FINANCING

……..by Abisoye Shola………. The Board of Conoil Plc is to pay about N1.2 billion dividend to shareholders. The downstream oil company has adopted unanimously the proposed resolution that a dividend of 200 Kobo per share, amounting to N1.388 billion be declared payable to the shareholders. This disclosure was made at the Annual General Meeting on Friday, 23rd October 2020 by ...

Last month, Nigeria’s national oil company – the Nigerian National Petroleum Corporation (NNPC) – published its group-level audited financial statement for the first time in the corporation’s 43-year history. These were published alongside the 2019 audited accounts of its subsidiaries, following the disclosure of the 2018 audited accounts in June. The move represents a significant milestone for NNPC. Since Mele ...

The Nigeria Extractive Industries Transparency Initiative (NEITI) says it will unveil a platform that automates data gathering component of its extractive industry audit process. NEITI disclosed this in statement by Dr Orji Ogbonnaya Orji, its Director, Communications and Advocacy, in Abuja, on Wednesday. He said that the platform which will be unveiled on Nov. 6, was developed after series of ...

The Central Bank of Nigeria has expressed concern over the rising cost of debt service being incurred by the Federal Government. The CBN, in its half-year 2020 economic report, said the trajectory of Federal Government’s debt further constrained fiscal policy during the period, as interest payment obligations amounted to N1.15tn in the first half of 2020. “This suggested that, despite ...

The Asset Management Corporation of Nigeria (AMCON) has rejected debt settlement terms proposed by an oil firm, Pan Ocean Oil Corporation Nigeria Limited. Pan Ocean’s lawyer, Mr Wemimo Ogunde (SAN), told the Federal High Court in Lagos that the terms had been filed. But AMCON’s lawyer, Mr Kunle Ogunba (SAN) of Insolvency Forte, insisted that the parties were yet to ...

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, reports its unaudited interim results for the six months ended 30 June 2020. Operational Highlights Otakikpo production averaged 5,676 bopd gross with 2,271 bopd net to LEKOIL Nigeria; as at 30 June 2020, the Group’s share of equity crude was 408,800 barrels. The ...

SEPLAT Petroleum Development Company (Seplat) Plc has announced a $0.05 interim dividend payouts to its shareholders. The dividend distribution was part of the highlights of the operational reports and accounts of the company for the nine-month period ended September 30, 2020. The report showed that the recorded increased operational efficiencies and further reduction in costs. The company closed third quarter ...

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday said the banking sector gave credit facilities amounting to N1.80 trillion, $1.36 (N515.7 billion) and €10.92 million (N5.394 billion ), totalling N2.32 trillion to 273,435 large companies, individuals and Micro, Small and Medium Enterprises (MSMEs) registered under the National Collateral Registry (NCR). He said the figures, which ...

National oil companies should set aside risk funds to minimise the impacts of unforeseen events, the Nigerian National Petroleum Corporation has said. NNPC’s Group Executive Director, Umar Ajiya, said this during a dialogue on responses by governments and the oil industry to the COVID-19 pandemic in the extractive sector. The dialogue, which was hosted by the African Development Bank’s African ...

Out of about $4.6 billion negotiated joint venture (JV) oil production debt Nigeria was owing international oil companies (IOCs), about $3.02 billion has been paid by the Nigerian National Petroleum Corporation (NNPC), leaving about $1.58 billion as the outstanding, a report by the corporation has disclosed. The NNPC in its October 2020 Federation Account Allocation Committee (FAAC) report, explained that ...