FINANCING

Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries, has seen his net worth decline by a whopping $1.20 billion in the month of February alone. Africa’s richest man whose wealth peaked at $18.4 billion this year, saw his wealth declined by $1.20 billion, to $16.6 billion from $17.8 billion recorded on the 31st of January 2021, ...

………..by Musa Ibrahim…………. The Federal Government has expressed delight over the rising oil price in the international oil market. The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed said this is a welcome development as the government plans to cut down on offshore laons The Minister said this when she addressed State House correspondents on the state of ...

Berkshire Hathaway has invested US$4.1 billion in Chevron stock, Warren Buffett’s conglomerate announced in a filing with the SEC with holdings as of the end of 2020. Berkshire Hathaway has acquired 48,498,965 shares of Chevron, the filing of the latest portfolio update revealed. The other company in which Buffett’s conglomerate has recently invested a large amount of money in Verizon. ...

President Muhammadu Buhari has appointed a new chairman for the Economic and Financial Crimes Commission (EFCC). The new chairman is Mr Abdulrasheed Bawa, an EFCC investigator. Bawa’s appointment is contained in a statement signed by President Buhari’s Special Adviser on Media and Publicity, Femi Adesina, on Tuesday. The statement read, “President Muhammadu Buhari has asked the Senate to confirm Mr ...

Access Bank Plc has filed petitions against two Senior Advocates of Nigeria (SANs) Etigwe Uwa and Babajide Koku before the Legal Practitioners’ Privileges Committee (LPPC) and the Legal Practitioners Disciplinary Committee (LPDC) of the Nigerian Bar Association (NBA). The bank accused them of conducts “unbecoming of a legal practitioner” while representing Seplat Petroleum Development Company Ltd in a debt recovery ...

………..by Musa Ibrahim…………. Members of the House of Representatives Committee on Public Accounts Thursday, were enraged over the failure of the Nigeria National Petroleum Corporation (NNPC), Group Managing Director (GMD). Engr. Mele Kyari to honour their several invitations. These invitations were for NNPC GMD to defend several audit queries bothering on illegal withdrawals and mismanagement of public funds contained in ...

…………Posts Crude Oil, Gas Export Sales of $108.84m…….., The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦13.43billion for the month of November 2020 up by 54% when compared to the ₦8.71billion surplus recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a ...

.. …….by James Ikenna……… ExxonMobil Corp. pledged to safeguard its mammoth dividend after posting its first annual loss in at least 40 years, a show of defiance by an oil driller besieged by activist investors, lawmakers and climate-change campaigners. Exxon assured investors of its financial health in a world of $50-a-barrel oil and promised that if crude were to dip ...

Savannah Energy has reduced its Nigerian capital expenditure (capex) by 15 per cent over the 2020-23 period from approximately $118 million to $100 million. The capital slash has resulted in a reduction in the overall indicative Group capital expenditure plans of around 13 per cent from $137 million to $119 million over the same period. In reviewing the capital spend, ...

With the challenge of pipeline vandalism lingering in the country, the Nigerian National Petroleum Corporation spent almost N50bn to repair and manage pipelines in 10 months. The NNPC’s latest monthly report showed that a total of 363 vandalised points were recorded from January to October 2020. The corporation spent N5.48bn on pipeline repairs and management cost in January; N6.74bn in ...