FINANCING

Ardova Plc, one of the leading downstream marketing company has grown it revenue from N201.44 billion to N240.8 billion about 19.5 per cent year-on-year. Ardova Plc management leveraged on its station expansion to drive revenue to N240.8 billion in 2022 from N201.44 billion, primarily due to an increase in fuel by 16 per cent to N202.54 billion in 2022 from ...

Managing Director of Shell Petroleum Development Company (SPDC), Mr Osagie Okunbor, says his company’s will work with Niger Delta Development Commission (NDDC) to reconcile its statutory financial contributions to the commission. This is contained in a statement issued by NDDC Spokesman, Dr Abosede Ibitoye, in Port Harcourt on Sunday. Ibitoye quoted Okunbor as stating this when he received a delegation ...

Oil giant Shell PLC has recorded a cash flow of $68 billion with its highest ever full year results of adjusted earnings hitting $40 billion in 2022 financial year. According to the 2022 financial report jointly delivered by the Chief Executive Officer, Wael Sawan and the Chief Financial Officer, Sinead Gorman on Thursday, Gorman said the company recorded strong quarterly ...

Chevron Corp has posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings, but the bottom line fell shy of Wall Street estimates, undercut by asset write-downs and rising costs. The second largest U.S. oil producer’s adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10 billion. Still, higher expenses ...

The Breakdown showing that N6 trillion will be on fuel subsidy for six months, N4 trillion to subsidise the naira and N300 billion to subsidise electricity in 2023. The Kaduna State Governor, Nasir El-Rufai, who was lamenting over the non remittance of money to the federation account by the Nigerian National Petroleum Company Limited (NNPCL) said that this year, the ...

The Central Bank of Nigeria (CBN) has pegged total direct remittances for 2022 at $2.16 billion, a decline of 11.18 per cent from the previous year. The apex bank in its “International payment” data disclosed that the country recorded $2.43billion in total direct remittances in 2021, amounting to 11.18 per cent decline when compared to 2022 remittances. A breakdown showed ...

Shell PLC said weekend that it expects to take a $2 billion hit for the fourth-quarter from additional taxes in the European Union and the U.K. government’s energy windfall tax, and that its integrated gas trading and optimization results significantly rose on quarter. Recently announced additional taxes in the European Union, and the deferred tax hit from the increased U.K. ...

The Central Bank of Nigeria has said 25 firms were invited to participate in the sale process of Polaris Bank Limited via the execution of a non-disclosure agreement. The Director of Corporate Communications, CBN, Osita Nwanisobi, said this in a statement titled, ‘Sale of Polaris Bank: CBN sets record straight’. He said the attention of CBN had been drawn to ...

The Central Bank of Nigeria has said the use of cash payment will naturally reduce 2025 as the new naira notes circulate in the economy. The apex bank made this known in its Payments Vision 2025 document. It said by 2025, the country aspired to have a cashless and efficient electronic payment system infrastructure that would facilitate financial services in ...

……..as Corporate Tax is Raised to 35 Percent Highest Globally…….. Director,Centre for The Promotion of Private Enterprise, CPPE,Dr. Muda Yussuf, has urged President Muhammadu Buhari to withhold assent on the 2022 Finance Bill until the National Assembly properly engages stakeholders in line with legislative protocols. His appeal was sequel to the hurried passage of the 2022 Finance Bill by the ...