FINANCING

Savannah Energy PLC, the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger has posted $91.7m in revenues for the six months ended 30 June 2020 together with a trading update up to 31 August 2020 and outlook for the FY 2020. The interim result shows that Total cash collections from the ...

by Abisoye Shola…………….. Access Bank is set to become a holding company as it joines the list of conventional banks in Nigeria, that seeks to diversify and restructure its operations into a holding structure. The bank announced its Approval-in-Principle from the Central Bank of Nigeria (CBN) to restructure into a holding company. This is contained in a press release signed ...

Host Communities of Nigeria Oil and Gas Producing Communities (HOSCoS) has appealed to the Federal Government to remit 13 per cent oil derivation fund to oil producing communities. Dr Mike Emuh, National Chairman, HOSCoN, made the appeal when the team visited the Office of the Senior Special Assistant to the President on Niger Delta Affairs Sen. Ita Enang on Wednesday ...

by Musa Ibrahim…………… Irked by the dwindling revenue generation of some top federal government parastatals coupled with the heavy debt burden on the government, the Minister of Finance, Mrs Zainab Ahmed has said that special focus and close supervision will now be on the revenue generation management of the 10 special owned government parastatals. The 10 government-owned enterprises (GOE) named ...

,……as Nigeria’s Big Ticket Oil Importers Shrink Bills……… by Ben Ndubuwa……… The Central Bank of Nigeria (CBN) has blamed decline in export receipt and speculative activities of Bureau De Change as the major factors responsible for the further plunge in the Naira against the dollar. This plunge has also been attributed to the inability of the government to diversify it’s ...

The Asset Management Corporation of Nigeria (AMCON) on Monday took over assets worth N4 billion of an investment firm belongingto Frank and Lilian Okwudili over a staggering indebtedness of the firm. A statement by the corporation said the decision followed the order of Justice M.S. Hassan of the Federal High Court, Lagos division. The statement said the Okwudilis are the ...

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 ...