Based Transactions by 2025

The Central Bank of Nigeria has said the use of cash payment will naturally reduce 2025 as the new naira notes circulate in the economy. The apex bank made this known in its Payments Vision 2025 document. It said by 2025, the country aspired to have a cashless and efficient electronic payment system infrastructure that would facilitate financial services in ...

Read More »

Finance Bill : CPPE Urges President Buhari to Withhold Assent

……..as Corporate Tax is Raised to 35 Percent Highest Globally…….. Director,Centre for The Promotion of Private Enterprise, CPPE,Dr. Muda Yussuf, has urged President Muhammadu Buhari to withhold assent on the 2022 Finance Bill until the National Assembly properly engages stakeholders in line with legislative protocols. His appeal was sequel to the hurried passage of the 2022 Finance Bill by the ...

Read More »

Ajaokuta Steel Coy to Generate $1.6 Billion Annually – Buhari

President Muhammadu Buhari says the Ajaokuta Steel Complex will generate 1.6billion dollars annually and provide 500,000 estimated jobs for Nigerian youths. Malam Garba Shehu, the Presidential spokesperson in a statement, said that Buhari said this at the Palace of the Ohinoyi of Ebiraland, which he also inaugurated as part of his one-day state visit in Okene, Kogi on Thursday.Shehu said ...

Read More »

Senate Passes N21.8 Trillion 2023 Budget

The Senate on Wednesday, passed the N21.8 trillion 2023 budget. This followed the adoption of the report of the Senate Committee on Appropriation at plenary.Presenting the report, the Chairman of the Committee, Sen. Jibrin Barau said that the commitee did a thorough job by examining inputs from its sub-committees before reaching the final figure.“We hereby recommend that the Senate do ...

Read More »