FINANCING

. ……By Nasiru Omar…… When the Petroleum Industry Bill was signed into law in July 2021, some of its key objectives were make the NNPC Ltd to operate as a commercial entity and do its business profitably, pay taxes like every other company, and make returns to its shareholders. Furthermore, a time frame was given within which the initial shareholders ...

Nigeria’s external reserves fell by $841.75m between July and September, figures obtained from the Central Bank of Nigeria revealed.The CBN revealed in its report on the movement of external reserves that the reserves, which stood at $34.07bn as of July 7, 2023, fell to $33.23bn as of October 5, 2023.External reserves fell by $2.85bn in the first half of 2023 ...

……….by Ben Ndubuwa……..Savannah Energy PLC, a British firm has announced its unaudited half-year results for the six months ended 30 June 2023.The H1 2023 Unaudited Financial Results showed that the company’s total revenue grew 8% to US$138.7 million, compared to US$128.7 million in H1 2022. Adjusted EBITDA likewise increased by 8% to US108.2 million (H1 2022: US$100.3 million), and adjusted ...

……..by Victor Egbo……..With the goal of quickly ramping up Nigeria’s flagging crude oil production, ensuring compliance with the provisions of the Nigerian Content Act, and timely approvals of documents, the Nigerian Content Development and Monitoring Board (NCDMB) on Monday in Abuja signed a Memorandum of Understanding (MoU) cum Service Level Agreement (SLA) with the Nigerian National Petroleum Company Ltd (NNPC ...

………..by by Ben Ndubuwa….. The Special Adviser to the President on Energy, Mrs. Olu Verheijen, in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has wrapped up a series of strategic engagements with 15 leading international and independent Oil and Gas Companies operating in Nigeria. These sessions, held in Lagos and Abuja, were carefully chosen after a detailed review ...

…….………..by Victor Egbo…….Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has said that NNPC Retail made N18.4 billion in the first quarter of 2023, after acquiring OVH Energy in 2022. Kyari said this while addressing the House of Representatives Ad-Hoc Committee on the OVH Acquisition by the NNPCL on Friday, September 15, in ...

Ecobank Nigeria has started the remodeling of its branches across the country. This effort will see the bank turn its existing banking halls into modern smart banking arenas designed to offer a cozy experience to customers and other stakeholders of the bank who visit the branches. Speaking on the branch transformation exercise, Titi Olarinde, Head, Branch Network, Ecobank Nigeria Limited ...

President Bola Tinubu on Friday approved the nomination of Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria for a term of five years at the first instance, pending his confirmation by the Senate.⁣⁣“This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of ...

…….by Victor Egbo……. Nigeria is set to host AfCFTA in an intra-Africa Trade Fair billed for Lagos next month as an efforts to position Nigeria for the purpose of harnessing opportunities under AfCFTA through a very high networth roadshow which holds October 11 at Eko Hotels. The roadshow which is a fore-runner to the 2023 IATF which holds in Cairo ...

…release Mid-Year Economic Review and Outlook…… The Lagos Chamber of Commerce and Industry (LCCI) and Cordros Capital have stated that the operating environment of the Nigeria National Petroleum Company Limited continues to remain Opaque despite being a limited liability company. This was contained in their 2023 Mid Year Economic Review Outlook for the country. According to them: “The operating environment ...