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MTN proposes to pay $1.5bn to settle Nigeria penalty


MTN has proposed to pay 300 billion naira ($1.5bn) to settle a record $3.9bn fine in Nigeria for missing a deadline to disconnect unregistered subscribers, according to a document handed to reporters in the Nigerian Senate. Africa’s biggest mobile-phone company made the offer in order to settle a dispute that has been running since the fine was first imposed by ...

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Mahlab, African Billionaire Review Boosting Investments in Egypt


The Egyptian Embassy in Abuja said in a statement late Monday, 7/3/2016 that the Presidential Assistant for national projects Ibrahim Mahlab had talks – during his visit to Nigeria on March 4-6 – with Nigerian mogul Aliko Dangote. The talks tackled investment potentials in Egypt, especially in the real estate sector, as well as means of enhancing Egyptian-Nigerian cooperation in ...

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Algeria Not ‘In Bankruptcy,’ Despite Drop in Oil Prices


Prime Minister Abdelmalek Sellal said Wednesday that Algeria is not “in bankruptcy, adding that the country has “important assets” allowing it to face the fall in oil prices in world markets. Sellal made the comment in a statement to APS on the sidelines of a working and inspection visit to Annaba (600-km east of Algiers). According to the Prime minister, ...

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South Africa’s Eskom to spend $21 bln on new power plants in next five years

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South Africa’s Eskom will increase its capital expenditure by 44 percent to 324 billion rand ($21 billion) over the next five years to build new power stations, the state-owned company said on Wednesday. The cash-strapped state-owned utility also said it had 85 billion rand of funding, representing nearly all of the capital needed, for 2016 and 2017 in a presentation ...

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Nigeria-MTN dispute has not affected relations between the countries – Zuma


South Africa’s President Jacob Zuma said the MTN fine in Nigeria has not caused tensions between the two countries and that it was being exaggerated, he said in a one-on-one interview with CNBC Africa. The President of Africa’s most advanced economy was in Nigeria by invitation of President Muhammadu Buhari on a two-day official visit. Mobile operator MTN was served ...

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Algeria Supports Saudi-Russian Oil Freeze, to Participate in Producing Countries Meeting


Algeria supports the recent decision Saudi Arabia and Russia to freeze production, and will participate in the forthcoming meeting between OPEC member countries and non-OPEC countries, said Wednesday in Algiers Energy minister Saleh Khebri. “Algeria supports all decisions which allow recovering stability of the oil market. Even if this is not enough, freezing (production) is a first step as it ...

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NSE-listed firms to reveal reasons for exit of board members in new code


Companies listed on the Nairobi bourse will now have to disclose the reasons behind the exit of their board members and top managers such as chief executives and chief finance officers, as per fresh rules gazetted by the capital markets regulator. The Capital Markets Authority (CMA), in a new detailed corporate governance code, has set the rule in a bid ...

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Rating cut looms as Moody’s flags risks


SA HAS been put on notice for a downgrade by Moody’s Investors Service, and Finance Minister Pravin Gordhan and other government leaders will next week have to convince the agency otherwise with concrete plans to avert such a step. Until recently Moody’s had been the most upbeat among rating agencies about SA, but said yesterday it would downgrade if it ...

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Kenya’s mining sector attractiveness slightly up, shows global report


The local mining sector’s attractiveness has slightly improved, according to the latest survey by Canadian think-tank Fraser Institute. The Fraser Institute 2015 survey has ranked Kenya 103 out of 109 jurisdictions that were covered. It was ranked 121 out of 122 in the 2014 report due to insecurity and ‘poor’ mining policies. ‘Poor’ policies especially the proposed mining laws and ...

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Zimbabwe signals shift in compensation plan for seized farms


Zimbabwe plans to start compensating mainly white farmers who lost their land and livelihoods during state-backed farm invasions that began in 2000 and triggered a near decade-long recession, the Finance Ministry said in a circular distributed to lawmakers. Farmers may be compensated for “both land and improvements,” as well as equipment acquired by the state during the often violent seizure ...

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