Business & Finance

‘Policies, elections, oil prices key to Nigeria’s 2019 growth outcome’ – Finance experts

Jan 31, 2019

Experts in the financial services industry have reiterated that regulatory and policy choices, as well as the forthcoming general elections, and some global economic developments, particularly crude oil pricing, remain key determinants to Nigeria’s growth expectations in 2019. The experts, at a Breakfast Panel Session, organised by the Nigeria – British Chamber of Commerce (NBCC),…

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Oil prices rise on Venezuela sanctions

Jan 30, 2019

Oil prices climbed higher yesterday following the U.S. government sanctions on Venezuela’s state-owned oil firm PDVSA in a move aimed at severely curbing the OPEC member’s crude exports to the United States. U.S. West Texas Intermediate (WTI) crude futures were at $52.17 per barrel up 18 cents, or 0.3 per cent from their last settlement,…

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Banks plan 15% interest rate loan for mini-grid operators – REF ED

Jan 30, 2019

The local commercial banks are planning some concessionary loans of about 15 to 20% interest rates for mini-grid operators under the Nigeria Energy Support Programme (NESP) II, it was learnt on Wednesday. According to the Executive Director, Rural Electrification Fund (REF), Dr. Sanusi Ohaire, who spoke with The Nation at the mini-grid a certain scheme…

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Goldman Sachs tops GlobalData’s global M&A financial advisers table in the Oil & Gas sector for 2018

Jan 30, 2019

Goldman Sachs has claimed the top position in the latest M&A league table of the top 10 financial advisers for the Oil & Gas sector for FY 2018, compiled by leading data analytics company GlobalData. The American bank scored the top rank with a deal value of $151.8bn from 46 deals advised during the quarter…

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Nigeria’s commercial banks still ignore solar market – Report

Jan 30, 2019

Commercial banks in Nigeria are still largely absent from the country’s commercial and industrial (C&I) solar market, offering debt that developers consider too costly and only for tenors up to two years, a new report – solar for businesses in sub-Saharan Africa by Bloomberg New Energy Finance (NEF) has disclosed. Obtained by OGN, the report…

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Sirius Petroleum secures $20m from Barak Fund for first phase of Ororo development

Jan 29, 2019

Sirius Petroleum (AIM: SRSP), the Nigeria focused oil and gas development and production company, is pleased to announce a funding update for the Ororo Field as follows: Binding agreement for up to US$20 million agreed with Barak Fund SPC Limited (“Barak”), a credit fund focused on Africa, to contribute to the funding of the first…

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Nigeria, others set to mobilise $2bn to finance energy projects across Africa – Kachikwu

Jan 28, 2019

The Federal Government, Monday, disclosed that it is working with other oil and gas producers in Africa, under the auspices of African Petroleum Producers Organisation, APPO, to raise between $1 billion and $2 billion to finance energy projects and boost collaboration among African countries. Speaking at the Nigerian International Petroleum Summit, NIPS, in Abuja, Minister…

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Nigeria earns $1bn from renewal of 22 oil blocks

Jan 27, 2019

President Muhammadu Buhari, being Nigeria’s substantive minister of petroleum resources, has approved the renewal of 22 expired and expiring oil blocks, from which the Department of Petroleum Resources (DPR) realised about $1 billion for the government, THISDAY has learnt. The approval for the renewal of the 22 expired and expiring oil blocks came few weeks…

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DPR generates N1.3trn as revenue, $200m as legacy indebtedness in 2018

Jan 24, 2019

The Director, Department of Petroleum Resources (DPR) yesterday disclosed that the organisation generated N1.3 trillion as revenue and additional 200 million dollars from legacy indebtedness in 2018. Ladan, made this known at the opening at a workshop on Revenue Generation, Accounting and Reporting Process to the Federation Allocation Accounting Committee (FAAC) ,organised by the Office…

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NNPC says dragging state oil firm into partisan politics inimical to economy

Jan 24, 2019

The management of the Nigerian National Petroleum Corporation (NNPC), says politicians using the corporation as a Launchpad for attacks against opponents are not only doing a disservice to the overall national interest, but also inimical to the national economy, given NNPC’s pivotal role as cash cow of the nation. The corporation therefore called on politicians…

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