FINANCING

………..by Victor Egbo………. The Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion emergency crude repayment loan to support the naira and stabilise the foreign exchange market. NNPC Limited secured the crude-for-cash funding from the African Export-Import Bank (Afreximbank) headquarters in Cairo, Egypt. Meanwhile, experts are saying that this loan strategy is a difficult petroleum economic strategy. They ...

……… ….. ……by Victor Egbo….. Total Energies Marketing Nigeria Plc reported its 2023 second-quarter results showing pre-tax profits grew by 14.12% year on year, reaching N7.052 billion. This took half-year pre-tax profits to N13.476 billion versus N12.733 billion in the same period last year. Key Highlights Q2 2023 vs Q2 2022 Revenue 325 billion +25.06% YoY Cost of sales N119.301 ...

Access Bank has instituted a law suit against Seplat Energy Co-founder, Bryant Orjioko over his indebtness to the bank. A federal high court in Lagos granted an ex-parte order freezing the bank accounts of Orjiako, who is also the ex-chairman of Seplat Energy Plc, over his alleged indebtedness to Access Bank Plc. Nicholas Oweibo, the presiding judge, made the order ...

………Express Confidence In Management…… A group consisting of shareholders with major stake in Nigeria’s indigenous oil giant, Seplat Energy has vouched for the authenticity, sanctity and correctness of the company’s half-year results, which reported stellar performance. The group, Eagle Eye shareholders of Seplat Energy, also expressed confidence in the management’s capability to deliver superior returns and place the organization on ...

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has within a year experienced a 10.2 per cent gas revenue, reaching $63.7 million in 6M 2023 (compared to $57.8 million in 6M 2022). This growth is attributed to increased realised gas prices and a rise in sales volume. ...

The Asset Management Corporation of Nigeria has said it recovered N1.6tn from bad debtors in 10 years of its existence.This was disclosed in a statement signed by the Head of Corporate Communications Department, AMCON, Mr Jude Nwauzor, on Tuesday titled, ‘AMCON, NIFU indispensable agencies in the revival of Nigeria’s financial system – Hon. Justice Tsoho’.According to the statement, the Managing ...

The federal government has now turned a special searchlight on the NNPCL and NPA as the probe on CBN commences. The government had appointed a Special Investigator to probe the CBN after the suspension of the Governor, Godwin Emefiele and has now extended the same investigation to cover the financial activity of the Nigerian National Petroleum Company Limited, Nigeria Port ...

… H1 gross profit hits N140.6bn and declares US 3 cents Q2 dividend per share …….. by Ben Ndubuwa…… Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the six months ended 30 June 2023, recording a rise in revenue by 3.8 per ...

……. as Eimear Bonn replaces Pierre Breber as second female CFO in 140 years of Chevron……. …….by Ben Ndubuwa…….Oil giant Chevron has announced second-quarter profit of $6 billion setting a new production record of 770,000 barrel per day. Though this profit represent a drop from industry-wide record profits seen for the same period last year. However, the results beat analyst ...

The balance in the Excess Crude Account has remained stagnant at about $474m in the last two years despite remittance of N907bn to the Federal Account Allocation Committee by the Nigerian National Petroleum Company Limited. The NNPCL had resumed remittances to FAAC in June after failing to do so due to huge fuel subsidies expenses. According to a communiqué issued ...