RESPITE FOR CASH STRAPPED OIL FIRMS, BANKS AS FORCADOS RESTARTS

There could be a return to the better days for Nigerian oil producing companies that are neck deep in debt obligations to the banks, following confirmation that crude will start to flow in the Forcados terminals that had hitherto been disrupted by militant attacks in the Niger Delta region.

This will bring relief to the oil companies which had suffered operational and revenue shortfalls and had to lay off staff. It will likewise set up royalty payments accruing to the Federal Government from the oil companies, as well as increase government's earnings from crude.

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