Business & Finance

Oando Plc faults SEC’s ruling on the outcome of the forensic audit into Oando Plc

Jun 1, 2019

Our attention has been drawn to a press release published by the Securities and Exchange Commission (SEC) on Friday, May 31, 2019 “Press Release on “Investigation of Oando PLC (the Company)”. In the statement, the Commission confirms the conclusion of its investigations and that the findings from the report reveal serious infractions by the Company and…

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Oando Group CEO Wale Tinubu, others ordered to resign, handed 5 year ban by SEC

Jun 1, 2019

Nigeria’s Securities and Exchange Commission Friday said it has barred the group chief executive officer of Oando Plc Wale Tinubu and his deputy Omemofe Boyo from being appointed directors of public companies for a period of five years. The commission said the duo and the oil company committed, among other infractions, “false disclosure” and “misstatements…

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Savannah Petroleum provides fresh Seven Energy transaction and corporate update

May 31, 2019

Savannah Petroleum, the British independent oil & gas company focused around activities in Niger and Nigeria, has provided a corporate and operational update as well as an update on the Seven Energy Transaction. Seven Energy Transaction Update Savannah has announced that the UERL Buy-Out, as referenced in the Company’s RNS of 20 September 2018 has been completed. The…

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FG may be required to borrow more to close budget funding gap

May 30, 2019

The Federal Government may increase the level of borrowing this year to address the N102.8bn funding gap that has been created as a result of the National Assembly’s tinkering with the 2019 budget. The Minister of Budget and National Planning, Senator Udo Udoma, said this on Tuesday in Abuja during the public presentation of the…

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Stakeholders seek ways to end petroleum sector’s illicit financial flows

May 30, 2019

With over $18 billion yearly losses to Illicit Financial Flows (IFFs) in Nigeria, stakeholders in the oil and gas, and financial services sectors, have tasked the Federal Government to introduce measures that will urgently address the development; otherwise funding infrastructural and economic development may remain a challenge. A report by the Nigeria Extractive Industries Transparency…

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DPR, IOCs, others raise alarm over rising oil theft’s potential impact on Nigeria’s economy

May 30, 2019

The Department of Petroleum Resources (DPR), international oil companies (IOCs), security agencies, community leaders and other stakeholders yesterday warned that oil theft was retarding the national economy and fuelling environmental pollution in the resource-rich Niger Delta region. They said the multinationals and indigenous operators had adversely been affected one way or the other by the…

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Nigeria getting closer to signing African trade pact

May 29, 2019

The continent’s largest economy is all set to sign the African Continental Free Trade Agreement (AfCFTA) after President Muhammadu Buhari approves an impact-assessment report he asked for. The trade pact is expected to take effect on May 30 now that 22 African countries have ratified the agreement. Sierra Leone (21st member to ratify) and the…

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COPL raises capital, says offshore block financing talks in progress

May 28, 2019

Canadian Overseas Petroleum Limited (LON:COPL) has secured a US$7mln performance bond from a Nigerian bank, which will allow it to start work at its OPL 226 licence offshore Nigeria. At the end of last year, the state-run National Nigerian Petroleum Corporation (NNPC) granted conditional approval for a two-year extension of the phase 1 production sharing contract…

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SEPLAT denies short-changing Nigerian Government

May 28, 2019

SEPLAT Petroleum Development Co PLC on Tuesday “strongly” denied it has failed to make sufficient payments owed to the Nigerian government. SEPLAT, responding to press reports in Nigeria, said it has made all royalty, rental and penalty payments required to the government. On Sunday, Nigeria’s Punch said Nigerian Petroleum Development Co Ltd and joint venture…

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NNPC records $490m from oil & gas exports in February

May 27, 2019

The Nigerian National Petroleum Corporation (NNPC), at the weekend released its Monthly Financial and Operations Report (MFOR), and announced a total crude oil and gas export sale of $490.03million in February 2019; which is 32.45 per cent higher than the previous month’s sale. Spokesman of the national oil company, Mr. Ndu Ughamadu, who made the disclosure…

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