FINANCING

……Pledges Support for Kyari-led Management………….by Victor Egbor…..The House of Representatives has commended the on-going reforms at the Nigerian National Petroleum Company (NNPC) Ltd, saying that the legislature is very pleased with the company growth from a loss-making company into a profit-making commercial entity.The commendation came from the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, when NNPC Ltd.’s ...

The Nigeria Extractive Industries Transparency Initiative (NEITI) said out of a total mineral revenue of N6.40 trillion, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) accounted for the highest contribution of N2.71 trillion in 2020-2021. NEITI in its latest Fiscal Allocation and Statutory Disbursement (FASD) report which covered the period 2020-2021, said NUPRC, formerly known as the Department of Petroleum Resources ...

Socio-Economic Rights and Accountability Project (SERAP) has urged the Federal High Court in Lagos to compel President Bola Tinubu to probe the allegations that $15 billion of oil revenue, and N200 billion budgeted to repair and maintain the refineries in Nigeria are missing and unaccounted for.SERAP is specifically seeking an order of mandamus to direct and compel President Tinubu to ...

The Nigerian National Petroleum Company Limited (NNPC Ltd.) will continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) and all relevant stakeholders in the Reconciliation Committee set up by President Bola Ahmed Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to the Federation by both NNPC Ltd. and the Federation Accounts Allocation Committee, FAAC. ...

… 9M 2023 revenue grows to N478.1bn….. …….by Victor Egbo……Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the nine months ended 30 September 2023, recording a rise in revenue by 31 per cent to N478.1bn from N258.7bn year-on-year. The company also declared ...

The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN,says the quashing of the $11bn arbitral award previously made against Nigeria, in 2017, in favour of Process and Industrial Developments Limited (P&ID), was a “damning indictment of predatory international investors. According to him,the judgment also serves as a damning indictment of predatory international investors, who should ...

. ……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 ...