Financials and Investment News in Nigeria

Nigeria's Senate to Investigate "anomalies" in Renewal of Oil Leases
7/18/2018 - Nigeria's upper house of parliament will investigate anomalies in the renewal of oil leases by the ministry of petroleum, it said on Wednesday. ...
BHGE and TREXM Partner in Nigeria
6/1/2018 - Baker Hughes, a GE company, has unveiled plans to partner with local firm, TREXM Oil and Gas Services to bring about its latest innovating metering solution into the Nigerian market. this, it said, wo...
Neconde Mounts Arbitration Case Against Shell
4/9/2018 - Nigerian energy company Neconde has launched an arbitration case against Royal Dutch Shell, the West African firm’s chief executive said, alleging the oil major continued to lift crude and failed to r...
Nigeria's Finance Minister Calls Meeting with State Oil Firm
3/27/2018 - Nigeria’s finance minister called on Tuesday for an emergency meeting with the head of state-owned Nigerian National Petroleum Corporation over revenue payments, the minister’s office said. ...
Shell, GT Bank Agree $270m Oil Backed Loan to Nigeria's Amni
3/15/2018 - Nigeria’s Guaranty Trust Bank and a subsidiary of Royal Dutch Shell have granted a $270 million loan to independent Nigerian oil and gas producer Amni International, Amni told Reuters on Thursday. ...
MX Oil Announces Placing & Update on Aje Field
2/20/2018 - MXO plc, the oil and gas investing company listed on AIM, is pleased to announce that it has raised £500,000 before expenses via a placing (the "Placing") of 100 million new ordinary shares at a price...
Eland Announce Syndication of RBL
12/22/2017 - Eland Oil & Gas PLC, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce the syndication of its Reserve Based Lending ("RB...
Erin Energy Obtains Funding for Miocene Exploration Well
10/4/2017 - Erin Energy Corporation (Erin Energy), announced that funding commitment has been obtained to drill our high-impact Miocene exploration well. Site survey of drilling location has been completed and th...
COPL on Track to Secure Funds for OPL 226 Offshore Nigeria
9/27/2017 - Canadian Overseas Petroleum Limited (COPL), an international oil and gas exploration and development company focused on offshore West Africa, provides an operational update on its licences in offshore...
NNPC Says its Production Costs Cut to $23 a Barrel
8/16/2017 - Nigeria's production cost per barrel of crude oil is down to $23, the state oil company said, after the country last month said the cost was $29 a barrel, one of the highest levels in the world. The N...
Sirius Signs US$10m Financing Agreement for Ororo Field Crude
8/14/2017 - Sirius Petroleum, the investing company focused on oil and gas exploration and development opportunities in Nigeria, is pleased to announce that following completion of technical due diligence on the ...
DoJ Seeks Forfeiture of Assets in Nigerian Corruption Complaint
7/14/2017 - The Department of Justice announced the filing of a civil complaint seeking the forfeiture and recovery of approximately $144 million in assets that are allegedly the proceeds of foreign corruption of...
Sirius Petroleum in Talks with BP Regarding Ororo Field Financing
6/12/2017 - Sirius Petroleum, the investing company focused on oil and gas exploration and development opportunities in Nigeria, notes the recent press speculation and can confirm it is currently in discussions w...
LEKOIL Agrees Advance Payment Facility with Shell
3/31/2017 - LEKOIL, the oil and gas exploration, development and production company with a focus on Africa, announces that its wholly owned subsidiary, LEKOIL Oil and Gas Investments Limited (LOGL), has agreed an...
NNPC to Recover $184 Million Crude SWAP Under-Deliveries from Companies
3/24/2017 - The Nigerian National Petroleum Corporation, NNPC, is set to recover over $184 million in product under-deliveries recorded against three oil companies in the course of reconciliation of transactions ...
Nigeria Seeks Return to Strong Growth with Sweeping Reform Plan
3/7/2017 - Nigeria unveiled a sweeping economic recovery plan, including measures to reduce its dependence on oil and to relax foreign exchange restrictions, in a drive to pull Africa's largest economy out of it...
MX Oil Intends to Undertake a Placing to Raise £5,000,000
2/15/2017 - MX Oil, the AIM quoted oil and gas investing company, announces its intention to undertake a placing to raise approximately £5,000,000 (before expenses) through the issue of new ordinary shares in the...
Africa Finance Corp Issues $150 Million Debut Sukuk
1/24/2017 - Africa Finance Corp (AFC) said it issued a three-year $150 million sukuk, becoming the first African government-backed entity to sell an Islamic bond. The announcement confirmed a Reuters report this ...
Nigeria's Economic Slump Deepens as Oil Output Continues to Drop
11/21/2016 - Nigeria’s economic slump deepened in the third quarter as oil production continued to fall and factory output was hit by a shortage of dollars. Gross domestic product in Africa’s most populous country...
Nigeria Reaches Deal to Pay $5.1b in Unpaid Bills to Oil Majors
11/17/2016 - Nigeria has reached a deal to pay $5.1 billion in unpaid bills to oil majors including Royal Dutch Shell and Exxon Mobil, the minister of state for oil said. The Nigerian National Petroleum Corporatio...

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