Access Holdings says its subsidiary, Access Bank, has agreed to acquire a majority stake in Finance Trust Bank Limited (FTB) in Uganda. In a statement filed on the Nigerian Exchange Limited (NGX), on Wednesday, Sunday Ekwochi, said both companies entered into a definitive agreement that involved FTB’s institutional shareholders. The acquisition, subject to regulatory […]
Wale Edun, minister of finance and coordinating minister of the economy, says there is liquidity in the Nigerian banking sector to reduce the foreign exchange (FX) backlog. Edun spoke on Wednesday in an interview with Bloomberg. The minister said the FX backlog is at about $5 billion and the Central Bank of Nigeria (CBN) […]
The Central Bank of Nigeria (CBN) has taken a two-pronged approach to the lingering foreign exchange (FX) backlog. It will crack down on fraudulent activities while simultaneously continuing to settle legitimate forex obligations. This was revealed by CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, on Wednesday, January 17, in Abuja. Mrs. […]
Nigeria’s oil production increased month over month (MoM) by 7.7% to 1.4 million barrels per day (bpd) in December 2023 from 1.3 million bpd in November 2023. This was revealed by the Organization of Petroleum Exporting Countries (OPEC) in its Monthly Oil Market Reports (MOMRs). OPEC also said that the figures were derived from […]
Renaissance Africa Energy has confirmed the signing of what it called a landmark transaction with Shell PLC to acquire its entire shareholding in the Shell Petroleum Development Company of Nigeria Limited. Renaissance is a consortium consisting of ND Western Limited, Aradel Holdings Plc, the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited, and […]
Shell Plc said it has “reached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited.” The SPDC is to be sold to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group for $2.4 billion. However, the […]
As the Port Harcourt oil Refinery comes to life, the Nigerian National Petroleum Company Limited has concluded plans to hand over the government refinery to private operators. The NNPCL said it is seeking to engage reputable and credible operations and maintenance companies to operate and maintain the Port Harcourt Refining Company. This, it said, […]
Key players have continued to react to the rumoured threats by some foreign airlines to pull out their services from Nigeria due to the lingering unpaid $800 million trapped funds in Nigeria. As of December, the Regional Vice President of International Air Transport Association (IATA) for the Middle East and Africa Country, Mr Khalil […]
Dangote Petroleum Refinery has commenced the production of diesel and aviation fuel. However, the refinery has yet to produce Petroleum Motor Spirit, otherwise known as petrol. The Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, had late on Friday confirmed the commencement of operations to our correspondent. In a statement in the […]
The naira fell to N1089.51/$ on the official Investor and Exporter window on Tuesday. The currency fell by 27.19 per cent from the N856.57/$ it closed on Monday, according to data from the FMDQ Securities Exchange. On Tuesday, the naira opened trading at N922.22/$, rose to a high of N1251/$ and low of N720/$ […]
