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FINANCING

Nigeria Exited Recession Faster Than Expected – World Bank

The World Bank has said Nigeria moved out of last year’s recession faster than expected. Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter. The bank, in its newly released Africa’s Pulse report, said real GDP in West and Central Africa was estimated ...

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Low Investment will Reduce Nigeria’s Oil Capacity – IEA

Crude oil capacity in Nigeria will drop by 200,000 barrels to 1.6 million barrels per day by 2026 as a result of low investment, the International Energy Agency has said. The IEA said this in a new report, entitled ‘Oil 2021: Analysis and forecast to 2026’. It said, “With the notable exception of Libya, capacity in most African OPEC+ members ...

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Developing Countries Losing $1 Trillion Annually to Illicit Financial Flow – NEITI

……..CAC opens register for company’s real owners…….THE Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, NEITI, Dr. Orji Ogbonnaya Orji has disclosed that developing countries lose about $1 trillion annually to illicit financial flows due to secret ownership of companies. Dr. Orji who spoke on Thursday at a stakeholders’ forum on Beneficial Ownership, BO, implementation in Nigeria, said beneficial ...

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NNPC Records 80.12 Percent Increase in Trading Surplus in December

…..…Posts Petroleum Products Sale of ₦288.77billion……. The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 80.12% in trading surplus for the month of December 2020 which stands at ₦24.19billion compared to the ₦13.43billion surplus recorded in November 2020. This is contained in the December 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a ...

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Investments in Lekki will tripple Lagos’ GDP — Sanwo-Olu

Lagos State Governor, Mr Bababjide Sanwo-Olu, says the multi-billion dollars investments in Lekki corridor will multiply the state’s Gross Domestic Product (GDP). Sanwo-Olu said this on Friday during a two-day working tour with his cabinet to the three free trade zones established in Ibeju-Lekki area of Lagos. He said that the Lekki Seaport alone had the potentials to dramatically turnaround ...

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NNPC Spends N126bn on JV and Exploration

The Nigerian National Petroleum Corporation (NNPC) funded its Joint Venture oil and gas assets, which it holds with mostly multinational oil companies, with a total of N104.7 billion in January. ed. The data from the Corporation showed that NNPC also spent N21. 47 billion on oil search, payments of its monthly on Nigeria-Morocco gas pipeline, among other expenses, bringing the ...

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NNPC Spent N966 Billion on Pipeline Repairs in 5 Years

The Nigerian National Petroleum Corporation (NNPC) has said that it spent N966bn to repair pipelines in five years between 2010 and 2015. NNPC explained in it’s response to the query raised in the 2016 report of the Auditor General for the Federation (AuGF). explanation is coming on the heels of the current examination by Senate Committee on Public Account which ...

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CBN to Pay N5 for Every $1 Sent by Diaspora Nigerians

The Central Bank of Nigeria (CBN) has introduced a ‘Naira 4 Dollar Scheme’ for diaspora remittances, which offers recipients of diaspora remittances through CBN’s IMTOs to be paid N5 for every $1 received as remittance inflow. The scheme takes effect from Monday, March 8, 2021, and ends on Saturday, May 8, 2021. This was disclosed by CBN in a circular ...

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ExxonMobil Curbs Spending Plans, Reveals Path to Lower-Carbon Future

Oil major ExxonMobil has revealed its capital spending in 2021 will be in the range of $16 billion to $19 billion as well as its plans to focus on developing technologies to reduce emissions, especially carbon capture and storage technology, and eliminate routine flaring by 2030. ExxonMobil’s 2021-2025 capital program has been optimized to the current market outlook with an ...

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Senate Summons NNPC Over Alleged N443bn Subsidy Payment

The Senate Committee on Public Accounts, on Wednesday, summoned the Nigerian National Petroleum Corporation (NNPC) over alleged payment of N443 billion as subsidy without appropriation. The invitation by the Committee followed an audit query issued on the issue contained in the 2016 report of the Auditor-General of the Federation, being considered by the Committee. The query reads: “During the examination ...

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