Business & Finance

Nigeria’s external reserves hit five-month high at $43.507bn

Mar 25, 2019

Buoyed by increasing foreign portfolio investments (FPIs) and stability in crude oil price, Nigeria’s external reserves has risen to a five-month high of $43.507 billion as of last Thursday, THISDAY has learnt. The reserves rose as the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will commence its 266th meeting tomorrow. The…

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Shell increases contractor support fund to $2.4bn

Mar 25, 2019

The Shell Petroleum Development Company of Nigeria Limited (SPDC) has boosted its contractor support fund with $200 million in a latest effort to enhance the financial capacity of vendors and suppliers in Nigeria’s oil and gas industry. This latest move brings the fund size to $2.4 billion. SPDC’s Director and General Manager, Government and Business…

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Nigeria to sell stakes in joint ventures with oil firms to boost revenue – Udo Udoma

Mar 20, 2019

Nigeria plans to cut its stake in joint oil ventures with multinational oil companies to 40% this year, its budget minister said, as the country seeks to boost revenue to grow an economy recovering from recession. Oil companies including Royal Dutch Shell, Chevron and Exxon Mobil Corp., operate in Nigeria through joint ventures with the…

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Shell says erosion of business environment may affect its Nigerian ops

Mar 19, 2019

The Royal Dutch oil firm, Shell, has said its operations in Nigeria’s oil industry could face adverse impacts if the business environment in Nigeria deteriorates. Shell which has considerable interests in Nigeria’s oil industry and operates mostly through its Nigerian arms – Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Exploration and…

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NNPC declares N12bn trading surplus

Mar 18, 2019

The Nigerian National Petroleum Corporation, NNPC, yesterday, declared a trading surplus of N12.13 billion in its financials for December 2018. In a statement on its Monthly Financial and Operations Report for December 2018, signed by its Group General Manager, Group Public Affairs Division, the NNPC said its positive financial performance in the month under review…

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Vetiva, CFAL, AGFWA partner to finance green energy projects in Nigeria

Mar 14, 2019

Vetiva Capital Management Limited has signed a Memorandum of Understanding(MoU) with Climate Finance Advisory Limited (CFAL) and the African Guarantee Fund West Africa (AGFWA) on the Green Energy Fund (GEF) Programme. The programme seeks to leverage available public and private sector credit funds to facilitate access to, and flow of, flexible funding / finance to…

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Eland Oil & Gas announces new accordion facility and increased borrowing base

Mar 14, 2019

AIM-listed Eland Oil & Gas, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, has announced a new accordion facility and increased borrowing base. In November 2018, the Company announced that it had successfully refinanced its existing reserve-based lending facility (the ‘RBL Facility’) with a new…

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FSDH calls on FG to remove subsidy, adjust electricity tariff to expand economy

Mar 12, 2019

Following the conclusion of the Presidential election, FSDH Research believes there are pressure points in the Nigerian economy that the Federal Government must quickly address in order to stimulate broad based and strong inclusive growth. At its monthly media briefing at the weekend, the Head of FSDH Research, Ayodele Akinwumi, notes that the Nigerian economy…

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Lekoil says it has completed redenomination of its Naira debt facilities

Mar 11, 2019

LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on Africa, is pleased to announce the following debt facilities update. In 2018, as announced, the Company agreed in principle to refinance a portion of and redenominate its outstanding Naira debt facilities, totaling approximately 3.08 billion Naira, into United States…

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Insurance industry to key into N1.7trn investment in Nigeria’s oil & gas sector

Mar 7, 2019

The National Insurance Commission (NAICOM) said insurance industry will do everything within its powers to key into the $48 billion or N1.728trillion investments in the oil and gas sector to tap from the available opportunities and grow the sector. Dr. Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), had recently announced…

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