FINANCING

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 ...

Ocean and Oil Development Partners Limited (OODP), has said it will acquire the minority shares of Oando Plc for over N2.1bn. With the decision, Oando which is listed on the Nigerian Exchange Ltd and the Johannesburg Stock Exchange said it will delist and go private. In 2021 fourteen minority shareholders of Oando led by Venus Construction Company Limited asked the ...

As part of continuous efforts geared towards increasing the country’s competitiveness in the African Continental Free Trade Agreement (AfCFTA), the Standards Organisation of Nigeria (SON) has continued to upgrade and equip existing laboratories as well as procuring new ones.In furtherance of this, the SON recently acquired the multi million naira mobile laboratory which is one of the world’s most recent ...

Executive Director, Sahara Group, Wale Ajibade, Global Head, Afrexim Bank, Mr. Rene Awambeng, and Executive Secretary, African Refiners and Distributors Association (ARDA), Mr. Anibor Kragha at the ARDA Week 2023 in Cape Town, South Africa. Africa requires enabling energy policies, effective regulatory frameworks, investments, and collaboration to meet soaring energy needs across the continent, Wale Ajibade, Executive Director, Sahara Group ...

The AfCFTA Secretariat and African Export-Import Bank (Afreximbank), have signed the Host Country Agreement for the AfCFTA Adjustment Fund worth $10 billion with Rwanda. According to Afreximbank, the agreement, signed on March 10 in Kigali, paves the way for the operationalisation of the AfCFTA Adjustment Fund. The deal was signed by the Secretary-General, AfCFTA Secretariat, Wamkele Mene; Executive Vice President, ...