Category: West Africa
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Nigeria: Army Destroys 143 Illegal Refineries in N-Delta
The Nigerian Army destroyed 143 illegal refineries during its Operation Crocodile Smile in the Niger Delta region, Brigadier-General Hassan Hamisu has said. Similarly, the Nigerian Navy said that it has arrested four crude oil thieves who specialize in illegally refining crude oil into automotive gas oil, AGO, while 85 large drums of AGOs were destroyed…
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Nigeria: MTN Refutes U.S.$14 Billion Illegal Repatriation Allegation
MTN has hit back at allegations emanating from Nigeria’s senate that it illegally moved almost $14bn out of the West African country. The company is accused of repatriating the funds over 10 years starting in 2006, according to Dino Melaye, the politician who made the motion. The four banks involved in the alleged illegal transfers…
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Nigeria: Crude Oil Slumps One Day After OPEC Deal to Cut Output
Despite the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 200,000-700,000 barrels per day to achieve price recovery, oil prices fell yesterday after the gains recorded on Wednesday. This was just as Royal Dutch Shell on Thursday in Rio de Janeiro, Brazil, launched its “#makethefuture” programme, where it…
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Ivory Coast increases cocoa farmer price by 10 pct
Ivory Coast increased the minimum price farmers must get for a kg of cocoa beans for the 2016-17 crop by 10 percent to 1,100 CFA ($1.88), a government spokesman said on Wednesday, the first day of the new season. The world’s top cocoa producer recorded port arrivals of 1,565,000 tonnes of beans in 2015-16, down…
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Tanzania: Nigerian Firm Eyes 1.4trn/ – Power Project in Dar
Nigerian company, Egbin Power Plc, has expressed interest to invest 630 million US Dollars (about 1.4trn/-) in construction of a natural gasfired power plant in Tanzania. The major boost to the country’s power generation is the newest public-private partnership project expected to turn around the energy sector in the East African nation. Speaking to Tanzanian journalists…
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Nigeria: Galaxy Note 7 – Samsung Announces Voluntary Exchange Package for Local Customers
Samsung Electronics West Africa Limited has complied with the ultimatum given to it by the Consumer Protection Council (CPC), which required it to give a status report on the global recall of Galaxy Note 7 phone in Nigeria following reports of explosion of dozens of the device while charging. The company, which disclosed that the…
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Nigeria: Country On the Way Out of Recession – Finance Minister
Mrs Kemi Adeosun, the Minister of Finance, on Wednesday said that the nation was already getting out of recession, saying the Federal Government had taken steps that were in the best interest of the citizens. Adeosun disclosed this in her closing remarks at a two-day conference of National Council of Finance and Economic Development (NACOFED)…
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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…
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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…
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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…