Category: Africa
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Nigeria: Govt Adopts U.S.$11 Billion Dangote Refinery Under New Petroleum Policy
The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, will today, lead a strong government…
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Nigeria: Half Year – Dangote Cement Records 12.6 Percent Sales Volume Increase Across Africa
Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended June 30, 2017, posting a 12.6 per cent increase in sales volume across Africa. The financials released on the floor of the Nigerian Stock Exchange (NSE) indicated that the increase in sales volume showed a growing capture of Pan-African…
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Kenya: Safaricom rallies to Sh25 on dividend deadline
Safaricom shareholders have enjoyed a Sh214 billion gain in their wealth this year after the telco’s share hit a new all-time high of Sh25 on Friday. The share price rally on the Nairobi Securities Exchange (NSE) saw the telecoms operator become the first listed company in Kenya to touch the Sh1 trillion mark in market…
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East Africa: IDB Capital enjoined in Imperial Bank asset row
Development financier IDB Capital has been enjoined in a suit filed by Imperial Bank’s receiver managers to recover Sh34 billion from firms linked to the lender’s scam. IDB is seeking to free assets tied down by the court case as they were used as security for loans. IDB Capital had asked Justice Fred Ochieng to…
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Nigerian Oil Workers Threaten Strike in Abuja
The National Union of Petroleum and Natural Gas Workers has threatened to begin a strike in the Federal Capital Territory, FCT, over a dispute with Assets Management Company of Nigeria, AMCON. Addressing journalists in Abuja on Thursday after a National Executive Council meeting, Igwe Achese, NUPENG President, said the strike was inevitable because of three…
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Egypt: IFC Board Approves Investment in World’s Largest Solar Photovoltaic Generation Park in Egypt
The Board of Executive Directors of IFC, a member of the World Bank Group, approved on July 20 an investment of $635 million that will help construct, operate and maintain up to 11 solar power plants in Egypt. The combined capacity of the plants amount to 500 megawatts. This will be one of the largest…
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Nigeria: Retirement Savings Account Holders Rise By 96,346
The total number of persons with Retirement Savings Account (RSA) in Nigeria increased by 96,346 to 7,589,936 workers under the contributory pension scheme as at the second quarter of 2017, compared with 7,493,590 registered in the first quarter of the year. They country’s total working population stood at 69,470,901 as at the fourth quarter of…
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Nigeria: Rice Importation Down By 80% – Osinbajo
Acting President Yemi Osinbajo has said Nigeria’s rice importation has dropped by over 80 per cent and that the country would be self-sufficient next year. Declaring open the 16th Conference of Speakers and Presiding Officers of the Commonwealth (CSPOC), Africa Region yesterday in Abuja, Osinbajo said the feat was achieved based on the collaborative efforts…
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Kenya: Processors avoid duty-free milk import window
The high cost of powdered milk in the international market has seen processors stay away from importation even after a duty waiver, forcing the government to extend the window by two months. Agriculture Cabinet Secretary Willy Bett says the extension is to allow processors seek competitive prices in alternative markets and ship in the 9,000…
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Kenyan products blocked as Tanzania ignores trade truce
The long-running cross-border trade spat between Kenya and Tanzania has resumed barely four days after the two countries signed a pact removing restrictions that had cost traders billions of shillings by the time it was resolved last Sunday. The Kenya Association of Manufacturers (KAM) yesterday said Tanzania had maintained a number of restrictions that existed…