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FINANCING

Rising Debt Servicing Cost Can Impede Growth – CBN

The Central Bank of Nigeria has expressed concern over the rising cost of debt service being incurred by the Federal Government. The CBN, in its half-year 2020 economic report, said the trajectory of Federal Government’s debt further constrained fiscal policy during the period, as interest payment obligations amounted to N1.15tn in the first half of 2020. “This suggested that, despite ...

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AMCON Rejects Pan Ocean Oil’s Settlement Proposal

The Asset Management Corporation of Nigeria (AMCON) has rejected debt settlement terms proposed by an oil firm, Pan Ocean Oil Corporation Nigeria Limited. Pan Ocean’s lawyer, Mr Wemimo Ogunde (SAN), told the Federal High Court in Lagos that the terms had been filed. But AMCON’s lawyer, Mr Kunle Ogunba (SAN) of Insolvency Forte, insisted that the parties were yet to ...

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Seplat Declares Interim Dividend on Q3

SEPLAT Petroleum Development Company (Seplat) Plc has announced a $0.05 interim dividend payouts to its shareholders. The dividend distribution was part of the highlights of the operational reports and accounts of the company for the nine-month period ended September 30, 2020. The report showed that the recorded increased operational efficiencies and further reduction in costs. The company closed third quarter ...

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Emefiele: Banks Disbursed N2.32tn Loans with Moveable Collaterals

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday said the banking sector gave credit facilities amounting to N1.80 trillion, $1.36 (N515.7 billion) and €10.92 million (N5.394 billion ), totalling N2.32 trillion to 273,435 large companies, individuals and Micro, Small and Medium Enterprises (MSMEs) registered under the National Collateral Registry (NCR). He said the figures, which ...

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Set Aside Risk Funds, NNPC Tells National Oil Firms

National oil companies should set aside risk funds to minimise the impacts of unforeseen events, the Nigerian National Petroleum Corporation has said. NNPC’s Group Executive Director, Umar Ajiya, said this during a dialogue on responses by governments and the oil industry to the COVID-19 pandemic in the extractive sector. The dialogue, which was hosted by the African Development Bank’s African ...

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NNPC Reduces Debts to IOCs to $1.58bn, Pays Off Mobil

Out of about $4.6 billion negotiated joint venture (JV) oil production debt Nigeria was owing international oil companies (IOCs), about $3.02 billion has been paid by the Nigerian National Petroleum Corporation (NNPC), leaving about $1.58 billion as the outstanding, a report by the corporation has disclosed. The NNPC in its October 2020 Federation Account Allocation Committee (FAAC) report, explained that ...

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World Bank President Commends FG for Removing Fuel Subsidy

Mr David Malpass, President of the World Bank Group, has commended the Federal Government for removing subsidies on petroleum products. He said this in Washington D. C. on Wednesday at the opening press conference for the World Bank at the ongoing 2020 International Monetary Fund (IMF)/World Bank virtual annual meetings. Malpass was responding to a question on whether the World ...

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NNPC Releases 2019 Audited Financial Statement, Reduces Loss by 99.7 Percent

Barely five months after publishing its 2018 Audited Financial Statement, the Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019. A statement by the Corporation’s spokesman, Dr. Kennie Obateru, quoted the NNPC Chief Financial Officer (CFO), Mr. Umar Ajiya, as saying ...

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Global Oil Demand to Surge in 2025 as Upstream Spending Hit $380 Billion

………..by Ben Ndubuwa…………… The Organisation of Petroleum Exporting Countries (OPEC) has said that the global oil demand may rise to 103.7million b/d by 2025, up by 4 million barrel per day from 2019, with “relatively high” annual increments of 2.1million barrel per day and 1.5mn barrel per day in 2022 and 2023, respectively. OPEC, also projected that future spending in ...

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