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Nigeria: Zenith Bank makes provision on 30% of its 9mobile loan: executive

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Nigeria’s Zenith Bank has made a provision on 30 percent of its loan to 9mobile, the country’s fourth largest telecoms group formerly known as Etisalat Nigeria, the bank’s chief executive said on Monday. “We have taken about 30 percent as a provision which we believe is very prudent as the company is undergoing restructuring … to prepare for a new ...

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Nigeria to permanently seize ex-oil minister’s $37.5 million property

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Nigeria has been told by a court it can permanently seize a $37.5 million apartment block owned by a former oil minister who is wanted for money laundering. The property belongs to former petroleum minister Diezani Alison-Madueke, who was in office between 2011 and 2015. It had previously been seized temporarily. Alison-Madueke’s whereabouts are unclear, but she was last known ...

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Nigeria: 57 Streets Write Ikeja Electric – No Pre-Paid Metres, No Bill Payment

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“No Light No Bill,” “Total Darkness, Crazy Bills, Why?” “Don’t We Have the Right to Express Our Rights?” “We Want Prepaid Metres,” were some of the inscriptions displayed by protesting residents of Onipanu, Odi-Olowo/Ojuwoye LCDA of Lagos State at the headquarters of Ikeja Electricity Plc, weekend. The residents of about 57 streets in the area, on the platform of Concerned ...

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Nigeria’s Forte Oil in talks on refinery deal to boost capacity

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Nigeria’s Forte Oil said on Friday it was in talks with a major refinery to form a strategic partnership for local refining of petroleum products in Africa’s top oil exporter, its chief executive said. Nigeria has been pushing to refurbish its decrepit refineries, as the country is still mainly dependent on exporting crude oil for imports of refined products. It ...

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Nigeria to legalize mini refineries, supply them with crude

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Nigeria will legalise currently outlawed mini refineries in the Niger Delta oil hub by the end of the year and supply them with crude at a reasonable price, the presidency said on Thursday, fulfilling demands from community leaders. On Monday, Niger Delta leaders threatened to pull out of peace talks with the government unless their demands were met by Nov. ...

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Nigerian economy to grow 0.8% this year, but risk remains: IMF

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Nigeria is expected to emerge from recession this year, but threats to recovery remained elevated and the economy will not grow enough to reduce unemployment and poverty, the International Monetary Fund said on Wednesday. Nigeria slipped into a recession last year as low crude prices and oil production slashed government revenues, caused dollar shortages and crippled its economy. The Fund ...

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Nigeria: Dangote sells $236M stake in cement firm to foreign buyers

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Nigeria’s Dangote Industries Limited has sold a 2.3 percent stake in Dangote Cement to foreign buyers in a stock market deal valued at 86.1 billion naira ($236 million). The stock exchange confirmed the Tuesday’s sale, adding that a total of 416 million shares of Dangote Cement were traded at 210 naira in six off-market deals negotiated between Stanbic IBTC and ...

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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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