FINANCING

Nigeria’s public debt rose to N44.06trillion in the third quarter of 2022 as it continues with repayment burden. According to a press statement published on the website of the Debt Management Office on Friday, the total public debt stock rose from N42.84trillion recorded in the second quarter to N44.06trillion in Q3, 2022. This showed that there was a 2.85 per ...

This was contained in the Executive Summary of first half of the year (H1), 2022 Economic Review, made available to the press on Friday , which was signed by the Director General of Man, Mr. Segun Ajayi-Kadiri. According to the H1 executive summary, there is an uptick of N17.33 billion or 10.2 per cent when compared with N169.75 billion recorded ...

Chevro Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) confirms that $1.4 Billion financing facility is to fund the NNPC/CNL JV infill-drilling programme between 2022 to 2026. General Manager, Policy, Government and Public Affairs, Chevron, Esimaje Brikinn, in a statement, said the project includes the drilling of 37 wells in the offshore and ...

The Nigerian indigenous oil and gas exploration company, Aiteo Eastern E&P Company Limited is now having a running battle with Shell plc, Africa Finance Corporation, and seven Nigerian banks over loans facility extended to the company. Consequently, a high court in England has ruled that Shell Plc, Africa Finance Corporation, and seven Nigerian banks have established their right to block ...

The Central Bank of Nigeria (CBN) says it is not going back on the issuance of newly redesigned naira denominations despite mounting criticisms. The Bank said it followed due process in its decision, in a Twitter statement on Saturday saying that the exercise was 12 years overdue. The CBN therefore urged Nigerians to support the measure, stressing that it was ...

Shareholders of Conoil Plc, at the weekend, approved a final dividend payout of N1.734 billion, culminating to N2.50 per share to every investor of the firm for the 2021 financial year. The dividend represents an increase of 66.7 per cent over N1.04 billion approved in the 2020 financial year. Reviewing its performance at the company’s yearly general meeting held in ...

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 nine months ended 30 September 2022, recording a rise in profit before tax by 90.3 per cent to N77.5bn from N38.6bn year-on-year. The company also generated cash from its operations to the tune ...

The two European companies reported earnings totaling nearly $20 billion, partly on higher energy prices as Russia’s war in Ukraine continues. Shell, the London-based energy giant, more than doubled the profit it made a year ago.Shell, the London-based energy giant, more than doubled the profit it made a year ago.Credit…Brandon Thibodeaux for The New York Times Gargantuan profits continue to ...

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 per cent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’). This is coming as the House of Representatives on Wednesday okayed the sale of Polaris Bank, ...

Ahead of the November 2022 United Nations Climate Change Conference (more commonly known as COP27) in Egypt, Dr. Benedict Oramah, president and chair of Afreximbank, authored a thoughtful and compelling commentary about the economic and social impact of divestment from the production of fossil fuels in Africa. With fossil fuel use creating 65% of greenhouse gas (GHG) emissions, divestiture is ...