FINANCING

******Maintains strong balance sheet with $350m cash at bank Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has reported a rise of 238% in its half year 2022 profit before tax (PBT) to $209.9m from $62.1m year-on-year. The company also maintained a strong balance sheet with $350m cash ...

The Ministry of Petroleum Resources has inaugurated a committee on the Establishment of an Oil and Gas Investment Promotion Office to spur investment in the sector. Mr Kamoru Busari, Director overseeing the Office of the Permanent Secretary said that having an Investment Promotion office in the ministry was a strategic milestone to attract investors in Nigeria’s oil and gas sector. ...

… declares US$ 2.5 cents dividend per share……… Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has reported a rise of 238% in its half year 2022 profit before tax (PBT) to $209.9m from $62.1m year-on-year. The company also maintained a strong balance sheet with $350m cash at ...

Ecobank TransNational Incorporated (ETI) has attributed the 24 per cent increase in Profit Before Tax (PBT) in its half-year (H1) operations to the bank’s diversification exercise and massive investment in technology within the period. The bank achieved a 24 per cent rise in PBT to $261 million, in addition to a return on tangible equity of 19.5 per cent. Reviewing ...

Stakeholders have called for improved export to boost the country’s economic performance. The stakeholders who attended a one-day sensitization programme organized by the Ministry of Transportation and the Nigerian Shippers Council (NSC) in Lagos, said increasing Nigeria’s export trade will help in bailing the economy out of the current crisis. The Chairperson of the Nigerian Ship Owners’ Forum, Magreth Orakwusi, ...

Amid a projection by the Federal Government to spend a whopping sum of N6.7tn on fuel subsidy next year and a major shortfall in government oil revenue this year, economic and energy experts have predicted tougher days ahead for the economy, states and Nigerians. The Minister of Finance, Zainab Ahmed, had on Thursday released the four-month fiscal report of the ...

The Federal Government has said it will make provision for subsidy in 2023 to the tune of N6.72 trillion. Minister of Finance Budget and National Planning, Mrs Zainab Ahmed made this disclosure in Abuja on Thursday during the 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategic Paper (MTEF and FSP) Public Consultation. Zainab Ahmed stated the government has ...

The World Bank Group says it has responded to the overlapping global crises by deploying 114.9 billion dollars in financing in 2022. The bank said in its just completed 2022, from July 1, 2021, to June 30, 2022, it responded with unprecedented scale to overlapping global crises. It said it provided advice and financing in response to the sharpest economic ...

Ardova Plc (AP) has posted a profit of N1.54 billion for the financial year ended Dec. 31, 2021. The integrated energy company made this known in its audited financial statements and first quarter (Q1) 2022 unaudited financial results which was released on Thursday in Lagos. The statement said, however, losses from subsidiaries Axles and Cartage, and newly acquired Enyo Retail ...

The company stated this at its 29th annual general meeting in Lagos, while assuring its shareholders of improved performance and returns on their investment in the years ahead as it sought to consolidate the gains from recent initiatives by the new board and management. Eterna, an indigenous integrated energy company, has reiterated its commitment to making solid investment in Liquefied ...