Financials and Investment News in Nigeria

Nigeria Launches $10 Billion Infrastructure Programme
10/27/2016 - Nigeria launched a $10 billion infrastructure programme in its restive Delta region as part of a plan to end an insurgency that has hobbled oil production. President Muhammadu Buhari will meet represe...
Nigeria's State Oil Firm Plans No Pump Price Increase
10/25/2016 - Nigeria will not increase pump prices for motorists, the state oil firm NNPC said. NNPC asked "Nigerians not to engage in panic buying as there is no cause for alarm in respect of pump price increase ...
MX Oil Updates on Nigerian Investment for OML 113
10/19/2016 - MX Oil, the AIM quoted oil and gas investing company, is pleased to announce that PR Oil and Gas Limited, the holder of its investment in OML 113, has now received US$1.2 million from the sale of the ...
Nigeria Owed $12.7 Bln in Undeclared Oil Exports
9/21/2016 - Nigeria has said it is owed a total of $12.7 billion by more than a dozen companies for allegedly not declaring exports of crude oil to the United States between 2011 and 2014, according to court docu...
Funding Nigerian Oil Cash Calls from Debt Key for Economy
9/16/2016 - Nigeria must get out of paying so-called cash calls to joint ventures with oil and gas companies to stand a chance of pulling its ailing economy out of recession, Finance Minister Kemi Adeosun said. T...
Foreign Flights to Nigeria Forced to Refuel Elsewhere
9/13/2016 - Foreign airlines flying to Nigeria have started to refuel abroad to bypass pricey, and increasingly scarce, jet fuel as the oil producer battles a hard currency shortage that has made fuel available o...
Nigeria's Oil Bill on Hold due to Delta Unrest
9/6/2016 - A long-awaited bill reforming Nigeria's petroleum industry is effectively on hold until tensions ease in the restive Niger Delta region, the country's oil hub, an influential senator said. The delay i...
Nigeria Banks Banned from Foreign Currency Deals
8/24/2016 - Nine Nigerian banks have been suspended from foreign currency trading for not paying money owed to the government, a central bank source has told the BBC. The banks are said to be withholding a total ...
Nigeria, Spain Pledge to Strengthen Trade Ties
8/4/2016 - Nigeria and Spain have expressed their readiness to strengthen their bilateral trade relationship in every spectrum of the Oil and Gas Industry for the benefit of the two countries. ...
Most Major Conventional Oil Projects at Risk at $50 Oil Price
7/13/2016 - Most major conventional oil projects are at risk of cancellation or deferral if global prices remain at $50 a barrel, consultancy Wood Mackenzie said in a report. ...
New Age secures US$425 million Borrowing Facility
6/30/2016 - New Age (African Global Energy) Ltd (New Age), a private African-focussed oil and gas company, has closed a US$425 million senior secured loan facility and has drawn US$350 million on 28 June 2016. Th...
Oando Secures N94.6b Facility as Part of Its Strategic Restructuring Plans
6/6/2016 - Oando PLC, Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, announces conclusion of a N94.6 Billion facility provided by ten leading financial ins...
Nigeria's Forte Oil to Raise up to $503m to Fund Expansion
3/31/2016 - Nigeria's Forte Oil said it plans to raise up to 100 billion naira ($503 million) to expand its operations in the country, Africa's biggest economy, and will seek shareholder approval at its annual ge...
Sirius Petroleum Raised Gross Proceeds
3/17/2016 - Sirius Petroleum the investing company focused on oil and gas exploration and development opportunities in Nigeria, announces that firm commitments have been received in respect of subscriptions for, ...
Nigeria's State Oil Company Denies it Failed to Remit $16b in 2014
3/16/2016 - Nigeria's state oil company challenged official allegations that it had failed to remit 3.2 trillion naira ($16 billion) in revenues to the government in 2014 and said it only owed $1.64 billion. ...
Nigeria's State Oil Company withheld $16b in 2014
3/14/2016 - Nigeria's state oil company withheld 3.2 trillion naira ($16 billion) in revenues from the federal government in 2014, the auditor-general said, the same year that the then central bank governor was s...
Nigeria to Boost 2016 Budget Even as Crude Revenue Declines
12/8/2015 - Nigeria’s government said it will boost spending by a fifth in next year’s budget without overstepping borrowing targets, even as oil revenue in Africa’s largest economy is set to fall. ...
Nigeria Aims to Pass Amended PIB
11/11/2015 - Nigeria will amend its long-awaited petroleum industry bill (PIB) and may remove the taxation element to speed its passage, the country's new petroleum minister said. ...
Reduced Equity Share at Agbami following Redetermination
11/6/2015 - Statoil has received an Expert calculation of revised tract participations for the Agbami field in Nigeria. Assuming implementation, this calculation will result in a reduction of 5.17% in Statoil’s e...
Sirius Raises Funds for Ororo Field
9/22/2015 - Sirius Petroleum the investing company focused on oil and gas exploration and development opportunities is pleased to announce that it has raised a total of £1,035,000 (net of fees) through a Placing ...

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