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MarketScreener Homepage  >  Equities  >  Nigerian Stock Exchange  >  TOTAL Nigeria Plc    TOTAL   NGTOTAL00001

TOTAL NIGERIA PLC

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Nigerian oil reform bill to pass 'within six months' - House speaker

11/17/2020 | 12:19pm EST

ABUJA, Nov 17 (Reuters) - Nigeria's House of Representatives will pass a long-delayed oil reform bill within six months, its speaker said on Tuesday, potentially paving the way for an overhaul of laws governing the country's oil and gas industry.

The reforms have been in the works for nearly two decades and President Muhammadu Buhari sent the latest effort to the National Assembly in late September.

The legislation looks to revise laws governing Nigeria's oil and gas exploration which have not been fully updated since the 1960s because of the contentious nature of any change to oil taxes, terms and revenue-sharing.

Oil executives have said reforms are key for Nigeria to attract investment in an era of low oil prices and a shift away from fossil fuels.

The government had aimed to pass the reforms by mid-summer.

House Speaker Rep. Femi Gbajabiamila said the House will pass the bill "within the next six months, or probably less."

But he said the Oil Producers Trade Section, an industry group that includes international companies such as Total and Chevron as well as local companies such as Aiteo and Oando , told him that the bill in its present form, "doesn't provide the environment for future investments."

Gbajabiamila said the group took issue with a variety of provisions, including sections on royalties, tax, how to handle state oil company NNPC's outstanding liabilities and the segregation of the upstream and downstream, among other complaints. (Reporting by Camillus Eboh. Editing by Jane Merriman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -0.30% 91.73 Delayed Quote.8.62%
LONDON BRENT OIL -0.22% 55.24 Delayed Quote.8.61%
OANDO PLC -3.43% 3.38 End-of-day quote.-8.65%
TOTAL NIGERIA PLC 0.00% 143 End-of-day quote.10.00%
TOTAL SE -0.70% 36.22 Real-time Quote.2.61%
WTI -0.19% 52.161 Delayed Quote.10.00%
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Financials
Sales 2020 238 B 629 M 629 M
Net income 2020 1 566 M 4,14 M 4,14 M
Net Debt 2020 - - -
P/E ratio 2020 31,0x
Yield 2020 1,89%
Capitalization 48 552 M 128 M 128 M
Capi. / Sales 2020 0,20x
Capi. / Sales 2021 0,19x
Nbr of Employees 439
Free-Float 38,0%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 4
Average target price 112,73 NGN
Last Close Price 143,00 NGN
Spread / Highest target 21,8%
Spread / Average Target -21,2%
Spread / Lowest Target -40,7%
EPS Revisions
Managers and Directors
NameTitle
IMRANE Barry Managing Director & Director
Stanislas Mittelman Chairman
Felix Majekodunmi Non-Executive Director
Tejiro Ibru Non-Executive Director
Ahmed Rufa'i Sirajo Non-Executive Director
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