FINANCING

……..pledges 2 Million BPD by Year end…………. ………by Ben Ndubuwa………….. The Nigeria National Petroleum Company Limited (NNPC), with business operations across the value chain of the oil and gas industry in Nigeria on Monday, posted its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, indicating ...

The Nigeria National Petroleum Company Limited (NNPC Ltd.) has addressed claims circulating in the media regarding a supposed debt of $6.8 billion owed to international oil traders. The company categorically denies this allegation, stating that it does not owe such an amount to any international traders. NNPC Ltd. clarified that credit transactions are standard practice in the oil trading business. ...

Access Holdings Plc (“the Group”) has announced an extension of the acceptance period for its ongoing Rights Issue. Initially set to close on August 14, 2024, the period has now been extended to August 23, 2024, following the approval of the Securities & Exchange Commission (SEC). The statement, signed by the Group’s Company Secretary, Sunday Ekwochi, confirmed that, “The decision ...

Oando Plc was the highlight of the trading week ending August 9, 2024, as the stock posted a 60.47% gain to close with a share price of N40.60. This is as banking stocks recorded a N316 .4 billion equity gain, with the NGX Banking Index rising by 5.14% during the week. During the week, the NGX rose by 0.84%, with ...

Photo: CBN Governor, Olayemi Cardoso The Central Bank of Nigeria has okayed the merger of Providus and Unity Bank, as both financial institutions await the approval of the Securities and Exchange Commission. The approval by CBN signals the first merger to be approved following a mandate by the apex bank directing banks to increase their minimum capital base. Per the ...

Photo: Minister of Finance and Coordinating Minister of the Economy, Wale Edun The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the country currently spends $600m on fuel importation monthly. He stated that the high import bill is due to neighbouring countries, up to Central Africa, benefiting from the country’s fuel imports. The minister ...

AfDB President, Dr. Akinwumi A. Adesina …….by Victor Egbo……The African Development Bank (AfDB) has signed a $20 million equity investment in the African Infrastructure Investment Fund 4 (AIIF4). The AfDB, in a statement, said the deal, signed on July 31, 2024, was to reinforce the Bank’s commitment to fostering private sector development and boosting infrastructure across the continent. The statement ...

Oil Major Shell Plc,  Chief Executive Officer (CEO), Wael Sawan has said that Shell delivered another strong quarter of operational and financial results.  Sawan pointed out that Shell has further strengthened it leading LNG portfolio, and made good progress across it’s  Capital Markets Day 2023 financial targets, including $1.7 billion of structural cost reductions since 2022.  “Today, we have also ...

Declares US 6 Cents Total Dividend Per Share for H1 2024 Seplat Energy PLC, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announces its unaudited results for the for the six months ended 30 June 2024, declaring US 6 Cents total dividend per share for the period. The foremost energy ...

Roosevelt Ogbonna Receives accolades for ‘Best Bank’ and ‘Best Bank for ESG’ Access Bank has been honoured at the Euromoney Awards for Excellence 2024, being named Nigeria’s Best Bank and Ghana’s Best Bank for ESG. These accolades highlight the Bank’s outstanding performance and commitment to sustainable practices across its operations in Africa. For over two decades, Access Bank has consistently ...