FINANCING

The Central Bank of Nigeria’ (CBN) says Nigeria’s Foreign Exchange Reserves rose from 34.94billion dollars in November 2020 to 36.23billion dollars as at Jan 21, 2021. CBN Governor, Godwin Emefiele, said at the January Monetary Policy Committee (MPC) meeting of the bank, which began on Tuesday that improvement in crude oil prices contributed to the increase. “The MPC noted the ...

………Jenifer Dike…….. The Nigeria”s Foreign Direct Investment has dropped to $2.6 billion in the year 2020 from $3.3 billion recorded in 2019. This inflow in 2020 for Nigeria’ is second to Egypt with $5.5 billion but tops South Africa which recorded $2.5 billion same period of 2020. According to, the United Nations Trade Association (UNCTAD) Nigeria’ however, overtook South Africa ...

The Senate commenced consideration of the Petroleum Industry Bill on Monday with the Women in Energy Network rejecting the 2.5 per cent the host communities are demanding from the investors in the oil and gas sector as annual levies. The host communities started their demand when they asked for 10 per cent net profit in PIB 2012. They reduced it ...

Access Bank is known for its aggressive loan recovery drive and has since it took over Diamond Bank never relented. In 2018 Access Bank took over Diamond Bank, in what is the largest merger in Nigeria’s banking history.. In merging with Diamond Bank and taking over their juicy assets, they had also taken over the lemons that had for years ...

Ocean Marine Solutions Limited on over the weekend gave reasons why it notified Vice-President Yemi Osinbajo and other key government agencies about the divestment from the company by a former Chairman of the defunct Skye Bank, Dr Tunde Ayeni. The company, said that it also notified the Nigerian National Petroleum Corporation, Central Bank of Nigeria and the Economic and Financial ...

The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. This was contained in a statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, stated that the figure is contained in the September 2020 edition of ...

Analysts at Wall Street’s biggest banks say now’s the time to buy Exxon Mobil Corp. as rallying oil and gas prices increase the chances of the company being able to keep its highly prized dividend, the third-highest in the S&P 500 Index. JPMorgan Chase & Co. on Wednesday joined Morgan Stanley, Goldman Sachs Group Inc. and Well Fargo & Co. ...

Nigeria’s leading financial institution, Stanbic IBTC Holdings PLC, has highlighted its array of solutions to support businesses in the country to make the most of 2021. The solutions on offer are geared towards providing access to flexible funding for small, medium and large-scale enterprises thereby addressing inadequate access to capital, exposure to international markets and inherent challenges plaguing local and ...

The Nigerian National Petroleum Corporation (NNPC) is seeking to raise $1 billion oil prepay for revamping Port Harcourt refinery. According to Reuters, the oil firm intends to raise the fund in prepayment with trading firms to refurbish its largest refining complex at Port Harcourt. Although NNPC declined to comment, about seven sources familiar with the discussions confirmed this. The sources ...

The Management and Board of First City Monument Bank (FCMB) Plc is to name Yemisi Edun as Acting Managing Director, subject to regulatory approvals which will be subsequently announced in the coming days. The planned appointment has been reported by several online sites and widely circulated on social media. This is also confirmed from a reliable source within the bank ...