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NEWS YOU CAN TRUST I **TUESDAY 11 DECEMBER 2018 I VOL. 15, NO 200 I N300
ANALYSIS
A tale of two companies: How NLNG can point a way forward for NNPC DIPO OLADEHINDE
A
fter over Ten years, the case of Nigeria National Petroleum Corporation (NNPC) and Nigeria Liquefied Natural Gas (NLNG) is like the case of a big brother who now relies on the junior brother for life. Unlike NNPC which is a cash cow to the government, NLNG has raised funds for its projects, from a combination of shareholders loans, internally generated revenue and third-party loans as the company has grown from one to a six-train operation with capacity of 22 million tons per annum and is on the verge of achieving two more trains for its operation. Not only has the NLNG fully paid without default the $5.45 billion taken from its shareholders to build its six existing LNG trains, the company now has an asset base of over $11 billion dollars and generated over $90 billion in revenues. “The junior brother (NLNG) has responsible friends that keep him on track. Left to their father, he will be as irresponsible as his
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Market I&E FX Window CBN Official Rate Currency Futures
($/N)
FGN BONDS
TREASURY BILLS
Spot ($/N)
3M
365.03 306.90
0.01 15.12
NGUS FEB 27 2019 365.25
6M
5Y
-0.18 14.34
0.00
15.28
NGUS MAY 29 2019 365.70
10 Y 20 Y 0.05 -0.03 16.01
15.62
NGUS NOV 27 2019 366.60
g
Buhari’s approval rating hits 4-year low A CHRIS AKOR, Lagos, & OWEDE AGBAJILEKE, Abuja
monthly job approval rating survey, which gauges public support for the president, conducted by NOI polls shows that President Muhammadu Buhari’s approval
As PDP condemns FG’s invasion of Atiku’s sons’ home Growth remains sluggish with Q3 GDP up 1.81%
- See special GDP report on pages B1-B4
ratings has hit a four year low, dropping to 36 percent in Oc-
tober 2018 from a high of 80 percent in October 2015.
Disapproval ratings stood at 50 percent while 14 percent were
Continues on page 35
Continues on page 35
Inside MMA2 not indebted to FAAN – BASL P. 34
Akinwande Ademosu (m), managing director, Credit Direct Limited (member of FCMB Group plc), flanked from left by Hakeem Belo-Osagie, chairman, Metis Capital Partners; Akinwunmi Ambode, governor, Lagos State; Fola Ogunsiakan, president, Harvard Business School Association of Nigeria (HBSAN), and Ladell Robins, vice president of the association, during the HBSAN Annual Black Tie event held at the weekend.