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FINANCING

NNPC Reduces Debts to IOCs to $1.58bn, Pays Off Mobil

Out of about $4.6 billion negotiated joint venture (JV) oil production debt Nigeria was owing international oil companies (IOCs), about $3.02 billion has been paid by the Nigerian National Petroleum Corporation (NNPC), leaving about $1.58 billion as the outstanding, a report by the corporation has disclosed. The NNPC in its October 2020 Federation Account Allocation Committee (FAAC) report, explained that ...

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World Bank President Commends FG for Removing Fuel Subsidy

Mr David Malpass, President of the World Bank Group, has commended the Federal Government for removing subsidies on petroleum products. He said this in Washington D. C. on Wednesday at the opening press conference for the World Bank at the ongoing 2020 International Monetary Fund (IMF)/World Bank virtual annual meetings. Malpass was responding to a question on whether the World ...

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NNPC Releases 2019 Audited Financial Statement, Reduces Loss by 99.7 Percent

Barely five months after publishing its 2018 Audited Financial Statement, the Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019. A statement by the Corporation’s spokesman, Dr. Kennie Obateru, quoted the NNPC Chief Financial Officer (CFO), Mr. Umar Ajiya, as saying ...

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Global Oil Demand to Surge in 2025 as Upstream Spending Hit $380 Billion

………..by Ben Ndubuwa…………… The Organisation of Petroleum Exporting Countries (OPEC) has said that the global oil demand may rise to 103.7million b/d by 2025, up by 4 million barrel per day from 2019, with “relatively high” annual increments of 2.1million barrel per day and 1.5mn barrel per day in 2022 and 2023, respectively. OPEC, also projected that future spending in ...

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ExxonMobil Loses $225 Billion In Market Cap Against Chevron

……….Chevron Reports $8.3 Billion Loss For Second Quarter……… Twice over the past two weeks, ExxonMobil XOM has made headlines for all the wrong reasons. Last week the utility NextEra Energy NEE surpassed the market capitalization of ExxonMobil to replace it as the largest U.S. energy company. This week, there was another milestone. At some points over the past decade, ExxonMobil ...

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Savannah Energy Posts $91.7m Revenue in HY 2020 Results

Savannah Energy PLC, the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger has posted $91.7m in revenues for the six months ended 30 June 2020 together with a trading update up to 31 August 2020 and outlook for the FY 2020. The interim result shows that Total cash collections from the ...

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Access Bank Sets to Become a Holding Company as CBN Gives Approval

by Abisoye Shola…………….. Access Bank is set to become a holding company as it joines the list of conventional banks in Nigeria, that seeks to diversify and restructure its operations into a holding structure. The bank announced its Approval-in-Principle from the Central Bank of Nigeria (CBN) to restructure into a holding company. This is contained in a press release signed ...

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Niger Delta communities demand Share of 13 Percent Derivation Fund

Host Communities of Nigeria Oil and Gas Producing Communities (HOSCoS) has appealed to the Federal Government to remit 13 per cent oil derivation fund to oil producing communities. Dr Mike Emuh, National Chairman, HOSCoN, made the appeal when the team visited the Office of the Senior Special Assistant to the President on Niger Delta Affairs Sen. Ita Enang on Wednesday ...

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NNPC, NPA and Customs Revenue Generations to be Under Close Watch and Management

by Musa Ibrahim…………… Irked by the dwindling revenue generation of some top federal government parastatals coupled with the heavy debt burden on the government, the Minister of Finance, Mrs Zainab Ahmed has said that special focus and close supervision will now be on the revenue generation management of the 10 special owned government parastatals. The 10 government-owned enterprises (GOE) named ...

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Naira Plunge: CBN Blames Decline on Oil Export Receipt

,……as Nigeria’s Big Ticket Oil Importers Shrink Bills……… by Ben Ndubuwa……… The Central Bank of Nigeria (CBN) has blamed decline in export receipt and speculative activities of Bureau De Change as the major factors responsible for the further plunge in the Naira against the dollar. This plunge has also been attributed to the inability of the government to diversify it’s ...

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