Connect with us

Finance

NNPC’ to List 40% of Shares on NSE

Published

on

NNPC - Investors King
  • NNPC’ to List 40% of Shares on NSE

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said 40 per cent of the shares of the Corporation would be floated on the Nigerian Stock Exchange (NSE) when the Petroleum Industry Governance Bill (PIGB) gets Presidential Assent.

Baru spoke yesterday in Lagos at the 2018 annual conference of the Association of Energy Correspondents of Nigeria (NAEC). In his keynote address titled: “PIGB: Emerging Issues and Concerns,” he highlighted the key thrusts of the PIGB including making the national oil company commercially driven hence the need to raise money from the stock market.

Represented by the Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr. Rowland Ewubare, the GMD said: “The PIGB is focused on the key governing institutions in Nigeria’s oil and gas industry and aims to separate the Regulatory, Policy and Commercial roles of public sector agencies and allocate respective roles to agency to properly positioned to perform them.

“For the NNPC, the PIGB requires the minister to within six months after its enactment, take such steps as are necessary under the Companies and Allied Matters Act (CAMA) to incorporate the two entities – the Nigerian Petroleum Assets Management Company (NPAMC) and the Nigerian Petroleum Company (NPC) as companies limited by shares which will be vested with certain liabilities and assets of the NNPC.

“The NPC shall be an integrated oil and gas company operating as a fully commercial entity across the value chain. Essentially, it shall be responsible for all assets currently held by NNPC except the production sharing contracts (PSCs). The NPC shall be a limited liability company registered under CAMA.

The initial shares shall be held by the Ministry of Petroleum Incorporated (40 per cent), the Ministry of Finance Incorporated (40 per cent) and the Bureau of Public Enterprises (20 per cent). However, 10 per cent and an additional 30 per cent of the shares of the company shall be floated on the Nigerian Stock Exchange between five years and 10 years from incorporation respectively.”

For the significant cash call build up.

Baru said the power of issuance, modification, amendment, extension, suspension, review, cancellation and reissuance, revocation and/or termination of award licenses/leases has been transferred to the commission in line with the new global trend, adding the PIGB has provided a legal framework and expanded role for the Department of Petroleum Resources.

Also the Chairman of the conference, Deputy Managing Director, Deepwater District, Total E&P Nigeria limited, Mr. Ahmadu-Kida Musa, assured that the company will by the last quarter of this year add 200,000 barrels of oil per day to the nation’s oil production.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

Published

on

Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

Continue Reading

Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

Published

on

Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

Continue Reading

Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

Published

on

The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending