FINANCING

First Bank of Nigeria has revised operating hours for its branches, owing to the increase in the cost of diesel. According to a publication on the website of the tier 1 bank, some branches are to operate from 8am to 1pm based on their locations, others 8am to 2pm, 8am to 3pm and 8am to 4pm. “We have revised our ...

The legal tussle between Aiteo Eastern E&P Company Limited, Shell Plc, Africa Finance Corporation (AFC) and seven Nigerian banks over a $2 billion loan, has landed the parties in an English court, THISDAY learnt yesterday. A high court in England has therefore ruled that Aiteo could not block the complainants from proceeding with the case against it when a suit ...

Helios Investment Partners, the Africa-focused private investment firm, acting on behalf of funds it advises, and Sojitz Corporation, one of the leading conglomerate investment and trading houses listed on the Tokyo Stock Exchange, announce the completion of the sale by Helios of a 25 per cent interest in the holding company of Axxela, the largest private-sector gas distributor in Nigeria, ...

Shell Plc through its subsidiaries in Nigeria in 2021 paid the Nigerian government US$4,480,547,560. This is contained in its 2021 Sustainability Report, 2022 Industry Associations Climate Review Update and 2021 Payments to Governments Report published Tuesday (yesterday). A breakdown of the payment shows that US$2,885,571,789 came from production entitlements, US$511,270,685 from taxes and US$573,430,812 from royalties while US$510,274,274 came from ...

These are not the best of times for Nigerian banks. Caught between the attrition of fintech companies nibbling away at market share and the muscle of the latest entrants to the financial system – mobile-phone companies – they are forced to contemplate the portents of a fast-changing industry. Measures by the Central Bank of Nigeria (CBN) to bring more people ...

Fidelity Bank plc, a leading Nigerian bank has released its annual report and financial statements for the year ended 31 December 2021 with 33.5% increase in profit after income tax to N35.579 billion from N26.650 billion in 2020. Gross earnings also rose to N250.774 billion from N206.204 billion in 2020. Meanwhile, the Board of directors has recommend a dividend of ...

The Court of Appeal sitting in Owerri, Imo State on Tuesday ordered the Managing Director and the other three management staff of Shell Petroleum Company to appear before it on April 8, 2022 to show cause why they should not be committed to the cordial centre for contempt of court. The MD and other management staff had been ordered to ...

Malam Mele Kyari, Group Managing Director, Nigerian National Petroleum Company Ltd. (NNPC) says NNPC has nothing to hide and will comply with the request of the House of Representatives Committee on Public Accounts. The disclosure by the NNPC CEO came in the wake of the House of Representatives Committee on Public Accounts’ request to the company seeking the appearance of ...

Access Holdings Plc has announced the changes and appointments to the board of its banking subsidiary, Access Bank Plc, following the completion of the scheme of arrangement between Access Bank Plc and its shareholders. The completion of the scheme of arrangement has resulted in the listing of Access Holdings Plc as the parent company of the bank and related group ...

The Federation Accounts Allocation Committee (FAAC), has shared N695.03 billion to the three tiers of government as revenue for February amid fears among State governments that the plans by the Nigerian National Petroleum Corporation (NNPC) limited to deduct N242.53 billion for subsidy will affect their income. The FAAC Director Information, Mr. Olajide Oshundun, disclosed this in a communique on Tuesday, ...