Business & Finance

NNPC offers to help FIRS, DPR recover unpaid taxes, others from IOCs

Aug 6, 2019

The Nigerian National Petroleum Corporation (NNPC) has offered to help the Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS) collect unpaid taxes and royalties from oil companies, including those on Joint Venture (JV) and Production Sharing Contract (PSC) arrangement with it. NNPC’s Group Managing Director, Mallam Mele Kyari, made this known when…

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Nigeria’s oil producing states stuck in N1.3trn debt trap

Aug 5, 2019

The oil-producing states are the most indebted across the country despite the huge derivation revenue accruing to them, Daily Trust investigations have shown. The oil states have a total domestic debt stock of N1.25 trillion as at March 2019, according to official data released by the Debts Management Office (DMO). This is coming at a…

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Oil price drops below $65 on Fed outlook, ample supply

Aug 2, 2019

Oil dropped below $65 a barrel on Thursday, declining for the first time in six days, after the U.S. Federal Reserve dampened hopes for a string of interest rate cuts and as rising U.S. output helped keep the market well supplied. The Federal Reserve reduced rates on Wednesday, but against expectations the head of the…

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NNPC to extend trade relations with Turkey beyond oil

Aug 2, 2019

The Nigerian National Petroleum Corporation (NNPC) has expressed its desire to extend Nigeria’s trade relations with Turkey beyond crude oil. The Group Managing Director of NNPC, Mallam Mele Kyari, disclosed this during a courtesy visit by the Ambassador of the Republic of Turkey to Nigeria, His Excellency Melih Uluren, at the NNPC Towers, Abuja, today.…

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Power shortage, high interest rate, constrained Nigerian business activities in July – CBN

Aug 1, 2019

The Central Bank of Nigeria (CBN) says some firms in the country have identified insufficient power supply, high interest rates and unfavourable economic climate as major factors that constrained businesses in July. Other factors, according to the bank, included financial problems, insufficient demand and unclear economic laws. Theapex bank made the observations in its July…

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Seplat sees H1 2019 profit grow by 15%

Jul 31, 2019

Seplat Petroleum Development Company Plc, has recorded a rise of 15 per cent in its half-year profit before deferred tax. In its unaudited consolidated half-yearly financial results for the period ended June 30,2019 made available to the NSE and LSE yesterday, Seplat reported a profit before deferred tax of $121m (N37bn) from $105m (N32bn) reported…

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Notore grosses N16.5bn in 9 months

Jul 31, 2019

Notore Chemical Industries NigeriaPlc recorded a turnover of N16.5 billion in the third quarter of its current business year as the vertically integrated agro-allied and chemicals group struggled with plant downtime and high finance costs. Key extracts of the interim report and accounts of Notore for the nine-month period ended June 30, 2019 showed a…

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Gasco Marine looks to raise N40bn financing for expansion

Jul 30, 2019

Gasco Marine will soon open talks with lenders to secure N40billion through an infrastructure bond to expand into gas transportation and the development of a mini-liquefied natural gas plant, the company’s managing director has said. The company which recently launched a N2 billion Compressed Natural Gas (CNG) plant in Oke-Sokori, Abeokuta, Ogun State to meet…

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Exxon Mobil’s Q2 results expected to dip, asset sales in doubt

Jul 30, 2019

Exxon Mobil Corp’s plan to accelerate asset sales, a way of delivering needed cash to finance shareholder returns and major projects, is getting off to a slow start as oil companies pull back on big deals. On Friday, the largest U.S. oil company is expected to report a 79-cents-a-share profit, down from 92 cents a…

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Nigeria’s refineries fail to make profit in 13 months

Jul 30, 2019

Nigeria’s four refineries under the management of the Nigerian National Petroleum Corporation have not made any profit since May 2018. Instead, the refineries posted losses consecutively between May last year and May this year. The country’s refineries comprise Warri Refining and Petrochemical Company, two plants at Port Harcourt Refining Company and Kaduna Refining and Petrochemical…

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