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Nigeria: MTN Nigeria Sacks 280 Long-Serving Workers, Others


In one fell swoop, South African telecoms firm, MTN, on Friday sacked 280 of its employees in Nigeria, in a major job cut that affected about 15% of the company’s entire Nigerian workforce. Those affected by the move include some 200 permanent employees and about 80 contract staff across various cadres, ranging from new graduates to senior managers, multiple sources ...

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Nigeria: Finding opportunities where others fear to tread


A few years ago investors were very excited about investing in Africa outside of South Africa. People spoke of Africa rising, the growing middle class, financial deepening, less reliance on commodities etc. Now the popular refrain is, “How do I get my money out?” The “Get me out” sentiment applies both to corporates that invested in plant and machinery and ...

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Ivory Coast cocoa farmers should raise output, quality – President


Ivory Coast President Alassane Ouattara urged cocoa farmers to raise production and quality and said a 40 percent fall in global cocoa prices this season had hurt the nation’s economy and budget. Bumper crops in Ivory Coast, the world’s top producer, and other countries have sent prices tumbling this season. Ivory Coast has slashed its 2017 budget due to the ...

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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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