FINANCING

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 ...

by Ben Ndubuwa…………….. Fidelity Bank Plc, has expressed delight to be associated with the Ajaokuta – Kaduna – Kano (AKK) Gas Pipeline Project and commended Oilserv Limited, contractors to the project and the Nigeria National Petroleum Corporation (NNPC) for their determination to ensure that the project comes to fruition Speaking at the flag off ceremony of the project at Ajaokuta, ...

by James Ikenna……. The Central Bank of Nigeria (CBN) has reduced its benchmark lending rate from 13.5 percent to 12.5 percent. The CBN Governor said this on Thursday. According to him, 10 members of the monetary policy committee backed the reduction. It is the first cut since March 2019 The Committee, however, retained the Cash Reserve Ratio (CRR) and the ...

by Abisoye Shola…….,.. Nigeria sets to begin another loan campaign this time around with the World Bank. These borrowings will come to about $6.4 billion in a space of three months between April and July 2020 from International Monetary Fund (IMF) and the World Bank. For instance the World Bank is expected to make a decision in late July on ...

by Musa Ibrahim….,……. Fidelity Bank Plc on Wednesday donated N10 million to the Plateau govt COVID-19 Trust Fund. The Regional Head, North Central, of the bank, Mr Sadi Zawuya, while making the presentation at Government House Jos, commended Gov Simon Lalong for his commitment in combating the disease in Plateau. “We want to appreciate and commend the state governor for ...