Business & Finance

Upstream oil and gas M&A and capital raising values totaled $47.9bn in Q4 2018

Feb 9, 2019

A total of 305 deals with a combined value of US$47.9bn were registered in the upstream oil and gas industry in Q4 2018, according to GlobalData, a leading data and analytics company. Of the total value, US$27.3bn was registered in mergers and acquisitions (M&A) in Q4 2018, representing a significant decrease of 41% from the…

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New revenue template exposes alleged NNPC’s lax probity

Feb 9, 2019

The new revenue template for revenue-generating agencies of government that came into existence last November may have exposed the alleged tardiness in accountability at the Nigerian National Petroleum Corporation (NNPC). The Federation Accounts Allocation Committee (FAAC) document revealed that the development was largely responsible for the past squabbles between the agency and the states, who…

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Fuel marketers call on banks to freeze interest rates on loans for imports

Feb 7, 2019

Marketers are likely to record positive growth if the Central Bank of Nigeria’s (CBN) directive to commercial banks on freezing interests on loans taken by them (marketers) to import petroleum products into the country is implemented, the Depot and Petroleum Products Marketers Association of Nigeria(DAPPMAN),Executive Secretary, Mr Femi Adewole, has said. The marketers include members…

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First Bank partners Azuri on clean energy, financial inclusion

Feb 7, 2019

First Bank of Nigeria Limited says it is partnering Azuri Technologies, a leader in pay-as-you-go solar technology, to help deepen financial inclusion in Nigeria while bringing affordable, reliable and clean power to millions of Nigerians. Under the partnership, Azuri’s solar home TV product will be co-branded and co-marketed by FirstBank and Azuri. Pay-as-you-go customers will…

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Sirius Petroleum issues new ordinary shares

Feb 6, 2019

Sirius Petroleum (AIM: SRSP), the Nigeria-focused oil and gas development and production company, announces the issue of 28,571,428 new ordinary shares representing 0.78 per cent. of the Company’s enlarged issued share capital. Following the conversion of £140,000 of the European High Growth Opportunities Securitization Fund Convertible Note (announced on 15 January 2019) the Company is…

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Oil price hits $64 on Venezuela crisis

Feb 5, 2019

Nigeria’s budget 2019 yesterday got a boost as oil prices surged to a two-month high as ongoing crisis sweeping Venezuela continues to have a huge impact on global commodity markets. Brent crude futures yesterday rose to $64 a barrel as the Organisation of Petroleum Exporting Countries (OPEC)-led supply cuts and sanctions from the US against…

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NNPC records N2.06b trading surplus in November 2018

Feb 5, 2019

The Nigerian National Petroleum Corporation ( NNPC ) in November 2018 recorded a trading surplus of ₦2.06billion, which represented a laudable improvement of 116% over the previous month’s deficit of ₦12.66billion. This increase in performance month-on-month was primarily attributable to improved efficiency of the Nigerian Petroleum Development Company’s (NPDC) operations. The corporation’s Group General Manager,…

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Report explains reasons for NNPC’s difficulty in raising private capital

Feb 5, 2019

The Nigerian National Petroleum Corporation (NNPC) is finding it difficult to access funds from private investors to undertake most of its oil and gas operations because it is unable to show that it is transparent, efficient in corporate governance and can make good returns on its investments, the Nigeria Natural Resource Charter (NNRC) has alleged.…

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Heritage Bank boss calls for policy review on energy sector loans

Feb 1, 2019

At the backdrop of renewed fears over toxic assets emanating from loans to the energy sector, the Managing Director of Heritage Bank Limited, Mr. Ifie Sekibo, has called for review of the credit policy specific to the sector. Mr Ifie Sekibo Following the persistent crises in the electricity sector as well as the crash in…

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Nigeria formally joins China’s belt, road initiative – Ambassador

Jan 31, 2019

Nigeria has formally joined China’s Belt and Road Initiative BRI), the Chinese Ambassador to Nigeria, Zhou Pingjian, has said. Zhou said this at a Spring Festival reception for the media in Abuja on Thursday. The Belt and Road Initiative has been described as an ambitious development programme, through which China aims to boost trade and…

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