₦airaland Forum

The Nigerian National Petroleum Corporation (NNPC) has obtained a prepayment funding of about $1billion to support the upstream operations of its subsidiary, Nigerian Petroleum Development Company (NPDC).

A statement from the state oil corporation on Thursday night said the crude oil prepayment has enabled NNPC to pay NPDC's Tax obligations to the Federal Government of Nigeria, of circa US$700million with the balance utilised to fund NPDC's capital and operating expenditures.

The prepayment financing is backed by future oil production of NPDC, and utilises a well-established structure to enable the purchaser of the crude, Eagle Export Funding Limited, to raise financing in the domestic and international markets, to fund an upfront payment to NNPC under a Forward Sale Agreement (FSA), the statement signed by NNPC's spokesman Dr Kennie Obateru said.

It said the financing which funded the prepayment has been structured over two tranches: a 5 year dollar amortizing tranche ("Tranche 1" and a 7 year naira amortizing tranche ("Tranche 2".

Both tranches benefit from a cash sweep with the 7-year tranche having a 1-year non-call period, according to NNPC.

It said: "These tranches shall be repaid by Eagle Export Funding Limited from the export sale proceeds of the NPDC crude, which in turn are backed by Letters of Credit, issued by banks with a minimum credit rating, in line with market precedent.

"The export price for the crude is the relevant NNPC Official Selling Price (OSP) for the corresponding calendar month and crude grade. Vitol and Matrix Energy have executed the standard NNPC Crude Oil Sale & Purchase Agreement."

According to it, the participants in the Eagle Export Funding Limited deal include Standard Chartered Bank, United Bank for Africa, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix Energy.

Despite the constrained liquidity situation in the financing markets due to the COVID-19 pandemic; the pricing and terms obtained for the dollar and naira funding tranches were very competitive and better than precedent transactions, it said.

https://allafrica.com/stories/202009040071.html

Ehh?

Warisdis?



[img]https://media1./images/8256e8226edb515dae9dbc215f3e64e7/tenor.gif?itemid=15705903[/img]

dere is god ohhh!

Pathetic cheap image laundering......

Senator wey don enter hell.......him follow chop loan from China self

[img]https://media./images/34584c8f18cad227b23d7580da78455a/tenor.gif[/img]

With the crude oil market likely to remain depressed for the rest of 2020, some oil servicing companies in Nigeria may eventually go bankrupt, Agusto & Co. has said.

The rating agency and research firm, in its 2020 oil and gas servicing industry report, said the Nigerian oil and gas servicing industry had recorded a substantial increase in the number of indigenous servicing companies in recent years.

“The industry is dominated by a few foreign servicing firms, which are estimated to be engaged in close to 60 per cent of oil and gas projects in Nigeria,” it said.

According to the report, local firms currently dominate less complex field support services such as security, transportation and procurement due to relatively low scalable technology compared to the foreign counterparts, among other factors.

It noted that the COVID-19 outbreak had worsened conditions in the oil market.

The firm said, “Several key projects in Nigeria, including the Obiafu-Obrikom-Oben pipeline project and Shell’s Bonga North field development, have been suspended due to lull in the crude oil market.

“Delays in sanctioning of these projects will impact Nigeria’s oil and gas servicing industry’s near to medium-term performance, considering the substantial contracting opportunities these projects provide.

“Owing to prevailing difficulties in the operating terrain, a number of operators in Nigeria including international and indigenous companies have slashed contractor rates by up to 50 per cent while capital budgets have been reviewed downwards by an average of 20 per cent.”

The report noted that several promising exploration and incremental projects had been stalled partly due to the unfavourable regulatory stance.

It said, “This situation is expected to be worse off considering the adversities created by the COVID-19 pandemic. Agusto & Co. expects the crude oil market is likely to remain depressed for the rest of 2020.

“Agusto & Co. expects a huge number of job losses, while some oil field servicing companies may eventually go bankrupt.”

https://punchng.com/oil-servicing-firms-may-go-bankrupt-says-report/

air force?

dem kill am for air?

President Muhammadu Buhari’s actions, including removing subsidies, were driven by desire to stop the mismanagement of taxpayer money, the Presidency explained on Sunday

The Presidency was reacting to the complaints and protests trailing recent fuel price and electricity tariff hikes from Labour, civil society groups and opposition figures.

In a statement by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, the Presidency said even previous administrations had identified subsidy removal as the way for Nigeria to save public resources from mismanagement.

It, however, discarded the position of the opposition that the decision by the Federal Government to activate the subsidy regime end was ill-timed and ill-advised.

“The All Progressives Congress, APC came to power in 2015 defeating an incumbent administration amidst very high expectations from President Muhammadu Buhari.

“Five years on, the administration has worked hard to meet many expectations, but still, there are certain tough decisions which had to be taken to put back the country on the path of sustainable development.

“To stop the mismanagement of taxpayer money, eliminate corruption associated with subsidies on petroleum products, power, fertilizer among others, the administration took the decision to implement long-delayed reforms, withdraw and allow the market to determine their prices.

“Subsidy removal in these sectors had long been foreseen by successive administrations as game changers in search of solutions to move forward with the nation’s development.

“These are reforms that are necessary and overdue. Blueprint upon blueprint, timeline upon timeline had come and gone but courage to take bold decisions was not there.

“Over the last few days, one claim acquiring a potent resonance with the online community, sections of the labour movement and the opposition is that the actions are ill-timed and ill-advised.

“There is nothing new in the fact that the country is today fighting multiple challenges along with COVID-19, including low earnings, near-collapse of the oil market, floods, threats of terrorism and banditry but the challenges notwithstanding, a good government must take decisions for the people’s good.

“As President, Muhammadu Buhari takes these difficult decisions, both popular and unpopular and as a leader because he is demonstrating the right courage to take such decisions as they become necessary in view of present circumstances.

“History will be kind to President Buhari because in addition to his amazing ability to command votes, he will be remembered as the President who made real contributions to economic and overall national development by eliminating the evils of corruption embedded in subsidies.

“In any democracy, the most important certificate in governance is acceptance by the people and, with the support of ordinary Nigerians, President Buhari has shown a rare determination to carry out the bold initiatives as these ones driven by nothing other than the greatest good for the greatest number of people.

“In carrying out the reforms, the President needs the support and understanding of all citizens, inclusive of the opposition parties, the labour movement and civil society groups.

“In these challenging times, the President is pushing development goals not politics and history will judge him in favourable terms rather than his critics in the new media and the opposition,” the statement said.

https://thenationonlineng.net/history-will-be-kind-to-buhari-for-removing-subsidies-presidency/

President Muhammadu Buhari will Monday depart Nigeria for Niger Republic.

President Buhari will be traveling to Niamey, Niger republic to participate in the 57th Ordinary Session of the ECOWAS Authority of Heads of State and Government.

Garba Shehu, Buhari’s Spokesman disclosed this in a statement made available to DAILY POST on Sunday.

Buhari is expected to participate in a “one-day summit will deliberate on the Special Report on COVID-19 to be presented by President Buhari who was appointed the ECOWAS Champion on the Fight against COVID-19 during the Extraordinary Virtual Summit of ECOWAS on April 23, 2020.

“As a Champion, the Nigerian leader was expected to coordinate the sub-regional response against the pandemic. In furtherance of that objective, under the supervision of the Champion, Nigerian Ministers of Health, Aviation and Finance were appointed Chairpersons of the Ministerial Coordination Committees on Health; Transport, Logistics and Trade; and Finance respectively.”

The increasing rate of terrorism, armed banditry and the democratic process by the military in Mali, will also be discussed at the summit.

President Buhari will be accompanied to the Summit by ministers and other top government officials, will return to Abuja after the meeting.

“At the summit, a Special Report will be received on the ECOWAS Single Currency Programme to be presented by President Julius Maada Bio of Sierra Leone and Chair of the Authority of Heads of State and Government of the West African Monetary Zone (WAMZ), and President Alassane Ouattara, who is Chair of the West African Economic Monetary Union (WAEMU/UEMOA).

Also the President of the ECOWAS Commission, Jean Claude Kassi Brou will present to the West African leaders, the 2020 Interim Report on activities of the sub-regional body including ECOWAS Vision 2050.

“Similarly, in Burkina Faso, Cote d’Ivoire, Ghana, Guinea and Niger where parliamentary and presidential elections are scheduled for this year, the imperative to strengthen democracy in the sub-region by respecting constitutional provisions, rule of law and outcomes of free and fair polls, will be emphasised,” the statement added.

https://dailypost.ng/2020/09/06/buhari-ministers-to-depart-nigeria-on-monday/

Abiola....

Hope he's traveled with a sufficient supply of medication this time....

[img]https://media./images/ad0ace79762bd84f899bf9e24d7d7e48/tenor.gif[/img]

(Don't want him stressing out again with that his loose, unrefined (crude) mouth!)

Make I check name first.....

[img]https://media./images/84ace0f3d09367db82443d82b5ec3e67/tenor.gif[/img]

Na Dem.....Hushpuppies!

[img]https://media./images/7f8370ad671601719699bc68386e5d68/tenor.gif[/img]

......NCAN over to you!


[img]https://media./images/afbd8f2f65c18ed2a8cc68d8977401c4/tenor.gif[/img]

Neo colonialism.......African nations have been designated o be exporters of raw materials (including crude oil) and importers of value added products (such as PMS)

If anything we should be exporting PMS to other African countries and the western world at prices we dictate.

Burglars.....take note!

Ok..

Crocodile tears....

His domestic policy is even weaker...

Backward country....

Cabal doctor....

Imo.... na so old single woman full that state.

Fraudsters

The airport has been destroyed.......

[img]https://media./images/da1c3320bd9a200f7a5cd4b249cacad8/tenor.gif[/img]

See sabotage...

ok