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Nigeria: Abacha Loot – Switzerland Returns U.S.$723 Million to Nigeria in 10 Years

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The Swiss government has confirmed that it has so far returned $723 million (about N142.43 billion) of stolen funds ceased from the family of the late former head of state, Sani Abacha, to the Nigerian government over the last 10 years. The amount excludes $321million (about N63.24 billion) which the Swiss authorities recently said recently it was planning to repatriate ...

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Nigeria Targets 2030 to End Gas Flaring

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Abuja — The Federal Government will soon sign a global agreement on zero routine gas flaring that is targeted at ending flaring in 2030. Speaking at the opening of the African Petroleum Congress and Exhibition (CAPE VI) organized by the African Petroleum Producers Association (APPA) yesterday in Abuja, President Muhammadu Buhari, hinted that there were efforts at reducing gas flare ...

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Mozambique: Central Bank Holds Interest Rates Steady


Maputo — The Bank of Mozambique has opted to keep its key interest rates unchanged for at least the next month. A statement from the Bank’s Monetary Policy Committee, which met in Maputo on Monday, declared that “in light of the projections for inflation in the short and medium term, which continue to reflect the prevalence of factors of pressure, ...

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Rand tumbles as police challenge finance minister


South Africa’s rand plunged to its weakest in two weeks and bond yields jumped on Tuesday after police said they would exercise “constitutional powers” to push Finance Minister Pravin Gordhan to answer questions about a spy unit in the revenue service. By 23:30 the rand had tumbled 2.5% to 15.924 per dollar, just shy of the crucial 16.00 mark it hit ...

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Zuma appeal to business bodes well for AB InBev-SAB beer merger


Of all the countries whose regulators need to approve Anheuser-Busch InBev NV’s purchase of SABMiller, only one is flirting with a potential junk-bond rating. It’s South Africa. The country’s troubles, from a gyrating currency to a flip-flopping government, may be good news for the maker of Budweiser as President Jacob Zuma tries to restore good relations with business. The policy ...

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Total to build pipeline from Ugandan oil fields to port off Tanzania


TOTAL has funds to build a pipeline linking oil fields in landlocked Uganda with a port on Tanzania’s Indian Ocean coast, the Tanzanian government said, after its president met an official from the French company. Total’s vice-president for East Africa, Javier Rielo, “assured President John Magufuli that the company will begin construction of the crude-oil pipeline project from Uganda to ...

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Eurobonds hit after Ivory Coast attacks


ABIDJAN — Ivory Coast’s Eurobonds fell on Monday after a terrorist attack on three hotels left 18 people dead added to the risks of investing in the world’s biggest cocoa producer. Militants linked to al-Qaeda gunned down 15 civilians and three soldiers in tourist hub Grand Bassam, Interior Minister Hamed Bakayoko said in Abidjan on Monday. The government had previously ...

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Enterprise Mauritius team in SA


MAURITIAN business representatives descended on Durban on Monday, and will be in Johannesburg later this week, to promote the country’s trade opportunities in textile manufacturing, accessories, jewellery, and agricultural products. The Enterprise Mauritius team said it was already talking to big chains, such as Mr Price, Ackermans and Reebok about manufacturing in the Indian Ocean country. The same group was ...

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Angola’s crude output tied up to pay for big loans


Angola has found itself with a dwindling amount of crude to sell as more of its oil flows to China for debt repayment, leaving little revenue for anything from oil-sector development to healthcare in one of Africa’s largest oil-exporting nations. Following a trend also seen in Iraq, Kazakhstan, Russia and Venezuela, Angola has tied up more of its output in ...

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Four-million Zimbabweans need food aid resulting from drought


HARARE — The number of Zimbabweans requiring food aid has risen to four million, up from three million initially, a state-owned newspaper said on Tuesday, as the country grapples with its worst drought in more than two decades. An El Nino-induced drought has hit Zimbabwe hard and last month it appealed for $1.6bn in aid to help pay for grain ...

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