Nigeria has received over $30 billion in foreign direct investments over the past year as a result of the administration of Bola Tinubu’s numerous reforms.
The president made this revelation on Tuesday during his 64th Independence Day commemoration speech.
The administration of Tinubu also outlined its commitment to free enterprise, free admission, and free exit from the investment sector according to a Channels TV report.
He said:
In light of this, President Tinubu stated that ministerial permission for the ExxonMobil/Seplat divestiture will come in a few days.
According to him, the agreement was reached in compliance with the Petroleum Industry Act (PIA) by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The acquisition of ExxonMobil Nigeria’s offshore shallow water operations was the subject of the agreement between Exxon Mobil Corporation and Seplat.
But with regard to the sale of these assets, the Nigerian National Petroleum Company Limited (NNPCL) made the decision to exercise its Right of First Refusal (RFR).
TimesNow.com.ng earlier reported that the market capitalisation of banking equities listed on the Nigerian Exchange decreased by around N1.62 trillion after the Central Bank of Nigeria ordered the nation’s banks to recapitalise.
Deposit Money Banks were instructed in March to recapitalise by the Central Bank of Nigeria.
According to the CBN circular, this round of recapitalisation will only recognise the share capital and share premium items on the shareholder fund component of the balance sheet.
Source: TimesNow.com.ng
