FINANCING

The external reserves have fallen below the $40bn mark to the lowest point in over three months, figures from the Central Bank of Nigeria have revealed. The reserves dropped to $39.82bn on February 2, 2022 from $40.53bn as of December 30, 2021. The country’s external reserves had jumped from $39.82bn on October 15, 2021, to a high of $41.83bn on ...

Oando, one of Nigeria’s leading energy solutions providers, yesterday said it will release its 2019 audited financial statement at the end of Q1 2022. The company explained that its financials were delayed as a result of the then indefinite suspension of its 2018 Annual General Meeting (AGM) by the Securities and Exchange Commission (SEC) on June 10, 2019, thus preventing ...

ExxonMobil Corporation reported a fourth-quarter profit of $8.87 billion, its largest in seven years, as the top U.S. oil producer benefited from strong energy prices. The company slashed spending after fuel demand cratered two years ago. Since then, earnings have topped pre-pandemic levels, helped by the rise in oil prices, with the global oil benchmark Brentalso at a seven-year high. ...

The Securities and Exchange Commission (SEC ) will carry out out advocacy efforts to relevant Government Agencies such as the Nigerian National Petroleum Corporation (NNPC) and Federal Ministry of Petroleum Resources on listing of shares of the NNPC.The agency’s Director General, Mr. Lamido Yuguda,in his New Year Message, explained that policies would be championed this year to incentivize companies like ...

………Hope rises for repayment oN1.5t CBN loans………. ………Misappropriation of funds by DisCos has been halted – TCN’s Eje…….. About two years after the escrowing of accounts belonging to 11 distribution companies (DisCos) by the Central Bank of Nigeria (CBN), stakeholders, yesterday, weighed options available to the country’s debt-laden power sector. By escrowing, the accounts were locked, with cash allowed in ...

Chevron Corporation has announced a 2022 organic capital and exploratory spending program of $15 billion, at the low end of its $15 to $17 billion guidance range and up more than 20% from 2021 expected levels. This capital program supports Chevron’s objective of higher returns and lower carbon, including approximately $800 million in lower carbon spending. The program excludes expected ...

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 ...