Category: Africa
-
Nigeria: Shell Shuts Strategic Bonny Oil Export Facility
Nigeria’s oil and gas industry is again hurt as Shell said a fire incident has forced it to close a key oil pipeline feeding the country’s strategic Bonny Export Terminal, which militants attacked last week. The ongoing oil industry challenges are causing multinational oil companies billions of dollars. SBM Intelligence risk analysts estimate that renewed…
-
Malawi: Unregulated Promotion of Mining in Malawi Brings Hazards and Hardships
Nagomba E. is no longer young; her hip is giving her trouble and her back is stooped from years of bending over her corn and rice fields. Yet every morning, at the crack of dawn, the wiry 74-year-old sets out on a strenuous half-hour walk to fetch water from a nearby river so that her…
-
Nigeria: Kachikwu in Algiers, Says Oil Agreement On Sight
Minister of State for Petroleum Resources Ibe Kachikwu is in Algiers, Algeria where major oil producers will hold informal talks beginning from today. The minister on arrival told reporters, “Surely there will be agreement to freeze production.” He had said earlier that it was too early to comment on whether Nigeria would agree to an…
-
Kenya:Two-year relief for motorists as Treasury suspends VAT on fuel
Motorists have been handed a two-year relief with the deferment of value added tax (VAT) on petroleum products, which pushes forward fuel price increases to September 2018 at the earliest. The Finance Act 2016 assented to a week ago extended the exemption of the 16 per cent tax offering relief to motorists who had feared…
-
Kenya:Swiss firm on the spot over tax job
The validity of a tax management systems contract that the Kenya Revenue Authority (KRA) awarded a Swiss firm was thrown into doubt Tuesday after a procurement oversight agency told Parliament that it was based on fraudulent documents. The National Assembly’s Public Investments Committee (PIC) heard that SICPA Solutions SA Limited, the firm in the eye…
-
South Africa:MTN denies illegal transfer of $14 billion from Nigeria
South African telecoms giant MTN on Wednesday denied an allegation that it had illegally repatriated $13.92 billion from Nigeria, saying the claim was without merit. Lawmakers in the upper house of Nigeria’s parliament agreed on Tuesday to investigate the allegation that MTN, Africa’s biggest telecoms company, illegally transferred the money out of the West African…
-
Nigeria: State Determined to Stop Food Importation – President Buhari
Nigeria has the people and the resources to surmount her economic problems, President Muhammadu Buhari has assured. Receiving President of the African Development Bank, ADB, Akinwunmi Adesina, at State House, Abuja, on Monday, President Buhari said: “God has given us people and resources. It will take hard work on our part, but we will make…
-
Zimbabwe: Govt Secures U.S.$423 Million for New Agriculture Season
Government has secured $423 million to support the 2016/2017 agricultural season while negotiations are currently underway for a further $500 million, Finance and Economic Development Minister Patrick Chinamasa has said.”For the 2016/2017 agricultural season we are putting our money where our mouth is,” said Minister Chinamasa while launching the Zimbabwe Interim Poverty Reduction Strategy Paper…
-
Nigeria: Economy Loses N6.33 Trillion to Naira Devaluation
– Real debt stock hits N19tr Nigeria will spend an equivalent of its 2016 budget to service debts as its currency, the naira, continues to lose value against the United States dollar. Devaluation has put the real value of the country’s debt stock at around N18.9 trillion, when considered at the official rate of N307.79…
-
Tanzania: Local Companies Defend Tanesco
Three local companies have added their voice on Tanzania Electric Supply Company (Tanesco) move to seek annulment of International Centre for Settlement of Investment Disputes (ICSID) award for payments of 148.4 million USD to Standard Chartered Bank (Hong Kong) Limited (SCBHK). They are VIP Engineering and Marketing Limited, Independent Power Tanzania Limited (IPTL) and Pan…