FINANCING

For the 2020 half-year performance, Fidelity Bank Plc recorded Profit Before Tax of N12.0bn from N9.8bn in 2019, which translated to a 22% growth. According to the Bank, net profits grew by 33% from N8.5bn to N11.3bn in the reporting period. In other indices, total assets rose by 13.7% from N2.1trillion in 2019 to N2.4trillion this year whilst Total Deposits ...

…secures $10bn investment commitments, targets 7,000 jobs…… The Federal Government has approved a new oil and gas free zone for Akwa Ibom State. The new free zone, which is jointly promoted by the Akwa Ibom State Government, the Nigerian National Petroleum Corporation (NNPC) and an American private equity investor, the Black Rhino Group, has already reported investment commitments worth more ...

The Nigerian National Petroleum Corporation (NNPC), has earned about $9,864,670,742 about N3.6 trillion at N360 per dollar. This is between May 2019 and May 2020 as contained in the corporation June 2020 monthly financial details as released. The financial report indicated that within this period, a total volume of 800 million barrels of oil and condensate was lifted by all ...

by Musa Ibrahim…………… The Senate Joint Committee on Finance is miffed over the huge $18.323 billion dividend paid by the Nigeria Liquefied National Gas (NLNG) company between 2004 and 2020 and has therefore directed Accountant General of the Federation (AGF), Ahmed Idris, to investigate and find out if such enormous amount was properly paid out. Chairman of the Committee, Senator ...

President Mohamadu Buhari has approved the Nigeria National Petroleum Corporation (NNPC), Black Rhino and Akwa Ibom State government new Oil and Gas Free Zone (OGFZ) with $10 billion worth of investment. The new free zone, which is jointly promoted by the Akwa Ibom State Government, the NNPC and an American private equity investor, the Black Rhino Group, is said to ...

by Musa Ibrahim………….The Department of Petroleum Resources (DPR) is to account for N2.4 trillion it generated as revenue and N88 billion paid out as commission fees for revenue collection. Senate Committee on Finance while grilling the officials of DPR over the weekend frowned at the inability of DPR to account for the N2.4 trillion generated by the agency in 2019 ...

… Records $4.60billion Export Sale in one Year……… The Nigerian National Petroleum Corporation (NNPC) has announced a total crude oil and gas export receipt of $378.42million in June 2020 as against $133.16million it posted in May 2020, signally a marked improvement in revenue earnings apparently following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and ...

The management of First City Monument Bank (FCMB) has dismissed the allegation that the Managing Director of the bank, Mr. Adam Nuru mistakenly transferred N573 million into the account of an associate of the suspended chairman of the EFCC, Ibrahim Magu. According to the bank the allegation and the story making round the media is incorrect. The bank said that ...

The fresh equity capital injection is coming on the heels of FBN Holdings’ recent divestment from FBN Insurance. The N25 billion worth of equity capital has been injected into First Bank of Nigeria Limited by its parent company, FBN Holdings Plc. The move is coming on the heels of FBN Holdings’ recent divestment from FBN Insurance Ltd. A statement signed ...

by James Ikenna………… Eni, the Italian giant, one of several European energy major has reported an adjusted net loss of 714 million euros ($839 million) in this quarter, compared with a profit a year earlier, the Rome-based oil company said in a statement. Analysts had estimated a 1.11 billion-euro loss. Eni’s second-quarter loss has led to a reducction of its ...