FINANCING

………by Jennifer Dike…………to change to Seplat Energy Plc…….. Seplat Petroleum Plc has now joined the fray to preach for energy transition even as it’s debt profile stands at $440 million (N211.2 billion) and only returned $344 million as dividends after it had raised $535 million from shareholders in form of public offering in the year 2014. The company’s capital expenditure ...

Polaris Bank Limited has released its full-year audited financial results for the year ended December 2020 posting a Profit Before Tax (PBT) of N28.9billion. The results which show the Bank’s second year performance scorecard after two years of operation, have further consolidated the Bank’s position as focused on the path of profitability, growth, and value creation. Details of the results ...

The oil and gas sector comprising of the upstream, midstream and downstream sub-sectors generated N23.84bn in Value-Added-Tax for the Federal Government in the first quarter of 2021. The National Bureau of Statistics disclosed this in its latest report on Statistics’ Sectoral Distribution of VAT report for Q1 2021. The oil producing sector recorded the highest remittances of VAT at N15.80bn ...

Ruling comes ahead of trial in which JPMorgan is accused of enabling $875m in misappropriated payments.JPMorgan has argued that it received sufficient approvals from Nigerian authorities before allowing the transfer of funds from a government account. Nigeria has succeeded in an effort to force JPMorgan Chase to disclose more documents ahead of a trial in which the US bank stands ...

The House of Representatives Committees on Petroleum Upstream, has given the Nigerian National Petroleum Corporation, (NNPC) two weeks ultimatum to appear and explain alleged irregularities in the corporation. The Chairman of the committee, Rep. Sarki Ada (APC-Sokoto) issued the ultimatum during a public hearing, following the refusal of NNPC to honour invitations or reply letters. “We have invited some oil ...

……by James Ikenna….. ………Reinstated CEO Adeduntan resumes…………… The Central Bank of Nigeria (CBN) has said that First Bank of Nigeria (FBN) must recover the loans it gave to Honeywell Flour Mills within 48 hours. The Apex bank has also turned down the request by First Bank to restructure the loans it gave to Honeywell Flour Mills and subsequently directed the ...

…………Pledges to Optimize Cost, Boost Remittance to FAAC……… The Nigerian National Petroleum Corporation (NNPC) has clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media pertains only to the Federation revenue stream being managed by the Corporation and not a reflection of the overall financial performance of the Corporation. ...

The Nigerian National Petroleum Corporation has warned that it would not make any remittance to the Federation Account Allocation Committee in the month of May after spending N111.966 billion to subsidy petrol consumption in March. NNPC’s Chief Financial Officer, Umar Isa in a letter to the Accountant General of the Federation explained that the amount spent on subsidy in March ...

………Adopts quarterly dividend policy, pays 2.5 cents per share in Q1…….. Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has announced its announces its unaudited results for the three months ended 31 March 2021, recording a rise in revenue ...

Following the removal of the chairmen and directors of the First Bank Plc and First Bank Holdings on Thursday night, the Central Bank of Nigeria (CBN) has announced new appointments in the organisations. For the First Bank Holdings, Mr Remi Babalola was appointed as the chairman while Mr U.K. Eke was named as the Managing Director. Others appointed as directors ...