FINANCING

Amni International Petroleum Development Company Limited, a Nigerian independent oil and gas exploration and production company and the African Export–Import Bank (Afreximbank) signed a Memorandum of Understanding (MoU) for the provAmni Internationaision of a $600 million syndicated reserve based lending facility. The multi million US dollar deal was signed during the African Energy Week (AEW) (www.AECWeek.com) conference and exhibition – ...

Nigerian energy company, NIPCO Plc, says it has acquired a majority stake in Capital Hotels Plc (CHP), owners of the Abuja Sheraton Hotel. Although it did not give further detail on the share purchase, NIPCO said the acquisition of the Abuja Sheraton Hotel was executed through one of its wholly-owned subsidiary, 22 Hospitality Limited. The deal, which it said is ...

Europe’s largest oil and gas firm says margins in refining business have nearly halved, impacting negatively on its third-quarter profits Shell had signalled the breakneck growth that racked up record profits for the oil company earlier this year will slow down even as weaker gas trading and lower refining margins hit recent profits. The oil company was criticised for making ...

The Conference of Nigeria Political Parties (CNPP), the umbrella body of all the political parties in the country, has kicked against the recent financial report of the Nigeria National Petroleum Company Limited (NNPCL) saying the annual profit of N674 billion was doctored and therefore should he investigated. The CNPP also advocated for an independent investigation of the management of the ...

The listing by introduction of Geregu Power Plc on the Main Board of The Nigerian Exchange Limited (NGX), today, added N250 billion to the market capitalization of the Exchange. NGX said in a statement that the listing has further boosted liquidity in the Nigerian capital market and provided opportunities for wealth creation. It said a total of 2.5 billion ordinary ...

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday announced that the NNPC as a corporation grew its profit after tax from N287bn in 2020 to N674bn in 2021. Kyari, who disclosed this at a press conference in Abuja, said the 2021 profit was contained in the Group Audited Financial Statement of the oil firm ...

Mr Olumide Adeosun, Chief Executive Officer, Ardova Group, a Nigerian integrated energy company, has said that the company has remained focused on a future beyond traditional fuels and by taking necessary bold initiatives. It could be recalled that Ardova was one of the companies that won the recent federal government bid round for marginal fields and is now poised to ...

As big banks wind down hydrocarbon investment, some private equity firms that back oil and gas investments are recording an upward trajectory in the role they plan in the global energy business; a development Nigeria might miss due to multiple challenges threatening the potential of the country’s oil sector. A new report by the US-based Private Equity Stakeholder Project showed ...

The House of Representatives has begun its investigation of the Joint Ventures and Production Sharing Contracts entered into by the Nigerian National Petroleum Corporation in the last 32 years. The House’ Ad Hoc Committee to Investigate the Structure & Accountability of the Joint Venture Businesses and Production Sharing Contracts of the Nigerian National Petroleum Corporation from 1990 to Date, on ...

The Federal Government has recovered N600 billion from oil and gas companies operating in Nigeria which comprised unpaid taxes, royalties, penalties and commission on rentals that were identified in the audit report of the Nigeria Extractive Industries Transparency Initiative. Data seen in Abuja on Friday showed that the total liabilities of the 77 oil firms that were involved as at ...