Author: citibusinessnews
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Nigeria: Abacha Loot – Switzerland Returns U.S.$723 Million to Nigeria in 10 Years
The Swiss government has confirmed that it has so far returned $723 million (about N142.43 billion) of stolen funds ceased from the family of the late former head of state, Sani Abacha, to the Nigerian government over the last 10 years. The amount excludes $321million (about N63.24 billion) which the Swiss authorities recently said recently…
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CAL bank’s profit swells despite economic challenges
CAL bank’s profit for 2015 increased by 16 percent despite the economic challenges the country experienced in 2015. CAL bank was one of few bank’s who survived the difficult terrain in 2015 as compared to its counterparts in the sector. [contextly_sidebar id=”s7eEff7OkuvR7GjIiSf9CiDxafHCK46d”]Industry players had predicted that the challenges including the power crisis, cedi depreciation, forex…
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Nigeria Targets 2030 to End Gas Flaring
Abuja — The Federal Government will soon sign a global agreement on zero routine gas flaring that is targeted at ending flaring in 2030. Speaking at the opening of the African Petroleum Congress and Exhibition (CAPE VI) organized by the African Petroleum Producers Association (APPA) yesterday in Abuja, President Muhammadu Buhari, hinted that there were…
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Mozambique: Central Bank Holds Interest Rates Steady
Maputo — The Bank of Mozambique has opted to keep its key interest rates unchanged for at least the next month. A statement from the Bank’s Monetary Policy Committee, which met in Maputo on Monday, declared that “in light of the projections for inflation in the short and medium term, which continue to reflect the…
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Rand tumbles as police challenge finance minister
South Africa’s rand plunged to its weakest in two weeks and bond yields jumped on Tuesday after police said they would exercise “constitutional powers” to push Finance Minister Pravin Gordhan to answer questions about a spy unit in the revenue service. By 23:30 the rand had tumbled 2.5% to 15.924 per dollar, just shy of the…
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Zuma appeal to business bodes well for AB InBev-SAB beer merger
Of all the countries whose regulators need to approve Anheuser-Busch InBev NV’s purchase of SABMiller, only one is flirting with a potential junk-bond rating. It’s South Africa. The country’s troubles, from a gyrating currency to a flip-flopping government, may be good news for the maker of Budweiser as President Jacob Zuma tries to restore good…
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Cedi stability is good for businesses – Capital Bank CEO
The Managing Director of Capital Bank, Fitz Gerald Odonkor has hinted that the sudden drop of the cedi was unexpected but however, believes it will bounce back soon and will not affect businesses activities negatively. Mr. Odonkor however, stated that the stability of the cedi and power issues has made a tremendous impact on business…
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Ogilvy Ghana appoints new MD
Communications consultancy group, Ogilvy and Mather Ghana Limited, has appointed Akua Brayie Owusu-Nartey as its new Managing Director. Her appointment will see her spearhead the enhancement of the capabilities of Ogilvy Ghana and its staff as well as the expansion of the company’s client base, growth in revenues and further improved marketing reputation. A statement…
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Total to build pipeline from Ugandan oil fields to port off Tanzania
TOTAL has funds to build a pipeline linking oil fields in landlocked Uganda with a port on Tanzania’s Indian Ocean coast, the Tanzanian government said, after its president met an official from the French company. Total’s vice-president for East Africa, Javier Rielo, “assured President John Magufuli that the company will begin construction of the crude-oil…
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Eurobonds hit after Ivory Coast attacks
ABIDJAN — Ivory Coast’s Eurobonds fell on Monday after a terrorist attack on three hotels left 18 people dead added to the risks of investing in the world’s biggest cocoa producer. Militants linked to al-Qaeda gunned down 15 civilians and three soldiers in tourist hub Grand Bassam, Interior Minister Hamed Bakayoko said in Abidjan on…