FINANCING

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 ...

…… by Ben Ndubuwa…… The Central Bank of Nigeria (CBN) has collapsed segmentation of the foreign exchange market, saying that “All segments are now collapsed into the Investors and Exporters, I&E, window.”The Central Bank of Nigeria, CBN, has abolished segmentation of the foreign exchange market, stating that “All segments are now collapsed into the Investors and Exporters, I&E, window.The CBN, ...

Shell Nigeria Exploration and Production Company(SNEPCo) said, it paid a total of $907 million as taxes and royalties to the federal government last year as its operations continued to contribute to the national purse to finance development. Also last year, the company and its partners remitted more than $20.73 million to the Niger Delta Development Commission (NDDC) in compliance with ...

……may grant level playing field but initially heat up products prices…. ……by Ben Ndubuwa…… Finally petroleum products Marketers may now have unhindered access to forex as the Central Bank of Nigeria (CBN) has granted banks freedom to trade forex at any rate. This official floating of the naira currency after years of sticking with a hard peg that scared investors ...

…… by Ben Ndubuwa…. The Policy Advisory Council set up by President Bola Ahmed Tinubu has recommended merger of all the regulatory agencies in the Nigerian oil and gas industry – the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Content Development and Monitoring Board (NCDMB).The Council recommended that Tinubu’s administration ...