FINANCING

The holding company of First Bank of Nigeria, FBN Holdings Plc, has said it has not received any notification of acquisition from the former CEO of Forte Oil, Femi Otedola. In a statement sent to the Nigerian Exchange Limited, the Company Secretary, Seyi Kosoko, responded to the reports that Otedola had allegedly acquired 5 per cent of the company’s shares ...

News of the economic sabotage was broken, yesterday, by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, at the 17th All Nigeria Editors Conference 2021 organised by the Nigerian Guild of Editors (NGE) in Abuja. Last year, the Nigeria Extractive Industries Transparency Initiative (NEITI) said the country lost 42.25 million barrels of crude oil to ...

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the Federal Government will ensure the payment of foreign debts before settling other obligations. Emefiele said this while answering questions during a press briefing at the ongoing International Monetary Fund/World Bank Annual Meetings in Washington DC. He said, “We have ensured that any of our debts due ...

………..by Ben Ndubuwa…….The President of the African Development Bank (ADB) Group, Dr. Akinwumi Adesina has expressed worries over Nigeria’s current debt burden and how to service the debt and what this means for the nation’s resources for domestic investments needed to spur faster economic growth and development.. Speaking at the recent Mid-Term Ministerial Performance Review Retreat in Abuja, the ADB ...

First Bank Nigeria has sealed a partnership with the Nigeria Inter-Bank Settlement System Plc. (NIBSS) on its Nigeria Quick Response (NQR) payment solution. A statement issued on Wednesday quoted the Bank’s Chief Executive Officer, Dr Adesola Adeduntan as saying NQR is an innovative payment option implemented for all financial service providers. It is designed to promote quick and fast transactions ...

The World Bank has said that Nigeria is not keen embarking on suspension of debt servicing because she considers borrowing in future. World Bank noted that same applies with some other African countries refused to participate in a temporary suspension of debt-service payments due to concerns about future access to debt and credit-rating downgrades. The bank disclosed this in the ...

Commercial banks must review their loan exposure to oil and gas, agriculture, telecommunication sectors among others, the Central bank of Nigeria (CBN) has directed. According to the apex bank, this will guarantee the stability of their operations. CBN Governor Godwin Emefiele spoke on this at the weekend at the Financial Market Dealers Association (FMDA) annual conference in Lagos. He said ...

The Ministry of Finance, Budget and National Planning will get the lion’s share, in terms of projects costs, of the N1.16tn multilateral and bilateral loans that the Federal Government is planning to get to part fund the 2022 Budget. The Minister of Finance, Budget and National Planning, Zaynab Ahmed, had on Friday said from the N16.39tn budget that the President, ...

……..…Posts ₦295.72bn from Sale of Petroleum Products……… The Nigerian National Petroleum Corporation (NNPC) says it recorded a total crude oil and gas export sales of $219.75m in May 2021, representing 180.29% increase on sales from the previous month of April 2021. This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to ...

The Chief Executive Officer of the Guaranty Trust Holding Company Plc, Mr Segun Agbaje, has said that scarcity of dollars may Stall the sale of Shell $2.3 billion assets in Nigeria. According to Agbaje Nigerian lenders likely do not have enough dollars to fund clients interested in acquiring assets of Shell Petroleum Development Company Limited. Shell had said in May ...