FINANCING

………..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 ...

……..by Ben Ndubuwa…… The financial inflow from the Nigeria’s extractive industries Oil, gas and solid mineral total $1,376.8 billion. This shows that $741.5 billion for oil and gas, then N635.3 billion from the solid minerals sector between 1999 and 2020, a period of 21 years. NEITI’s Executive Secretary, Ogbonnaya Orji, announced this at a stakeholders’ roundtable meeting in Abuja for ...

………..by Victor Egbo………. The Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion emergency crude repayment loan to support the naira and stabilise the foreign exchange market. NNPC Limited secured the crude-for-cash funding from the African Export-Import Bank (Afreximbank) headquarters in Cairo, Egypt. Meanwhile, experts are saying that this loan strategy is a difficult petroleum economic strategy. They ...

……… ….. ……by Victor Egbo….. Total Energies Marketing Nigeria Plc reported its 2023 second-quarter results showing pre-tax profits grew by 14.12% year on year, reaching N7.052 billion. This took half-year pre-tax profits to N13.476 billion versus N12.733 billion in the same period last year. Key Highlights Q2 2023 vs Q2 2022 Revenue 325 billion +25.06% YoY Cost of sales N119.301 ...

Access Bank has instituted a law suit against Seplat Energy Co-founder, Bryant Orjioko over his indebtness to the bank. A federal high court in Lagos granted an ex-parte order freezing the bank accounts of Orjiako, who is also the ex-chairman of Seplat Energy Plc, over his alleged indebtedness to Access Bank Plc. Nicholas Oweibo, the presiding judge, made the order ...