FINANCING

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 ...

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 ...