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MTN proposes to pay $1.5bn to settle Nigeria fine

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MTN Group has proposed to pay 300 billion naira ($1.5 billion) to settle a record $3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers that the government claims included Boko Haram Islamist insurgents. Africa’s biggest wireless operator made the written offer, comprised of cash installments, bond purchases and network access, to the Nigerian government on February 24, ...

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Worst SA drought to cut citrus exports in 2016

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 South Africa’s worst drought in a century will reduce the citrus harvest this year and result in smaller- sized oranges that are harder to sell, according to an industry body. Production of navel oranges and soft-citrus fruits from the Western Cape province is forecast to record a “slight reduction,” Justin Chadwick, chief executive officer of the Citrus Growers’ Association, said ...

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Renewable Energies – Call for Investors in Summer 2016

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Minister of Energy Saleh Khebri has said a call will be made next summer for investors to carry out the National Programme for Renewable Energies, to be preceded by the holding, in May, of an Algerian-European forum on renewable energies and energy efficiency. An invitation to investors for the implementation of the programme “is under preparation and will be launched ...

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Oil Workers End Strike After Govt Pledges No Job Cuts

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Nigerian unions on Thursday ended a day-old strike against the revamp of the beleaguered state oil firm after a minister promised there would be no job cuts. The strike, launched on Wednesday, came amid spiralling oil prices due to a domestic shortage and was called by the Petroleum and Natural Gas Senior Staff Association of Nigeria and the Nigeria Union ...

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Nigerian policy-maker advised central bank to devalue naira: MPC minutes

A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

A member of Nigeria’s central bank monetary policy committee(MPC) has said the naira should be devalued and allowed to trade within a band, saying that the fixed exchange rate would not work alongside a planned rise in government borrowing. Adedoyin Salami, an academic, said the naira was 10-percent over-valued and voted to move the exchange rate band to plus or ...

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Rwanda beats expectations with financial inclusion findings

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Financial exclusion has dropped from the 21 per cent in 2012 to 11 per cent in 2015/2016, meaning that 89 per cent of Rwandan adults now use financial products and 5.2 million people in the country are financially included, according to the 2016 FinScope survey. According to Laure Beaufils, Country Representative, DFID: “FinScope is a survey which measures the demand ...

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MTN proposes to pay $1.5bn to settle Nigeria penalty

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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

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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

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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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