FINANCING

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Thursday in Abuja expressed concerns over Nigeria’s N77 trillion public debt. Addressing the 7th triennial national delegates’ conference of the association, its president, Mr Festus Osifo, said the debt profile as at the first quarter of 2023 was mind-blowing. He noted that poor implementation of fiscal and monetary ...

The United Kingdom, UK, Prime Minister Rishi Sunak has declared the country will need fossil fuels for the “next few decades” thus calling for sustained investment in the sector for that period. This is also as the UK moves to eliminate net greenhouse gas emissions, after being urged to oppose Equinor ASA’s Rosebank oil field project in the North Sea. ...

L-R: Chioma Afe, Director External Affairs & Sustainability, Seplat Energy Plc; Chief Operating Officer, Sam Ezugworie; Vice-President, Finance, Eleanor Adaralegbe; Board Chairman, Basil Omiyi; Company Secretary/General Counsel, Edith Onwuchekwa; and New Energy Director, Effiong Okon, at the Seplat Energy 10th Annual General Meeting (Virtual) on Wednesday. …As Energy Company recommits to corporate governance, best practice Seplat Energy Plc, a leading ...

The International Monetary Fund has said Nigeria could lose an estimated $10bn of foreign direct investment and official development assistance inflows to geo-political tensions. The IMF in its country focus on Sub-Saharan Africa, released on Monday, said the figure is about a half per cent of the nation’s annual Gross Domestic Product. The Washington-based lender said, “The losses could be ...

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 three months ended 31 March 2023, recording a rise in profit before tax by 3.2 per cent to N39.5bn from N34.7bn year-on-year. The company also reported that its core annual dividend target has ...

Some Civil Society Group from Africa and Nigeria inclusive have engaged in policy protest in the on-going meetings of World Bank and IMF over the poor management and accountability of debts borrowed by some African countries. As the 2023 edition of the World Bank Group, WBG, Spring meetings draw to a close in Washington DC, United States of America, USA, ...

Africa’s energy transition topped the agenda at the recently concluded Nigeria International Energy Summit (NIES) in Abuja. As the world’s youngest continent, Africa is expected to be home to nearly 2.5 billion people by 2050. Eighty percent of them will live in Sub-Saharan Africa, where less than half of all people have access to electricity today, and as little as ...

The International Monetary Fund has listed measures Nigeria and other oil-producing economies need to put in place to resolve their low crude oil production challenges.Disclosing this in its April 2023 World Economic Outlook with the theme “A Rocky Recovery”, the IMF said that countries that produce fossil fuels need structural adjustment in order to manage the impact of declines in ...

The World Bank announced on Wednesday a grant of $200 million toward repairing Ukraine’s energy infrastructure, as officials from the war-torn country met with financial institution leaders in Washington. Russia damaged more than 50 per cent of Ukraine’s power infrastructure in attacks on its neighbor over the autumn and winter months, the global lender said in a statement. It noted ...

Some shareholders have expressed concerns over Oando Plc’s plan to delist from the capital market and acquire the shares of minority shareholders.Oando in a corporate notice on Thursday informed the Nigerian Exchange Limited of its latest plans.The company’s core investor, Ocean and Oil Development Partners Limited, proposed to acquire the shares of its minority shareholders at the rate of N7.07 ...