Business & Finance

Oando announces FYE 2018 results, posts N28.8bn profit-after-tax

Apr 2, 2019

Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced audited results for the twelve months period ended December 31, 2018. Commenting on the results Wale Tinubu, Group Chief Executive, Oando PLC said: “Our 2018 results demonstrate the solid foundation…

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Access Bank lists N15bn Green Bond on FMDQ, NSE platforms

Apr 1, 2019

Access Bank Plc on Monday listed the N15 billion a fully certified Green Bond on the FMDQ OTC Securities Exchange and the Nigerian Stock Exchange (NSE). The dual listing followed the formal approval of the bond by the Securities and Exchange Commission. The bond is the first of its kind to be issued by an…

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Zola Electric signs consumer finance pact with Sterling Bank

Mar 31, 2019

ZOLA Electric has signed a memorandum of understanding with Sterling Bank Plc, as part of efforts to deepen the penetration and accessibility of renewable energy in Nigeria. Speaking at the signing of Memorandum of Understanding between the company and Sterling Bank, Bill Lenihan, the Chief Executive Officer, ZOLA Electric, noted that the gesture would provide…

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BPE hinges NNPC’s privatisation on PIB outcome

Mar 30, 2019

The Director General of Bureau for Public Enterprises (BPE), Alex Okoh yesterday, insisted that the bureau must await the outcome of the Petroleum Industry Bill (PIB) to privatise the Nigerian National Petroleum Corporation (NNPC) as there are far richer reforms enshrined in the bill. Aside PIB, Okoh, who was represented by the Director, Post Transaction…

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NNRC warns Nigeria of another recession as Excess Crude Account left depleted

Mar 30, 2019

The Nigeria Natural Resource Charter (NNRC) has warned that Nigeria could slip into another economic recession if the prices of crude oil go on another free-fall, predicating its prognosis on the depletion of the country’s Excess Crude Account (ECA) which now has just a balance of about $183 million. According to the NNRC, which is…

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Nigeria plans $20bn expenditure on infrastructure over 10yrs

Mar 28, 2019

Nigeria plans to spend $20 billion on infrastructure over the next 10 years and will introduce an infrastructure bond in 2019 as Africa’s biggest oil producer seeks to address challenges in revenue generation. “Our target is that we’d like to see infrastructure spending increase to the $10- to $20-billion range over the next 5 to…

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FG, States, LGs share N619.857bn as federal allocation for February

Mar 27, 2019

A total of N619.857 billion has been distributed as federal allocation for the month of February 2019 among the Federal, States and Local Government Councils. A communiqué by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its February meeting, indicated the gross statutory revenue received was N478.434 billion.…

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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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