Category: West Africa

Nigeria’s central bank will try to eliminate the currency black market, where the naira trades about 40 percent below the official rate against the dollar, Nigeria’s finance minister said on Tuesday. Africa’s largest economy, dependent on oil exports, is in its first recession in 25 years as low global crude prices take their toll. The…

IMF chief Christine Lagarde convicted over payout

Dec 19, 2016

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in Asia, Europe, Middle East, Southern Africa, Top Stories, US, West Africa

A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence but did not hand down any punishment. As French finance minister in 2008, she approved an award of €404m ($429m; £340m) to businessman Bernard Tapie for the disputed sale of a firm. Lagarde, who always denied wrongdoing, was not present in…

US charges Nigerian with role in cyber scam targeting thousands

Dec 19, 2016

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A Nigerian man is facing U.S. charges that he participated in scams targeting thousands of victims globally in which company executives or vendors were impersonated in emails directing employees to make large wire transfers. David Chukwuneke Adindu, 29, pleaded not guilty in Manhattan federal court on Wednesday to charges including wire fraud, prosecutors said, more…

Nigeria’s President Buhari delivers $24 billion budget for 2017

Dec 15, 2016

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Nigeria’s President Muhammadu Buhari on Wednesday presented a record 7.298 trillion naira ($24 billion) budget for 2017 to lawmakers which is aimed at pulling Africa’s biggest economy out of its first recession in 25 years. The budget, which Buhari said marked an increase of 20.4 percent on last year’s spending plan, seeks to boost spending…

Nigeria: How Govt, CBN Policies Cripple Activities At the Nation’s Ports

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The recent hike in the import duties of vehicles and rice as well as the introduction of a fish quota system by the administration of former President Goodluck Jonathan are taking a toll on activities at the nation’s ports, THISDAY investigation has revealed. Also, the restriction of 41 items from accessing the official foreign exchange…

Nigeria: Govt Launches N13 Billion Mortgage Loan Scheme for Workers

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The federal government yesterday launched a N13 billion Federal Civil Servants Mortgage Loan Refinancing Scheme powered by the Nigeria Mortgage Refinance Company Plc (NMRC). Speaking at the launch in Abuja, the minister of Finance, Mrs. Kemi Adeosun, said 5,635 Federal Civil Service staff would benefit at the first instance. She said the scheme was a…

Tanzania: Mtwara Port Buoyed Up By Arrival of Dangote Trucks

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Regional authorities are upbeat over the prospects of increased business and revenue after 1,115 trucks imported by Nigerian business mogul Aliko Dangote docked at the Mtwara Port at the weekend. “This is a good beginning as we open up economic opportunities for the region,” said Acting Regional Commissioner Khatibu Kazungu who witnessed the docking of…

Oil deal will stick as ‘everybody is hurting’ – Nigeria’s oil minister

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As OPEC and non-OPEC nations agreed to jointly cut oil production in a landmark global pact on Saturday, Nigeria’s oil minister told CNBC he believed there is more than enough incentive for all involved to adhere to the deal. Eleven oil producing countries, that are not members of OPEC, said on Saturday they are to cut production by…

Nigeria: President Buhari – 2017 Budget Will End Recession

Dec 12, 2016

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