FINANCING

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 ...

……by Ben Ndubuwa…. Chevron Nigeria Ltd (CNL) has said that it will be financing a $1.4 billion projects for drilling across the NNPCL/CNL JV infill drilling program scheduled for the period between 2022 and 2026 as well as committing over $1.45 billion on local content development These projects encompasses the drilling of 37 wells in the shallow offshore and onshore ...

A consortium of four Nigerian Companies under the name Renaissance Africa Energy and an international Energy Group are planning to acquire Shell Petroleum Development Company at a value put at $ 2.4 billion. According to a press statement from the group, it stated: “We are pleased to announce the signing of a landmark transaction with Shell to acquire its entire ...

Data from the National Bureau of Statistics (NBS) has shown that revenue-generating agencies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N53.49 billion for the cost of revenue collection in November 2023. The November 2023 Federation Account Allocation Committee (FAAC) disbursement, the NBS in its latest publication said, saw NUPRC receiving N12.52 billion of the total sum. It further ...

The Nigerian National Petroleum Company (NNPC) Ltd says it recorded a profit of N2.548 trillion in 2022. The national oil company in its 2022 Financial Performance Report posted online described the profit as the highest since its inception in 1977. The financial report stated that it recorded a loss of N803 billion in 2018 and N1.7 billion loss in 2019. ...

……..by Victor Egbo…… The Manufacturers Association of Nigeria (MAN) has kicked against the invasion of Dangote Industries Limited (DIL) and call for caution by government security agencies in their operations. MAN in a statement signed by its director–general, Segun Ajayi-Kadir, stated: “We received the news of the invasion of the Dangote Industries Limited (DIL) by dozens of Economic and Financial ...

……by Victor Egbo…… Geregu power Plc a power generation company in Kogi State with 80 percent owned by Amperion and 20 percent owned by federal government is posting an impressive financial report which seems to be a delight to investors. In its projections for the first quarter of 2024, Geregu Power Plc said that it expects to declare N5.56bn as ...

The National Assembly is set to probe the $496 million paid by the Federal Government to an Indian firm which failed to revitalise the Itakpe Iron Ore Company after three years. This came up at a Joint Committee on Steel Development of the National Assembly yesterday.The Global Infrastructure Holding Ltd. (GIHL) took over the National Iron Ore Mining Company (NIOMCO), ...

……….by Jenifer Dike…….. The Economic and Financial Crimes Commission (EFCC) may be invited to recover the N135 billion that was irregularly accessed through the Central Bank of Nigeria (CBN) by some 15 gas companies under the Nigeria Gas Expansion Programme (NGEP). The Senate Committee on Gas has said that the involvement of the anti-graft agencies has become necessary given that ...

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) has hinted that the apex bank will soon introduce a new set of foreign exchange laws and guidelines to address naira depreciation and achieve exchange rate stability. The CBN, according to him, will also conduct a new recapitalisation exercise for the banking industry, by directing banks to increase their minimum ...