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FINANCING

Savannah Energy Acquires ExxonMobil’s & Petronas Chad, Cameroon’s Oil Assets

Savannah Energy PLC said it has signed a Share Purchase Agreement (SPA) with ExxonMobil Corporation, ExxonMobil International Holdings, Inc. and Esso Exploration Holdings, Inc., and has also separately signed an SPA with Petronas E&P Overseas Ventures SDN. BHD. The agreement relates to the purchase of each of their entire upstream and midstream asset portfolios in Chad and Cameroon respectively. The ...

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NNPC Records ₦141.96 Billion Trading Surplus

The Nigerian National Petroleum Company (NNPC) Limited has announced a huge leap in trading surplus of ₦141.96billion recorded in June 2021 compared to a deficit of ₦37.46Billion in May 2021. This is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR). A trading surplus or trading deficit is derived after deduction of the expenditure ...

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FCMB, Proparco Sign $35 Million Funding Deal for Renewable Energy Projects

First City Monument Bank, FCMB, has signed a $35 million loan and an EURIZ portfolio guarantee of N5 billion (EUR 10 million equivalent) deal with Proparco. The credit line will fund renewable energy projects and Small and Medium Scale Enterprises, SMEs, affected by the Covid-19 pandemic. Speaking at an agreement signing ceremony in Lagos on December 1, 2021, the Managing ...

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Access Bank Rewards 100 Women in Womenpreneur Ptch-a-Ton Africa 2021

Access Bank Plc has awarded 100 women with the International Finance Corporation (IFC) mini-MBA and financial grants worth N9.75 million to top five women in its Womenpreneur Pitch-a-ton Season 3 grand finale. The hybrid ceremony which took place at the Access Bank Towers, on Tuesday in Lagos, brought together women entrepreneurs from all over Africa. The Group Managing Director of ...

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Nigeria Needs $410Billion to Achieve Net-Zero Says Osinbajo

Vice President Yemi Osinbajo has said that Nigeria would require investments of up to $410 billion to achieve net-zero by 2060. He also insists that natural gas, especially liquefied petroleum gas (LPG) also called cooking gas, will play a critical role in addressing the clean cooking challenge, as well providing grid stability to integrate renewables at scale. A statement yesterday ...

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NNPC’s N511.66 Billion Remittance, 25 Percent of Expected N2.09 Trillion in Federation Account in 2021

The Nigerian National Petroleum Company (NNPC) Limited has remitted a total of N511.66 Billion out of the expected N2.09 Trillion into the federation account which is about 25 Percent of expected revenue in 10 months. An analysis of the figures showed that for the period under review, the sum of N1.581 trillion was recorded as variance between the budgeted amount ...

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Lekoil Nigeria Makes Offer To Acquire Lekoil Cayman’s Shares Days to AGM ​

Lekoil Nigeria Limited has written to the shareholders of Lekoil Limited (Lekoil Cayman) with an “indicative offer to acquire Lekoil Limited shares and potential share exchange.” Desspite similarity in their names, the two firms are engaged in a face-off, which began with the convening of an Extraordinary General Meeting (EGM) at the instance of Lekoil Cayman Board constituted after Metallon ...

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Nigeria’s Economic Growth Slowed in October – CBN report

The nation’s economic growth slowed in October as the Manufacturing Purchasing Managers’ Index rose slightly but remained below the 50-index point benchmark. The Central Bank of Nigeria disclosed this in a report on the recent Monetary Policy Committee meeting. The CBN Governor, Godwin Emefiele, said, “The committee also noted the continued improvement in the Manufacturing Purchasing Managers’ Index, which though ...

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PIA the Needed Panacea to Attract Investments – IOCs

The international oil companies (IOCs) operating in Nigeria have once again expressed satisfaction over the new legal framework for the oil industry- the PIA which they insist is the needed panacea for attracting investment into the Petroleum industry in Nigeria. The oil majors, who recognised the ongoing energy transition, its inevitability and impact on fossil fuels industry, however, called for ...

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