Home » FINANCING (page 30)

FINANCING

NNPC Posts Crude Oil & Gas Export Receipts of $378.42million in June

… Records $4.60billion Export Sale in one Year……… The Nigerian National Petroleum Corporation (NNPC) has announced a total crude oil and gas export receipt of $378.42million in June 2020 as against $133.16million it posted in May 2020, signally a marked improvement in revenue earnings apparently following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and ...

Read More »

FCMB Dismisses Allegation of N573 Million Transfer

The management of First City Monument Bank (FCMB) has dismissed the allegation that the Managing Director of the bank, Mr. Adam Nuru mistakenly transferred N573 million into the account of an associate of the suspended chairman of the EFCC, Ibrahim Magu. According to the bank the allegation and the story making round the media is incorrect. The bank said that ...

Read More »

FBN Holdings Announces N25 Billion Capital Injection into FirstBank

The fresh equity capital injection is coming on the heels of FBN Holdings’ recent divestment from FBN Insurance. The N25 billion worth of equity capital has been injected into First Bank of Nigeria Limited by its parent company, FBN Holdings Plc. The move is coming on the heels of FBN Holdings’ recent divestment from FBN Insurance Ltd. A statement signed ...

Read More »

Eni Reports $838 Million Loss in Q2, Blames Covid-19

by James Ikenna………… Eni, the Italian giant, one of several European energy major has reported an adjusted net loss of 714 million euros ($839 million) in this quarter, compared with a profit a year earlier, the Rome-based oil company said in a statement. Analysts had estimated a 1.11 billion-euro loss. Eni’s second-quarter loss has led to a reducction of its ...

Read More »

IOCs Stumbling with Poor Financial Results in Q2

No thanks to the global pandemic that occasioned price fall in the international oil market and the gluts that led to OPEC+ production cuts agreement. The impact is now seen on the financial performance of the oil majors. The results of the International Oil Companies (IOCs) in the second quarter of the year are showing poor outings. From the financial ...

Read More »

First Bank Profit Hits N49.5 Billion H12020, 56 Percent Increase

FBN Holdings Plc, the parent company of FirstBank Nigeria Limited said it recorded 56 percent increase in its profit after tax (PAT) to N49.5 billion in the first half of 2020 from N31.6 billion in the corresponding period of 2019 (H1’2019). This growth was driven by 46.8 percent increase in the company’s Non-Interest income which rose to 80.1 billion in ...

Read More »

Post Covid-19: $13 Billion Acquisition of Noble Energy a Low-Cost Deal – Chevron

by James Ikenna………….,.. Chevron has described the acquisition of $13 billion worth of Noble Energy as Low-Cost deal in its first major Post covid-19 transaction. Chevron said on Monday that it has signed pact with the Houston-based Noble Energy to aquire its stocks valued at US$5 billion. Under the terms of the deal, Noble Energy shareholders will receive 0.1191 shares ...

Read More »

AMCON Disengages Receiver Managers Over N5 Trillion Debt

by Musa Ibrahim……….. The Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria, (AMCON) Ahmed Kuru, has said that some of its receiver managers has been disengaged due to non-performance as it sets strategy to recover N5 trillion debts. The corporation is worried that if efforts are not intesified to recover these huge debt over a period of time, the ...

Read More »

PMS New Pricing Template Will Engender Competition-FBNQUEST

by Abisoye Shola……….. FBNQUEST has said that competition among the nation’s major oil marketers will increase if the federal government through the Petroleum Product Pricing Regulation Agency (PPPRA) continues with the Premium Motor Spirit (PMS) known as petrol new pricing template and effectively deregulating the downstream sector. “We see competition intensifying over a long term under this scenerio, reach and ...

Read More »

NLNG: House of Rep. Looks into $1.05 Billion Illegal Withdrawal By NNPC

by Musa Ibrahim…………. The House of Representatives is to look into the allaged withdrawal of $1.05 billion of the Nigerian Liquefied Natural Gas (NLNG) account by the Nigerian National Petroleum Corporation (NNPC) The illegal withdrawals is said to be from the Dividends Account of the NLNG by NNPC. A motion to investigate this alleged illegal withdrawal was sponsored by Minority ...

Read More »