FINANCING

The balance in the Excess Crude Account has remained stagnant at about $474m in the last two years despite remittance of N907bn to the Federal Account Allocation Committee by the Nigerian National Petroleum Company Limited. The NNPCL had resumed remittances to FAAC in June after failing to do so due to huge fuel subsidies expenses. According to a communiqué issued ...

………by Ben Ndubuwa………. There are strong indications that the NNPC Ltd has started showing stronger financial outings and a cleaner financial book as fresh facts emerging from the operations of the NNPC Ltd. have provided new insight into the activities of the company, affirming that the firm actually made a whopping profit of N674.1 billion in 2021. This new fact ...

PHOTO : From left: Corporate Relations’ Policy & Advocacy Manager, Shell Nigeria, Abubakar Ahmed; Managing Director, Shell Nigeria Gas, Ralph Gbobo; Executive Secretary, Nigerian Content Development and Monitoring Board, Simbi Wabote; Permanent Secretary, Ministry of Petroleum, Ambassador Gabriel Aduda; Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo); Mrs. Elohor Aiboni; Minister of Planning and Economic Diversification, Republic of ...

The Ondo State Investment Summit will serve as opportunity to attract investors to explore the untapped natural resources, electricity market, solid minerals, and the state deep seaport. Engr. Razaq Obe, Ondo State Commissioner for Energy and Mineral Resources who doubles as the Chairman of the summit, made this known on Wednesday during a press conference in the state capital. The ...

As Nigeria is busy soliciting for international investors across the globe to come and invest in its oil and gas industry, her counterpart in OPEC, the United Arab Emirates has announced plans to invest up to $54 billion over the next seven years to meet its growing energy demands and triple its supply of renewable energy. Nigeria is grossly lagging ...

Major global oil companies are upscaling investment in gas development stressing that the transition to a green future will require much more natural gas. Shell said it plans to increase gas investment and would be spending about 25 per cent this year to a record $5 billion and keep spending at that level through 2025. Last year, Shell joined Exxon ...

Prime of Barbados, Mia Mottley, speaking during a session at the Paris Summit The Paris Summit on a New Global Financing Pact concluded on Friday, June 23, 2023, with little to show on the ambition to truly transform the global financial system to boost climate action and drive development. By steering closer to private finance sources and tweaking on the ...

The Federation Account Allocation Committee (FAAC) shared N786.161 billion with the Federal Government, States and Local Government Areas in May. A communiqué issued at the end of FAAC meeting for June 2023 which was chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation disclosed this According to a statement by FAAC’s spokesman, Bawa Mokwa, on Thursday, the N786.161 ...

UBA and other African banks on Monday in Accra Ghana signed an agreement with the African Continental Free Trade Agreement (AfCFTA) to eliminate trade barriers.UBA signed a Memorandum of Understanding (MOU) with a portfolio of $6 billion, in Accra Ghana, targeting Micro, Small and Medium Enterprises (MSME).According to UBA the sectors to benefit from the unprecedented all-round support and trade ...

The Central Bank of Nigeria (CBN) has said cash deposits into domiciliary accounts will no longer be restricted, and customers “shall have unfettered and unrestricted access to funds in their accounts”.The apex bank spoke in a statement issued after a meeting with the Bankers’ Committee on Sunday.The meeting was meant to provide further guidance to deposit money banks (DMBs) on ...