PLUMMETING CRUDE OIL PRICES HIT NIGERIAN FIRMS’ BALANCE SHEET

Tumbling oil prices have hit the earnings of Nigeria’s indigenous energy companies, in one of the first tangible signs of how the oil supply glut is reverberating across the global economy.

For instance, indigenous oil firm, SEPLAT Petroleum Development Company Plc, reported a fall in revenue and profit in the first nine months of 2015 as a substantial lift in production was not enough to offset the large fall in oil prices.

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