FINANCING

Fitch Ratings has upgraded Fidelity Bank Plc’s long-term issuer default rating (IDR) from ‘B-’ to ‘B’, reflecting the bank’s increased creditworthiness. The rating agency also upgraded Fidelity’s National Long-Term Rating to ‘A(nga)’ from ‘BBB+(nga)’. According to the global rating agency, the upgrade is a result of the Bank’s improving business profile and resilient financial metrics. The agency added that the ...

………by Jenifer Dike…… The World Bank has again warned Nigeria of the rising inflationary rate as it highlights the consequences if measures are not put in place to check this economic trend The world bank insists that there is need to mount fiscal pressures at the federal and sub-national levels by phasing out the petrol subsidy (estimated to cost up ...

*Eyes operations in Chad and Cameroon by Q3 2022 Savannah Energy Plc, the British independent energy company focused around the delivery of projects in Africa, has recorded a full year revenues of US$230.5million in 2021 financial year, reflecting an increase of seven per cent over 2020 total revenues of US$215.9million and more than the Company’s previously issued full year 2021 ...

The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn as of December 2021 to N19.01tn as of April 2022. According to data from the CBN, this represents an increase of N1.55tn within the first four months of 2022. The N19.01tn owed the apex bank by the Federal Government is not ...

Mr Fadi Ghazale, the Chief Executive Officer, AG Vision Mining Company has called for adequate funding for the mining sector to unravel the hidden mineral potential across the country. Ghazale made the call in an interview on the sidelines of the just-concluded three days Nigeria-Africa Natural Resources and Energy Investment Summit in Abuja. According to him, Nigeria is endowed with ...

Despite higher oil prices than projected in the 2022 budget, Nigeria’s economy continues to suffer. Even the rise in tax payments and collections from FIRS, customs, and other sources, have not stopped government still relies largely on oil money. Oil prices have risen in recent months, but Nigeria is missing out on revenue that may rescue the economy. The Central ...

The weekly activities of the Nigerian National Petroleum Company Limited (NNPC Ltd.) started with one of its subsidiary, the Petroleum Products Marketing Company (PPMC), brandishing an impressive financial record of N12.95 billion profit. The profit was for the year ended Dec. 31, 2021 representing a 260 per cent increase over its net profit of N3.59 billion in 2020. Mr Umar ...

The Nigerian National Petroleum Company (NNPC) Limited have questions to answer over oil and gas revenue hovering at $2.3 billion. The House of Representatives Committee on Public Accounts (PAC), chairman, Busayo Oluwole Oke has said. This is coming on the heel of serious concern raised by stakeholders over loopholes in revenue collections and remittances to government accounts by Federal Government ...

Access Bank Plc and Lagos Business School recently reached an agreement on the funding of Lagos Business School’s, LBS, 350KW and 152KWh hybrid power solutions project, the Project, using the Sustainable Use of Natural Resources and Energy Finance “SUNREF” facility. SUNREF is a green energy facility availed to Access Bank by the Agence Française de Développement (“AFD” or the “French ...

Guaranty Trust Holding Company Plc (“GTCO Plc” or “the Group”) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦54.3billion, representing an increase of 1.1% over ₦53.7billion recorded in the corresponding period March 2021. FX ...