FINANCING

Five of the major oil marketing companies in the country saw their total revenue plunge by N331.54bn last year amid the impact of the COVID-19 pandemic. 11Plc, formerly known as Mobil Oil Nigeria Plc, generated revenue of N163.91bn in 2020, down from N191.68bn in the previous year. Its profit after tax tumbled to N6.23bn from N8.88bn. The United States-based ExxonMobil ...

Polaris Bank Limited has recorded Profit Before Tax (PBT) of N28.9 billion in its financial year ended December 2020. This represents four percent growth when compared with the N27.83 billion recorded in the 2019. The bank in a statement announcing the financial results for 2020 said that the increase in profitability is driven by the combination of the significant reduction ...

The country’s external reserves returned to a growth path as it gained $409 million in two weeks, latest figures from the Central Bank of Nigeria disclosed on Monday. According to the CBN’s figures on movement of reserves, the figure which stood at $34.845 billion as of the end of April 1 rose to $35.254 billion as of the end of ...

Operators in the downstream, natural gas and crude oil refining sectors of the Nigerian oil and gas industry borrowed N130bn from Nigerian banks in February amid the significant rise in global crude oil prices. The debt owed by the oil and gas companies rose to N4.05tn in February from N3.92bn in January, according to the latest data obtained from the ...

First Bank of Nigeria Ltd., has launched a new website to ensure seamless banking and technology solutions to its customers across the world. The Chief Executive Officer, FirstBank Group, Dr Adesola Adeduntan, said this in a statement in Lagos over the weekend.. Adeduntan said the bank’s website was upgraded with features that were streamlined to reinforce its role in delivering ...

The increasing landing cost of petrol and the inability of the Nigerian National Petroleum Corporation (NNPC) to increase ex-depot price have continued to negatively impact on the operations of the corporation, according to latest data from the national oil company. Figures from the NNPC from its full market operations report for January indicated that as a result of not being ...

Against the backdrop of an estimated $19billion needed yearly by Nigeria to develop its oil reserves, an energy expert, Professor Wumi Iledare, has advised the Federal Government to implement progressive fiscal framework that encourages investment flows into the petroleum industry , saying only flexible, dynamic and stable fiscal instruments can attract such investments. Iledare, African Regional Director of Society of ...

……..by Jenifer Dike………The multinational oil giant Royal Dutch Shell Plc is expecting to post profit this year from it’s upstream operations and also reduce it’s debt profile to $35 billion. The company said it is going to make the first profit from pumping oil since the start of the pandemic. Shell’s upstream unit was able to capture “the upside from ...

Nigeria’s leading upstream oil company, Seplat Petroleum reported it took an impairment of N41.1 billion ($114.4 million) from its interest in OML 55, a contentious Oil block it currently shares with Belemaoil under a management contract signed in 2017. The losses contributed significantly to the company’s full-year loss of N30.7 billion in 2020, one of its highest on record and ...

The payment made to the Federal Government by Shell companies in Nigeria plunged by 42.45 per cent in 2020 to the lowest in six years. Royal Dutch Shell said on Wednesday that its subsidiaries in Nigeria paid $3.24bn to the Nigerian government and its agencies last year, compared to $5.63bn in 2019 and $6.39bn in 2018. The oil giant’s payment ...