FINANCING

The Debt Management Office has reported a surplus of N1.92bn in two years, consisting of N538.4m in2018 and N1.31bn in 2019. Between 2018 and2019, DMO recorded a 144.1 per cent increase in profit. This was contained in the DMO’s 2019 Annual Report, which was published on Tuesday. Despite the increase in profit, there was a decrease in revenue generated in ...

……by James Ikenna…….. …..Kyari Charges NAPIMS on Cost optimization strategies……. As the Nigeria National Petroleum Corporation (NNPC) sets to transit into a limited liability company there are now moves to ensure that it’s subsidiaries embark on cost-cutting measures.The Group Managing Director of the NNPC Mallam Mele Kyari, has called on the National Petroleum Investment Management Services (NAPIMS) to embark on ...

Fidelity Bank Plc has posted a profit before tax (PBT) of N20.6 billion for the six months ended June 30, 2021. The Managing Director/Chief Executive Officer of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, disclosed this in the bank’s audited half-year (H1) results released to the Nigerian Exchange (NGX) Limited on Sunday in Lagos. Onyeali-Ikpe said the bank’s PBT represented a 72.4 ...

Nigeria’s debt servicing to world Bank and China hit $1.79 billion in five years on servicing the debts owed to World Bank and the Exim Bank of China, according to an analysis of data on actual external debt service payments from the Debt Management Office. The country paid the World Bank a total of $1.19bn, which included $854.48m to the ...

Following up on President Muhammadu Buhari’s recent announcement of thedeclaration of two hundred and eighty seven billion Naira (N287bn) Profit After Tax (PAT) in year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website. It would be recalled that while announcing the outstanding feat ...

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said that the Corporation”s shares may go public in the next three years. According to him the earliest the corporation can issue its Initial Public Offer to investors is in the year 2024. The NNPC boss disclosed this on Monday during an interview on Bloomberg TV Global ...

The Minister of State for Petroleum Resources, Timipre Sylva, has called for the establishment of an Africa Energy Bank to help improve investments in the oil and gas sector in the continent. Sylva made the call during the visit of the Equatorial Guinea’s Minister of Hydrocarbon, Mr Gabriel Lima, in Abuja, on Monday, according to a statement from the ministry. ...

The debts owed to Nigerian banks by oil and gas operators as well as power companies have risen above N6tn, the latest data obtained from the Central Bank of Nigeria have shown. The energy firms increased their bank debts to N6.14tn as of June 2021 from N5.94tn at the end of 2020. The N6.14tn represents 28.05 per cent of the ...

The Central Bank of Nigeria (CBN) has directed all banks to publish names of customers who try to break the rules on Forex acquisition on their website. The CBN on Monday, August 30th issued a circular (BSD/DIR/PUB/LAB/14/059) to all banks lamenting that it has “received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the ...

A data obtained from Nigerian National Petroleum Corporation (NNPC) has shown that the corporation incurred N756.99bn petrol subsidy cost from January to July this year.. The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in ...