FINANCING

A total of $3.53bn has been paid by the Federal Government to five international oil companies as cash call arrears repayment to the IOCs, leaving an outstanding balance of $1.15bn. Latest status report on the Pre-2016 Cash Call Arrears Repayment to the IOCs as at October 31, 2021, seen in Abuja on Sunday, showed that the five oil companies were ...

Banks’ borrowings from the Central Bank of Nigeria, CBN, rose by 233 per cent, year-on-year, to N26.9 trillion in 2021 reflecting increased reliance on the apex bank to cope with the intense scarcity of funds which prevailed in the interbank money market for most part of last year. The CBN has two short term lending windows for banks namely the ...

…..Company to deduct N270.83bn from FAAC same month……The Nigeria National Petroleum Company Limited (NNPC) is to receive a total of N270.83 billion from oil Sales by Six International Oil Companies. The money is from their upstream operations and will be paid in January 2022. The NNPC made this known in its latest report on Nigeria’s crude oil export and domestic ...

……..…As Gas Production Goes up 4 Percent………. A total sum of ₦203.73billion was made on the sale of white products in the month of July 2021 by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Ltd. This was contained in the July 2021 figures of the NNPC Monthly Financial and Operations Report ...

The Nigerian Extractive Industries Transparency Initiative (NEITI) has shifted the 2020 audit report of on N2.6. Trillion for 77 Oil companies to first quarter of next year, 2022. .The audit report for the 77 Oil firm was to be presented by NEiT in November this year. However the Executive Secretary of NEITI, Orji Ogbonna Orji said the presentation of the ...

Savannah Energy PLC said it has signed a Share Purchase Agreement (SPA) with ExxonMobil Corporation, ExxonMobil International Holdings, Inc. and Esso Exploration Holdings, Inc., and has also separately signed an SPA with Petronas E&P Overseas Ventures SDN. BHD. The agreement relates to the purchase of each of their entire upstream and midstream asset portfolios in Chad and Cameroon respectively. The ...

The Nigerian National Petroleum Company (NNPC) Limited has announced a huge leap in trading surplus of ₦141.96billion recorded in June 2021 compared to a deficit of ₦37.46Billion in May 2021. This is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR). A trading surplus or trading deficit is derived after deduction of the expenditure ...

First City Monument Bank, FCMB, has signed a $35 million loan and an EURIZ portfolio guarantee of N5 billion (EUR 10 million equivalent) deal with Proparco. The credit line will fund renewable energy projects and Small and Medium Scale Enterprises, SMEs, affected by the Covid-19 pandemic. Speaking at an agreement signing ceremony in Lagos on December 1, 2021, the Managing ...

Access Bank Plc has awarded 100 women with the International Finance Corporation (IFC) mini-MBA and financial grants worth N9.75 million to top five women in its Womenpreneur Pitch-a-ton Season 3 grand finale. The hybrid ceremony which took place at the Access Bank Towers, on Tuesday in Lagos, brought together women entrepreneurs from all over Africa. The Group Managing Director of ...

Vice President Yemi Osinbajo has said that Nigeria would require investments of up to $410 billion to achieve net-zero by 2060. He also insists that natural gas, especially liquefied petroleum gas (LPG) also called cooking gas, will play a critical role in addressing the clean cooking challenge, as well providing grid stability to integrate renewables at scale. A statement yesterday ...