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Nigeria’s new $1.5BN fertiliser plant boosts agriculture sector

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Nigeria’s acting president will open a $1.5 billion fertiliser plant in the southeastern city of Port Harcourt on Thursday, highlighting efforts by Africa’s largest economy to boost its agriculture industry. Nigeria has for decades been dependent on exports of oil to support its economy, but as global crude prices have dropped and production has been hit by militant attacks the ...

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Kenya: Forex reserves hit new low as CBK shores up the shilling

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Foreign exchange reserves have fallen to the lowest level since March 16 when it was at $6.973 billion (Sh724.56 billion), underlining increased activity by Central Bank of Kenya (CBK) to stabilise the shilling and debt payment. The CBK says in the latest weekly bulletin that the country’s forex reserves, largely in US dollars, dropped by 100 basis points week-on-week to ...

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Kenya: Release City Hall’s Sh1bn, KRA ordered

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City Hall has been allowed to pursue punishment of the Kenya Revenue Authority (KRA) boss John Njiraini for attaching Sh1 billion to recover disputed taxes despite a court order barring the same. Justice George Odunga has allowed City Hall to file a contempt of court application against the KRA after the taxman attached the sum despite an injunction stopping it ...

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Nigeria: Govt Adopts U.S.$11 Billion Dangote Refinery Under New Petroleum Policy

Aliko-Dangote

The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, will today, lead a strong government delegation to inspect the progress ...

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Nigeria: Half Year – Dangote Cement Records 12.6 Percent Sales Volume Increase Across Africa

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Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended June 30, 2017, posting a 12.6 per cent increase in sales volume across Africa. The financials released on the floor of the Nigerian Stock Exchange (NSE) indicated that the increase in sales volume showed a growing capture of Pan-African market as Dangote Cement continues ...

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Kenya: Safaricom rallies to Sh25 on dividend deadline

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Safaricom shareholders have enjoyed a Sh214 billion gain in their wealth this year after the telco’s share hit a new all-time high of Sh25 on Friday. The share price rally on the Nairobi Securities Exchange (NSE) saw the telecoms operator become the first listed company in Kenya to touch the Sh1 trillion mark in market valuation during trading. It has ...

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East Africa: IDB Capital enjoined in Imperial Bank asset row

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Development financier IDB Capital has been enjoined in a suit filed by Imperial Bank’s receiver managers to recover Sh34 billion from firms linked to the lender’s scam. IDB is seeking to free assets tied down by the court case as they were used as security for loans. IDB Capital had asked Justice Fred Ochieng to enjoin Imperial in the suit ...

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Nigerian Oil Workers Threaten Strike in Abuja

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The National Union of Petroleum and Natural Gas Workers has threatened to begin a strike in the Federal Capital Territory, FCT, over a dispute with Assets Management Company of Nigeria, AMCON. Addressing journalists in Abuja on Thursday after a National Executive Council meeting, Igwe Achese, NUPENG President, said the strike was inevitable because of three billion naira terminal benefits allegedly ...

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Nigeria: Retirement Savings Account Holders Rise By 96,346

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The total number of persons with Retirement Savings Account (RSA) in Nigeria increased by 96,346 to 7,589,936 workers under the contributory pension scheme as at the second quarter of 2017, compared with 7,493,590 registered in the first quarter of the year. They country’s total working population stood at 69,470,901 as at the fourth quarter of 2016. The National Bureau of ...

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