FINANCING

The Nigerian National Petroleum Company (NNPC) Limited has remitted a total of N511.66 Billion out of the expected N2.09 Trillion into the federation account which is about 25 Percent of expected revenue in 10 months. An analysis of the figures showed that for the period under review, the sum of N1.581 trillion was recorded as variance between the budgeted amount ...

Lekoil Nigeria Limited has written to the shareholders of Lekoil Limited (Lekoil Cayman) with an “indicative offer to acquire Lekoil Limited shares and potential share exchange.” Desspite similarity in their names, the two firms are engaged in a face-off, which began with the convening of an Extraordinary General Meeting (EGM) at the instance of Lekoil Cayman Board constituted after Metallon ...

The nation’s economic growth slowed in October as the Manufacturing Purchasing Managers’ Index rose slightly but remained below the 50-index point benchmark. The Central Bank of Nigeria disclosed this in a report on the recent Monetary Policy Committee meeting. The CBN Governor, Godwin Emefiele, said, “The committee also noted the continued improvement in the Manufacturing Purchasing Managers’ Index, which though ...

The international oil companies (IOCs) operating in Nigeria have once again expressed satisfaction over the new legal framework for the oil industry- the PIA which they insist is the needed panacea for attracting investment into the Petroleum industry in Nigeria. The oil majors, who recognised the ongoing energy transition, its inevitability and impact on fossil fuels industry, however, called for ...

Oando Plc has officially notified the Nigerian Exchange Ltd. (NGX) of the acquisition of it’s 15.83 percent equity by Leaf Investment limited. This was contained in a statement signed by Oando Chief Compliance Officer & Company Secretary, Ayotola Jagun, posted on the NGX on Monday. The statement noted that this was Alhaji Dahiru Mangal’s equity interest in the company “In ...

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday voted to hold the Monetary Policy Rate (MPR) at 11.5 per cent for the umpteenth time. Reading a communiqué after the committee’s 282nd meeting on Tuesday, Mr Godwin Emefiele, the CBN Governor, said the MPC also unanimously agreed to hold all other monetary policy parameters constant. ...

Trading on the Nigerian bourse opened on Monday on a positive note with turnover appreciating by 1,103.94 per cent due to off-market trade in Oando Plc. Specifically, a total of 2.40 billion units valued at N16.47 billion were exchanged by investors in 4,811 deals. This was in contrast with 199.52 million shares worth N3.26 billion traded in 3,917 deals on ...

…..… gas business, company resilience, ESG efforts, others lift rating……. Lagos and London, 19 November 2021: Seplat Energy Plc (“Seplat Energy” or “the Company”), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has been upgraded to ‘B’ from ‘B-‘ by Fitch Ratings on its Long-Term Issuer Default Rating (IDR). Fitch ...

The Nigerian National Petroleum Corporation (NNPC) has signed a five-year agreement worth $1.04 billion with the African Export–Import Bank (Afreximbank), in a deal that has been described as the biggest so far at the ongoing Intra-African Trade Fair in Durban, South Africa. This is just as the Group Managing Director of the NNPC, Mallam Mele Kyari yesterday predicted that crude ...

The Managing Director, National Engineering and Technical Company (NETCO), Mr Johnson Awoyomi, has attributed the Nigerian National Petroleum Corporation (NNPC) profitability to cost optimisation. The NETCO is one of the subsidiaries of the NNPC. Awoyomi spoke during an interactive session with young engineers at the Nigerian Association of Petroleum Explorationists (NAPE) 2021 Conference on Tuesday in Lagos. He said that ...