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West Africa

Nigerian stocks rise 2.37 pct on new Cenbank forex window


Nigerian stocks rose by more than two percent on Monday after the central bank introduced a new policy to allow foreign investors to engage in foreign exchange trading at rates the buyers and sellers set. The market all share index rose in early trade by 2.37 percent, lifted by Dangote Cement, which accounts for a third of the market capitalisation. ...

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Nigeria needs reforms to hedge against future FX crisis – World Bank Africa economist


Nigeria needs to reform its finance to ensure it can hedge against any future currency crisis, the World Bank chief economist for Africa said on Wednesday. Albert Zeufack said currency adjustments could lead to higher inflation but continued monetary policy tightening would price pressures, adding that making fiscal adjustments in the West African country now in its second year of ...

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Nigeria: Local Content – Nigeria Retains $5bn of Yearly Spend in Oil and Gas Sector


The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote has disclosed that about $5 billion out of the $20 billion spent annually in Nigeria’s oil and gas is retained in-country as a result of seven years of implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010. Speaking in Lagos ...

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Nigeria: NERC Unveils Six Action Plans to Stabilise Power Sector


The new commissioners of the Nigerian Electricity Regulatory Commission (NERC), have outlined six areas the regulatory agency would focus on going forward to revive the fortunes of Nigeria’s privatised electricity market which is currently under immense operational stress. Coming almost two months after the inauguration of the board by the Minister of Power, Works and Housing, Mr. Babatunde Fashola, the ...

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Nigeria: ‘Missing’ Petrol Scandal: NNPC confirms Premium Times Report of Retirement of Top Officials


The Nigerian National Petroleum Corporation, NNPC, management on Thursday confirmed PREMIUM TIMES’ exclusive reports on the retirement of some of its top officials as a fallout of the recent N14 billion missing petrol scandal that rocked the national oil company. On Sunday, this newspaper exclusively reported that top officials indicted by a committee constituted to probe the scandal involving Capital ...

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Liberia: Coca-Cola Confirms Cummings’ U.S. Citizenship


Coca-Cola former executive and Liberian Presidential hopeful Alexander B. Cummings, Jr. has been listed as a bonafide citizen of the United States, a citizenship which he is yet to officially relinquish with barely six months to presidential and representative elections here. Mr. Cummings, currently standard bearer of the newly formed Alternative National Congress or ANC party is among a total ...

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Nigeria’s military destroys 13 illegal oil refineries


Nigeria’s military has revealed that it had destroyed 13 illegal refineries in the restive Niger Delta oil hub, in an operation in which two soldiers died in clashes with “sea robbers”. Military authorities say there are hundreds of illegal refineries in the region, which process stolen crude from oil company pipelines. The Nigerian government said last week that it plans ...

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Nigeria: NNPC, Customs, Others Shun U.S.$17 Billion Missing Oil Probe


The House of Representatives Ad-hoc Committee on the $17 billion missing from undeclared crude oil and liquefied natural gas exports to global destinations on Tuesday commenced its public hearing into the matter. Declaring the hearing open, the Speaker of the House, Hon. Yakubu Dogara, said incidence of missing oil money had become a recurring decimal in a sector which is ...

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Nigeria: Niger Delta Indigenes to Get Oil Blocks to Douse Tension


To douse tension in the oil-rich Niger Delta, the Federal Government plans to award to indigenes of the region marginal fields’ oil blocks abandoned by the oil majors as being not commercially viable. The plan is in line with the government’s larger objective of reducing major incidents of restiveness to about 90 per cent by next year. Over the years, ...

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Nigeria’s Mosimi oil depot resumes loading after almost one year


Nigeria’s Mosimi oil depot has resumed loading after almost a year, when a major pipeline was vandalised last May, the state oil company said on Monday. The resumption of loading could help the Nigerian National Petroleum Corporation (NNPC) cut losses that stemmed from the damage, as trucks had to drive from Lagos to replace the pipeline, said Maikanti Baru, group ...

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