FINANCING

Fidelity Bank Plc yesterday announced new board appointments to replace some of its outgoing directors who recently completed their tenure on its board in accordance with its internal governance policies. According to a statement from the bank, Mrs. Aku Odinkemelu, its Executive Director, South Directorate, who was appointed to the board on August 4, 2014, will be retiring by December ...

…….Corporation loses 1.88 million barrels to shut-ins…… The Nigerian National Petroleum Corporation (NNPC) recorded a gross revenue of N222.3 billion, excluding statutory and obligatory deductions in November 2020, latest figures from the national oil company have indicated. Documents presented by the corporation, detailing its activities to the Federation Account Allocation Committee (FAAC) meeting of 15-16 December, 2020, showed that after ...

……..Banks’ revenue to dip 20 percent….. The Central Bank of Nigeria (CBN) has debited the accounts of 23 deposit money banks with N349.72 billion over Cash Reserve Ratio (CRR) breaches. The debits are the latest in the regulator’s CRR debits meant to get the banks to lend to real sector operators. The debits are also part of the apex bank’s ...

Some major shareholders of Eterna Plc have commenced the selling of their equity stakes in the oil and gas company. In a regulatory filing signed by the Company Secretary, Bunmi Agagu, yesterday, Eterna stated that some of its substantial shareholders have informed its board of ongoing negotiations to sell their equity holdings in the company to a new investor. According ...

……… As Corporation Commits to Third Party Financing for Gas Development……. The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has commended the Mallam Mele Kyari-led management of the Nigerian National Petroleum Corporation (NNPC) for its openness and sustained progress towards accountability and meeting its obligations to the Federation in spite of the challenges posed by the Covid-19 pandemic. The Chairman ...

The Federal Government (FG) recorded a 42 percent shortfall in revenue collected in the third quarter 2020 (Q3’20) which resulted in deficit spending of N1.29 trillion during the quarter. The deficit spending recorded in the period represents a slight increase when compared with the N1.25 trillion recorded in Q2’20. Central Bank of Nigeria (CBN) disclosed this in its economic report ...

…Appoints EITI Implementation Programme Manager…….. In keeping with its resolve to deepen its compliance with the transparency standards dictated by the Extractive Industries Transparency Initiative (EITI) as a Supporting Company, the Nigerian National Petroleum Corporation (NNPC) has announced the appointment of Ms. Murjanatu Ibrahim Gamawa as EITI Implementation Programme Manager to help drive speedy attainment of the EITI requirements across ...

Bermuda and the Bahamas aren’t exactly big players in the oil-and-gas world. They don’t produce any of the fuels at all. Yet the islands are deep wells of profit for International Oil Companies (IOCs) In 2018 and 2019, Shell earned more than $2.7 billion – about 7 percent of its total income in those years – tax-free by reporting profits ...

. OANDO Plc has given the reason why it has delayed the release of its third (Q3) Unaudited Financial Statement for 2020 saying this is due to inability to meet its 2020, Q3 filing of accounts obligation, which was due on November 20, 2020, is as a result of the indefinite suspension of the company’s 2018 Annual General Meeting (AGM). ...

President Muhammadu Buhari has renominated the Managing Director and two Executive Directors of the Asset Management Corporation of Nigeria (AMCON). The newly renominated officials are Mr Ahmed Kuru as Managing Director, Mr Eberechukwu Uneze and Mr Aminu Ismail as Executive Directors. Malam Garba Shehu, the President’s Senior Special Assistant on Media and Publicity, in a statement in Abuja on Monday, ...