FINANCING

The Director-General, Energy Commission of Nigeria, Prof Eli Bala, has told the House of Representatives that the parastatal has been plunged into huge debts over the execution of zonal intervention projects, popularly known as constituency projects, facilitated by members of the National Assembly. Bala, while appearing before the House Committee on Science and Technology for 2022 budget defence in Abuja ...

The Nigeria Extractive Industries Transparency Initiative (NEITI) has inaugurated Opening Extractives in Nigeria, to check corruption and illicit financial flow for effective governance in the extractive sector. The programme would also transform availability of beneficial ownership information to respective stakeholders. The Opening Extractives is a global programme designed to support national governments and stakeholders, to deepen beneficial ownership transparency and ...

The All-Share Index of the Nigerian Exchange Limited dropped by 0.06 per cent to close the week at 42,014.50 basis points from 42,014.50bps the previous week, while the market capitalisation fell to N21.93tn from N21.94tn. All other indices finished lower with the exception of NGX Main Board, NGX Insurance, NGX MERI Growth, NGX Lotus II and NGX Industrial Goods indices, ...

THE Executive Secretary of Nigeria Extractive Industry Transparency Initiative ( NEITI) told the Senate that its work and report had led to the recovery of over $3bn from oil and gas companies into government coffers, just as it has helped identify over N6.5trillion recoverable revenues from oil and gas companies. Speaking yesterday in Abuja when he appeared before the Senator ...

………….by Jenifer Dike………… The Managing Director, Nigeria National Petroleum Corporation (NNPC) Limited, Mallam Mele Kyari has frowned over the move by financial institutions and banks to cut down funding on Fossil fuel a situation occasioned by the global rush to reduce carbon emissions. Speaking today at the Annual Conference of the Association of Energy Correspondent of Nigeria (NAEC) held in ...

Seplat Energy Plc (“Seplat Energy” or “the Company”), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has reported a nine month (Q3) 2021 revenue of N182.7bn, representing a rise of 18.7 per cent year-on-year. In its unaudited results for the nine months ended 30 September 2021, it also reported an ...

The World Bank has decried the continued spending by the Nigerian government on petrol subsidy, which it said is on track to gobble up N2.9tn this year. Its Country Director for Nigeria, Shubham Chaudhuri, who spoke on Monday at a panel session during the 27th National Economic Summit, said the country could channel the money being spent on subsidy to ...

President, Muhammadu Buhari will today formally unveil the Nigerian Central Bank Digital Currency, known as the eNaira, at the State House, Abuja. The Director, Corporate Communications, CBN, Osita Nwanisobi, said this in a statement on Saturday titled ‘President Buhari to unveil eNaira on Monday, 25 October 2021.’ He stated that the launch of the eNaira is a culmination of several ...

The holding company of First Bank of Nigeria, FBN Holdings Plc, has said it has not received any notification of acquisition from the former CEO of Forte Oil, Femi Otedola. In a statement sent to the Nigerian Exchange Limited, the Company Secretary, Seyi Kosoko, responded to the reports that Otedola had allegedly acquired 5 per cent of the company’s shares ...

News of the economic sabotage was broken, yesterday, by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, at the 17th All Nigeria Editors Conference 2021 organised by the Nigerian Guild of Editors (NGE) in Abuja. Last year, the Nigeria Extractive Industries Transparency Initiative (NEITI) said the country lost 42.25 million barrels of crude oil to ...