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Seplat Energy Post 197.8 Percent Increase in Profit with N34.7 Billion

Seplat Energy Plc, has announced a 197.8% increase in its pre-tax profit to N34.7 billion for the first quarter (Q1) 2022, from N10.6 billion year-on-year. The company’s unaudited results for the three months ended 31 March, 2022, released to the Nigerian Exchange Limited (NGX), and London Stock Exchange (LSE), also showed a 197.8% jump generated cash from its operations to ...

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Local Production of 42.7 Billion MT Bitumen Deposit Begins

The Minister of Mines and Steel Development, Olamilekan Adegbite, has said that Nigeria will soon begin production of 42.74 billion metric tonne (MT) bitumen, which has been left fallow for years. He said the cost of road construction in the country would ultimately reduce with the local production of bitumen. The minister disclosed this, yesterday, in Abuja, during a press ...

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Preline Limited Acquires 61 Percent Stake in Eterna Plc

AT the close of business yesterday, Preline Limited said it is proposing a mandatory takeover of 1,300,000 ordinary shares equivalent to 0.10 percent equity stake in Eterna Plc. This leaves its total acquisition of the company at 61.08 per cent. It would be recalled that the company in a public statement dated 1st November 2021 had notified the general public ...

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CBN Debits 10 Banks N7.02 Trillion Over CRR Violation

The Central Bank of Nigeria (CBN) in 2021 debited 10 banks a whooping N7.02 trillion over failure to meet the 27.5 per cent Cash Reserve Requirement (CRR) threshold. According to audited financial statements of these banks, the apex bank had debited them a sum of N6.71trillion in 2020 for not meeting its monetary requirement. The CRR is the minimum amount ...

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Rising Diesel Cost: FirstBank Reduces Operating Hours

First Bank of Nigeria has revised operating hours for its branches, owing to the increase in the cost of diesel. According to a publication on the website of the tier 1 bank, some branches are to operate from 8am to 1pm based on their locations, others 8am to 2pm, 8am to 3pm and 8am to 4pm. “We have revised our ...

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Helios Investment Partners, Sojitz Corporation Seal Deal on Sale of 25 Percent Axxela Shares

Helios Investment Partners, the Africa-focused private investment firm, acting on behalf of funds it advises, and Sojitz Corporation, one of the leading conglomerate investment and trading houses listed on the Tokyo Stock Exchange, announce the completion of the sale by Helios of a 25 per cent interest in the holding company of Axxela, the largest private-sector gas distributor in Nigeria, ...

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Shell Pays Nigerian Govt $4.48 Billion in Taxes, Royalties, Others

Shell Plc through its subsidiaries in Nigeria in 2021 paid the Nigerian government US$4,480,547,560. This is contained in its 2021 Sustainability Report, 2022 Industry Associations Climate Review Update and 2021 Payments to Governments Report published Tuesday (yesterday). A breakdown of the payment shows that US$2,885,571,789 came from production entitlements, US$511,270,685 from taxes and US$573,430,812 from royalties while US$510,274,274 came from ...

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Nigerian Banks Face Survival of the Fittest in Fintech era

These are not the best of times for Nigerian banks. Caught between the attrition of fintech companies nibbling away at market share and the muscle of the latest entrants to the financial system – mobile-phone companies – they are forced to contemplate the portents of a fast-changing industry. Measures by the Central Bank of Nigeria (CBN) to bring more people ...

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Fidelity Bank Boosts Profit by 33.5 Percent to N35.58 Bilion in 2021

Fidelity Bank plc, a leading Nigerian bank has released its annual report and financial statements for the year ended 31 December 2021 with 33.5% increase in profit after income tax to N35.579 billion from N26.650 billion in 2020. Gross earnings also rose to N250.774 billion from N206.204 billion in 2020. Meanwhile, the Board of directors has recommend a dividend of ...

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