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FINANCING

Fitch upgrades Fidelity Bank’s Issuer Default Rating from ‘B-’ to ‘B’

Fitch Ratings has upgraded Fidelity Bank Plc’s long-term issuer default rating (IDR) from ‘B-’ to ‘B’, reflecting the bank’s increased creditworthiness. The rating agency also upgraded Fidelity’s National Long-Term Rating to ‘A(nga)’ from ‘BBB+(nga)’. According to the global rating agency, the upgrade is a result of the Bank’s improving business profile and resilient financial metrics. The agency added that the ...

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World Bank Again Warned Nigeria of Rising Inflation as Rate Move from 16.82 to 17.71 Percent

………by Jenifer Dike…… The World Bank has again warned Nigeria of the rising inflationary rate as it highlights the consequences if measures are not put in place to check this economic trend The world bank insists that there is need to mount fiscal pressures at the federal and sub-national levels by phasing out the petrol subsidy (estimated to cost up ...

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Savannah Energy Records US$230.5illion Revenues in 2021 Financial Year

*Eyes operations in Chad and Cameroon by Q3 2022 Savannah Energy Plc, the British independent energy company focused around the delivery of projects in Africa, has recorded a full year revenues of US$230.5million in 2021 financial year, reflecting an increase of seven per cent over 2020 total revenues of US$215.9million and more than the Company’s previously issued full year 2021 ...

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Exploration Expert Calls for Adequate Funding to Unravel Mineral Potential

Mr Fadi Ghazale, the Chief Executive Officer, AG Vision Mining Company has called for adequate funding for the mining sector to unravel the hidden mineral potential across the country. Ghazale made the call in an interview on the sidelines of the just-concluded three days Nigeria-Africa Natural Resources and Energy Investment Summit in Abuja. According to him, Nigeria is endowed with ...

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NNPC Weekly: Company Subsidiary Expands Business Portfolio with ₦12 Billion Profit

The weekly activities of the Nigerian National Petroleum Company Limited (NNPC Ltd.) started with one of its subsidiary, the Petroleum Products Marketing Company (PPMC), brandishing an impressive financial record of N12.95 billion profit. The profit was for the year ended Dec. 31, 2021 representing a 260 per cent increase over its net profit of N3.59 billion in 2020. Mr Umar ...

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House of Rep Seek NNPC Clarification on $2.3 Billion Revenue

The Nigerian National Petroleum Company (NNPC) Limited have questions to answer over oil and gas revenue hovering at $2.3 billion. The House of Representatives Committee on Public Accounts (PAC), chairman, Busayo Oluwole Oke has said. This is coming on the heel of serious concern raised by stakeholders over loopholes in revenue collections and remittances to government accounts by Federal Government ...

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Access Bank Deploys Sunref to Finance LBS’s Energy Transition Project

Access Bank Plc and Lagos Business School recently reached an agreement on the funding of Lagos Business School’s, LBS, 350KW and 152KWh hybrid power solutions project, the Project, using the Sustainable Use of Natural Resources and Energy Finance “SUNREF” facility. SUNREF is a green energy facility availed to Access Bank by the Agence Française de Développement (“AFD” or the “French ...

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GTCO Plc Reports Profit of ₦54.3 Billion Before Tax

Guaranty Trust Holding Company Plc (“GTCO Plc” or “the Group”) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦54.3billion, representing an increase of 1.1% over ₦53.7billion recorded in the corresponding period March 2021. FX ...

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