FG GRANTS FINANCIAL AUTONOMY TO JOINT VENTURES

The Federal Government, Wednesday, granted financial autonomy to some Joint Venture (JV) oil companies, giving the JVs control over their budget, empowering them to source for funds and remit taxes, royalties and dividends to the government.

Read more @ Vanguard Online

TOTAL GETS SHAREHOLDERS' APPROVAL TO PAY N3.1BN DIVIDEND

Shareholders of Total Nigeria Plc on Wednesday approved the proposal by the company to pay a final dividend of N3.1bn, representing N9 per share for the 2014 financial year.

 

The shareholders approved the dividend payment at the company’s 37th Annual General Meeting in Lagos; where they also re-elected directors and members of the audit committee, among other things. The company had earlier paid N679m, which translated into N2 per share, as interim dividend for the year

 

Read more @ Punchonline

NEW EUROPEAN LAW MAY EXPOSE NIGERIA’S CORRUPT OIL DEALS

More light is set to be shed on Nigeria’s murky oil sector as a new anti-corruption rule comes into force this week in the U.K.

The UK is the first member state to implement the EU Directive on Extractive Industries, which requires detailed disclosure of a range of payments, including taxes, royalties and dividends made to governments on a country and project basis as of January 1, 2015.

Read more @ Businessday

TOTAL: HIGH FINANCIAL CHARGES STILL A CHALLENGE

Come next week shareholders of Total Nigeria Plc will begin to receive the 200 kobo interim dividend per share declared by the board of the petroleum product marketing firm. Based on the nine months results ended September 30, 2014, directors of the company recommended the dividend in tradition of the company. According to the company, the dividend will be paid to shareholders whose names are on its register as at the close of business last Friday.

Read more @ Thisday Live

GOVT’S LETHARGY TRAPS $720BN NIGERIA GAS FINDS

Nigeria’s huge gas finds with an estimated value of $720 billion have been left trapped and unproductive for decades, on account of  lethargy by a government that is unable to create the policy environment to turn this huge resource into prosperity dividend for the country and its people.

Read more @ The Businessday