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    Anene Peters, Editor Naija247news

    2532 POSTS
    Anene Peters is an intern with Naija247news Media. He's focus is on tech and science. He's a graduate of Abia State University with a major in Computer Science and Communications. You can contact him for press events on 0903 927 6505

    Nigeria’s economy can grow 10% a year, if… – Ex-CBN Director

    Sango-Ota (Ogun), April 8, 2021 Dr Titus Okunrounmu, former Director, Budgeting Department, Central Bank of Nigeria (CBN), says Nigeria’s economy can grow by...

    IMF urges NIgeria, SSA countries to close domestically tax revenues leakages to boost transparency, accountability to their citizens

    Abuja, April 8, 2021 The International Monetary Fund (IMF) has urged NIgeria and countries in Sub-Saharan Africa to do more domestically to increase...

    Non-OPEC supply to grow by 1mb/d in 2021- OPEC

    THE Organisation of Petroleum Exporting Countries, OPEC, has predicted that the Non-OPEC oil supply will grow by one million barrels per day, mb/d in...

    OPEC Expects Speedy Second Half Oil Demand Growth

    Crude Oil Price Movements Spot crude prices surged by more than 13% in February to their highest monthly average since January 2020. Oil prices were supported...

    Naira exchange rate to Dollar drips at official market

    Naira fell marginally against the U.S dollar at the I&E window of the foreign exchange market on Tuesday, data posted on the FMDQ Security...

    Vocational skill mismatch worsening Nigeria’s unemployment situation, LCCI analysts say

    Lagos, April 6, 2021 The Lagos Chamber of Commerce and Industry (LCCI) has realised that skill mismatch contributes to persistent worsening of the...

    Shareholders task companies to cut operational cost for better economy

    Ibadan, April 6, 2021 The Shareholders Association, Ibadan Zone, has urged companies in Nigeria to be decisive and cut operational costs to catalyze the...

    AIICO Insurance records N60.7bn gross premium for 2020

    Lagos, April 6, 2021 AIICO Insurance Plc has announced that it recorded N60.7 billion as its Gross Written Premium in its audited results for...

    Nigeria’s fuel import defies pandemic, rises by 17% to N2.01trn

    Abuja — Despite the COVID-19 pandemic, which ensured a slowdown in economic activities for a significant part of 2020, locally and globally, Nigeria’s...

    Fitch Rates Seplat’s New Notes Final ‘B-‘

    KEY ASSUMPTIONS - Oil price deck of USD58/bbl in 2021 and USD53/bbl until 2024 - Domestic gas prices of about USD2.9/mcf on average until 2024 - Upstream production ramping up to above 60kboe/d in 2023 - Dividends of about USD59 million a year up to 2024 Fitch's Key Assumptions for Recovery Analysis: - The recovery analysis assumes that Seplat would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated. - Seplat's post-reorganisation, going-concern EBITDA is estimated at around USD223 million, based on the current asset base. A drop in EBITDA to the going-concern level reflects risks associated with hydrocarbon price volatility, potential unplanned downtime and other adverse factors - We have applied a distressed enterprise value (EV)/EBITDA multiple of 4.5x to calculate a going-concern EV, reflecting a mid-cycle multiple for the natural resources sector in the EMEA region and the risks associated with the operating environment in the country of operation. - We assume a 10% administrative claim to be deducted from the going-concern EV - Our principal waterfall analysis assumes the USD350 million senior secured RCF and the USD100 million Eland RBL rank senior to Seplat's senior notes - Taking into account our Country-Specific Treatment of Recovery Ratings Criteria, our waterfall analysis generated a ranked recovery in the 'RR4' band, indicating a final 'B-' instrument rating. The waterfall analysis output percentage on current metrics and assumptions is 50%.

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