FINANCING

Following up on President Muhammadu Buhari’s recent announcement of thedeclaration of two hundred and eighty seven billion Naira (N287bn) Profit After Tax (PAT) in year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website. It would be recalled that while announcing the outstanding feat ...

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said that the Corporation”s shares may go public in the next three years. According to him the earliest the corporation can issue its Initial Public Offer to investors is in the year 2024. The NNPC boss disclosed this on Monday during an interview on Bloomberg TV Global ...

The Minister of State for Petroleum Resources, Timipre Sylva, has called for the establishment of an Africa Energy Bank to help improve investments in the oil and gas sector in the continent. Sylva made the call during the visit of the Equatorial Guinea’s Minister of Hydrocarbon, Mr Gabriel Lima, in Abuja, on Monday, according to a statement from the ministry. ...

The debts owed to Nigerian banks by oil and gas operators as well as power companies have risen above N6tn, the latest data obtained from the Central Bank of Nigeria have shown. The energy firms increased their bank debts to N6.14tn as of June 2021 from N5.94tn at the end of 2020. The N6.14tn represents 28.05 per cent of the ...

The Central Bank of Nigeria (CBN) has directed all banks to publish names of customers who try to break the rules on Forex acquisition on their website. The CBN on Monday, August 30th issued a circular (BSD/DIR/PUB/LAB/14/059) to all banks lamenting that it has “received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the ...

A data obtained from Nigerian National Petroleum Corporation (NNPC) has shown that the corporation incurred N756.99bn petrol subsidy cost from January to July this year.. The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in ...

Foreign exchange transactions at the Investors’ & Exporters window increased by 59.37 per cent last week, according to FMDQ Securities Exchange Limited. The Central Bank of Nigeria had in April 2017 amid severe forex scarcity created the I&E window in a bid to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions. The total ...

…….…As Sylva, Board Members Hail Corporation……. Following the Presidential applause for the Nigerian National Petroleum Corporation (NNPC) on its posting of ₦287bn profit after tax in the 2020 financial year, the Group Managing Director, Mallam Mele Kyari, has given an insight into the measures adopted by his management to achieve the feat. Speaking at a press conference Thursday at the ...

……….by James Ikenna….. The Nigerian National Petroleum Corporation (NNPC) in a move to reposition for the transformation into new NNPC limited as contained in the Petroleum Industry Act (PIA), is celebrating its first ever profit since the establishment of the state oil firm 44 year ago. This is understandable given that the corporation ever before now; until the coming of ...

..,……As Kyari Clarifies Revenue Projection for 2022-2024 Revenue Framework……… The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, on Wednesday received accolades from the House of Representatives Committee on Finance for providing detailed explanations on some burning Oil Industry issues at an interactive session on the 2022-2024 Medium Term Expenditure and Revenue Framework (MTERF) and ...