FINANCING

No thanks to the global pandemic that occasioned price fall in the international oil market and the gluts that led to OPEC+ production cuts agreement. The impact is now seen on the financial performance of the oil majors. The results of the International Oil Companies (IOCs) in the second quarter of the year are showing poor outings. From the financial ...

FBN Holdings Plc, the parent company of FirstBank Nigeria Limited said it recorded 56 percent increase in its profit after tax (PAT) to N49.5 billion in the first half of 2020 from N31.6 billion in the corresponding period of 2019 (H1’2019). This growth was driven by 46.8 percent increase in the company’s Non-Interest income which rose to 80.1 billion in ...

by James Ikenna………….,.. Chevron has described the acquisition of $13 billion worth of Noble Energy as Low-Cost deal in its first major Post covid-19 transaction. Chevron said on Monday that it has signed pact with the Houston-based Noble Energy to aquire its stocks valued at US$5 billion. Under the terms of the deal, Noble Energy shareholders will receive 0.1191 shares ...

by Musa Ibrahim……….. The Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria, (AMCON) Ahmed Kuru, has said that some of its receiver managers has been disengaged due to non-performance as it sets strategy to recover N5 trillion debts. The corporation is worried that if efforts are not intesified to recover these huge debt over a period of time, the ...

by Abisoye Shola……….. FBNQUEST has said that competition among the nation’s major oil marketers will increase if the federal government through the Petroleum Product Pricing Regulation Agency (PPPRA) continues with the Premium Motor Spirit (PMS) known as petrol new pricing template and effectively deregulating the downstream sector. “We see competition intensifying over a long term under this scenerio, reach and ...

by Musa Ibrahim…………. The House of Representatives is to look into the allaged withdrawal of $1.05 billion of the Nigerian Liquefied Natural Gas (NLNG) account by the Nigerian National Petroleum Corporation (NNPC) The illegal withdrawals is said to be from the Dividends Account of the NLNG by NNPC. A motion to investigate this alleged illegal withdrawal was sponsored by Minority ...

Fidelity Bank Plc has announced the appointment of Mr Mustafa Chike-Obi as the Chairman of the bank. Chike-Obi, who is currently Executive Vice Chairman at Alpha African Advisory, has over 40 years of experience in investment banking and the financial services sector. In a statement in Lagos on Sunday, Fidelity Bank explained that Chike-Obi’s appointment followed retirement of Mr Ernest ...

Nigerian Content Development and Monitoring Board (NCDMB) has signed an equity investment agreement with Duport Midstream Company for the establishment of an Energy Park in Egbokor, Edo State. The Board also signed an equity investment agreement with Eraskon Nigeria Ltd., for establishment of a lubricating oils blending plant in Gbarain, Bayelsa. The Board, in a statement over the weekend in ...

Exxon Mobil Corporation incurred an unprecedented second straight quarterly loss as almost every facet of the oil giant’s business slumped amid Covid-19 lockdowns that stunted economic activity. The explorer’s oil and natural gas unit took a hit of as much as $3.1 billion as prices for those commodities slumped, according to a regulatory filing on Thursday. Margins in Exxon’s refining ...

There are strong indications that Polaris Bank is uncomfortable over Asset Management Corporation of Nigeria (AMCON) moves to take over Pan Ocean Oil Gas company over alleged N240 billion inedebtness. Financial Energy Review gathered that Polaris Bank may have been making moves behind the scene intervening to ensure that the matter is settled out of court. This is to give ...