FINANCING

L-R: Idowu Thompson, Group Executive, Private Banking and Wealth Management, FirstBank receiving the Best Private Bank award trophy from Joseph Giarraputo, Founder and Editorial Director, Global Finance Magazine during a networking session at the dinner and award ceremony of the Global Finance ninth annual World’s Best Private Banks Awards for 2024 held recently in New York, USA. FirstBank of Nigeria ...

ExxonMobil Corp has reported a major profit drop from its announced first quarter results on Friday. The oil giant missed analysts’ estimates with a 28 per cent year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains. Latest results from oil and gas companies including Chevron and TotalEnergies reflect a sharp downturn ...

Oando, listed in Lagos and Johannesburg, saw the arrears it owed trade partners and other payables climb to N705.8 billion. Oil and gas firm Oando has released its delayed 2022 audited account, indicating that as of December 2022, it required at least N3 trillion to clear debts and inject cash into its operation. However, it is now about 16 months ...

The Eko Electricity Distribution Company (EKEDC), reportedly collected a whopping N15.7 billion out of N15.8 billion billed to customers. The figure represented a collection efficiency of 99 per cent, after the DisCo, announced that it registered the lowest aggregated technical, commercial, and collection losses (ATC&C) in its history. The term “technical” losses refers to the loss of electricity through the ...

Targets $10 billion investment in 18 months The Federal Government has officially launched a new set of fiscal incentives to rejuvenate Nigeria’s ailing oil and gas industry, stating that it aims to attract about $10 billion in investment within 18 months. According to a statement from the event, several key regulatory bodies, such as the Federal Inland Revenue Service (FIRS), ...

…Presents NNPCL GCEO With PETAN’s Excellence Award for the Frontier Basin Exploration Initiative ….. The Petroleum Technology Association of Nigeria (PETAN), Chairman, Engr. Wole Ogunsanya has assured that the group will demystify the cost of oil and gas production in Nigeria. He gave the assurance when he led members of the team on a courtesy visit to the Group Chief ...

L-R:  Head of Joint Venture (JV), Investment Management, NNPC Upstream Investment Management Services, Mr. Olanrewaju Igandan; , Deputy Managing Director, Nigerian Agip Oil Company (NAOC), Mr. Richard Orianzi; Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; Managing Director, Shell Petroleum Development Company Nigeria, Mr. Osagie Okunbor, with  Managing Director of Brass Fertilizer and Petrochemical Ltd, Mr. Ben Okoye ...

…….Sets to meet target of N500 Billion Revenue to expand operation …… The ceremonial ringing of the closing bell (a tradition set aside to either welcome visiting dignitaries or mark significant events/accomplishments) had a familiar note for the Board and Management of Transcorp Power Plc on March 4, 2024, as the company took to the podium at the trading floor ...

L-R: Chairman of the Petroleum Technology Association of Nigeria, PETAN. Nicolas Odinuwe; the Director of Corporate Services, NCDMB, Dr. Ama Ikuru and the Director of Monitoring and Evaluation, NCDMB, Abdulmalik Halilu at the Nigerian Local Content AfCFTA Energy Summit organised by the Board on Monday in Lagos. As plans to implement the African Continental Free Trade Agreement, AfCFTA, continue to unfold, ...

The Nigerian National Petroleum Company Limited, (NNPCL), has realized N8.81 trillion as revenue in 2022. According to its financial statement released on Thursday revenue of NNPCL Group rose by 37.32 per cent — from N6.42 trillion in 2021to N8.81 trillion in 2022. The company in a rare expression of transparency disclosed this in its audited financial statements for the 16-month ...