FINANCING

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 ...

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 ...