FINANCING

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 ...

The Director/ Chief Executive Officer of Department of Petroleum Resources (DPR) , Eng Sarki Auwalu, says the department will hit N3.2 trillion revenue target by December 2021. Auwalu made the disclosure when he led a delegation of DPR management team to the Executive Secretary of Petroleum Technology Development Fund (PTDF), Mr Bello Gusau, in Abuja on Wednesday. He said that ...

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 ...