Category: Africa
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Oakbay Investments responds to Finance Minister Pravin Gordhan’s affidavit
Oakbay Investments has responded to the affidavit filed by South Africa’s Finance Minister, Pravin Gordhan earlier on Monday. Mr Gordhan’s affidavit said he did not believe there was any bona fide opposition to his application for a declaratory order confirming that he could not intervene in a dispute between Oakbay Investments and the four banks and…
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S.A:Petrol users to pay more next month
The retail price of petrol in South Africa will rise by 2 percent from Feb. 1, and the price of wholesale diesel will go up by 1.8 percent, the energy department said on Friday. The price of 95 octane petrol will rise by 29 cents to 13.62 rand per litre and 93 octane by an…
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Nigeria court orders temporary transfer of Shell & Eni oilfield
A Nigerian court has ordered the temporary forfeiture of assets and the transfer of operations of a long-disputed oilfield owned by Shell and Eni, among others, to the federal government, court papers released on Thursday showed. The court orders will last until Nigeria’s anti-corruption agency concludes an investigation into how the current owners acquired oil…
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Rand falls on cabinet reshuffle report; stocks down
South Africa’s rand weakened on Friday, hurt by a stronger dollar and by media reports that President Jacob Zuma was considering firing ministers who opposed him and backed calls for his resignation. Stocks also ended lower, led by financials such as Barclays Africa Group and FirstRand. At 1512 GMT, the rand traded at 13.4600 per…
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East-Africa:Portland Cement’s AGM aborts after auditors fail to show up
The annual general meeting (AGM) of East African Portland Cement Company (EAPCC) Friday aborted after the company’s auditors failed to show up. The AGM, held at the company’s Club House, required the presence of the office of the Auditor-General or its appointee Deloitte East Africa to proceed. Auditors usually confirm their opinions on a company’s…
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Nigeria: Govt Orders Release of N150 Billion to Oil Marketers
The Federal Government has ordered the payment of N150 billion to independent oil marketers across the country. A move by the government to douse threats of abridging steady supply of petroleum products within the nation. Chief of Staff to President Muhammadu Buhari, Abba Kyari gave the order at a meeting he had with key players…
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Oil truckers dispute with ERC sparks fuel shortage in Nairobi
Petrol stations in Nairobi and its environs reported fuel shortage caused by the standoff between oil transporters and the Ministry of Energy over the implementation of the law requiring trucks to only operate during daytime. Motorists in Nairobi and Kiambu on Wednesday complained of fuel shortage even as truckers remained cagey on the way forward…
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Nigeria: Fitch Downgrades Country’s Rating to Negative
International rating agency, Fitch Ratings yesterday revised the outlook on Nigeria’s long-term foreign and local currency issuer default ratings (IDRs) to negative from stable, putting it at ‘B+’. By this, Fitch is telling international investors that the country’s debt offer is subject to speculations (uncertainty) and moving towards a non-investment grade. A credit rating is…
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Nigeria, S.A keep rates on hold
South Africa’s central bank kept its benchmark repo rate unchanged at 7 percent on Tuesday, in line with expectations, saying the near-term outlook of inflation has deteriorated while the domestic growth outlook remained constrained. All 27 economists polled by Reuters expected the repo rate to be kept on hold. Below are comments from South African…
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Mombasa Cement to build 36 MW wind farm in Kilifi
Mombasa Cement is set to build a 36 megawatt (MW) wind farm in Kilifi for its own use and sale to Kenya Power. The project, which consists of 12 turbines of 3MW each, will cost an estimated Sh260 million, according to regulatory filings submitted by the cement manufacturer. The wind park will be build on a…