FINANCING

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 ...

Mr David Malpass, President of the World Bank Group, has commended the Federal Government for removing subsidies on petroleum products. He said this in Washington D. C. on Wednesday at the opening press conference for the World Bank at the ongoing 2020 International Monetary Fund (IMF)/World Bank virtual annual meetings. Malpass was responding to a question on whether the World ...

Barely five months after publishing its 2018 Audited Financial Statement, the Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019. A statement by the Corporation’s spokesman, Dr. Kennie Obateru, quoted the NNPC Chief Financial Officer (CFO), Mr. Umar Ajiya, as saying ...

………..by Ben Ndubuwa…………… The Organisation of Petroleum Exporting Countries (OPEC) has said that the global oil demand may rise to 103.7million b/d by 2025, up by 4 million barrel per day from 2019, with “relatively high” annual increments of 2.1million barrel per day and 1.5mn barrel per day in 2022 and 2023, respectively. OPEC, also projected that future spending in ...

……….Chevron Reports $8.3 Billion Loss For Second Quarter……… Twice over the past two weeks, ExxonMobil XOM has made headlines for all the wrong reasons. Last week the utility NextEra Energy NEE surpassed the market capitalization of ExxonMobil to replace it as the largest U.S. energy company. This week, there was another milestone. At some points over the past decade, ExxonMobil ...