Category: West Africa
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Africa’s two biggest economies likely out of recession
Africa’s two biggest economies likely emerged from recession in the second quarter but strong growth won’t show up until business confidence is restored, a Reuters poll suggested on Friday. Nigeria and South Africa have both benefited from a recovery in commodity prices since early 2016, though not as much as their main trading partners –…
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Nigeria’s Buhari delighted that economy is improving
Nigerian President Muhammadu Buhari, back at the helm after prolonged sick-leave, said he was delighted by the way Africa’s biggest economy was improving after briefings from ministers and the central bank, his office said on Monday. Nigeria, the continent’s most populous country, is in its second year of recession and has been contending with a…
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Kenya presidential election cancelled by Supreme Court
Kenya’s Supreme Court has annulled the result of the country’s recent presidential election. Citing irregularities, the Supreme Court said a new poll should be held within 60 days. The election commission had declared incumbent President Uhuru Kenyatta the winner of last month’s election. But opposition candidate Raila Odinga claimed that the commission’s IT system had…
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Nigerian Investor Sets Up $135 Million Commodities Exchange
A Nigerian startup is developing a new agricultural commodities exchange in Africa’s most populous country to take advantage of the government’s efforts to boost farming output to reduce reliance on oil. The exchange, Integrated Produce City Ltd., will be located near the southern city of Benin, about 300 kilometers (186 miles) east of Lagos, Nigeria’s commercial…
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Nigeria: Zenith Bank makes provision on 30% of its 9mobile loan: executive
Nigeria’s Zenith Bank has made a provision on 30 percent of its loan to 9mobile, the country’s fourth largest telecoms group formerly known as Etisalat Nigeria, the bank’s chief executive said on Monday. “We have taken about 30 percent as a provision which we believe is very prudent as the company is undergoing restructuring ……
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Nigeria to permanently seize ex-oil minister’s $37.5 million property
Nigeria has been told by a court it can permanently seize a $37.5 million apartment block owned by a former oil minister who is wanted for money laundering. The property belongs to former petroleum minister Diezani Alison-Madueke, who was in office between 2011 and 2015. It had previously been seized temporarily. Alison-Madueke’s whereabouts are unclear,…
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Nigeria: 57 Streets Write Ikeja Electric – No Pre-Paid Metres, No Bill Payment
“No Light No Bill,” “Total Darkness, Crazy Bills, Why?” “Don’t We Have the Right to Express Our Rights?” “We Want Prepaid Metres,” were some of the inscriptions displayed by protesting residents of Onipanu, Odi-Olowo/Ojuwoye LCDA of Lagos State at the headquarters of Ikeja Electricity Plc, weekend. The residents of about 57 streets in the area,…
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Nigeria: I’m Not Under Probe, I Transformed Nigeria’s Aviation Sector – Stella Oduah
A former Minister of Aviation, Stella Oduah, says she is unaware of any probe by the Economic and Financial Crimes Commission, EFCC, on any matter allegedly concerning her. She was reacting to media report that she had been invited by the anti-graft agency for questioning over a N225 million bullet-proof BMW allegedly purchased her when…
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Nigeria’s Forte Oil in talks on refinery deal to boost capacity
Nigeria’s Forte Oil said on Friday it was in talks with a major refinery to form a strategic partnership for local refining of petroleum products in Africa’s top oil exporter, its chief executive said. Nigeria has been pushing to refurbish its decrepit refineries, as the country is still mainly dependent on exporting crude oil for…
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Nigeria to legalize mini refineries, supply them with crude
Nigeria will legalise currently outlawed mini refineries in the Niger Delta oil hub by the end of the year and supply them with crude at a reasonable price, the presidency said on Thursday, fulfilling demands from community leaders. On Monday, Niger Delta leaders threatened to pull out of peace talks with the government unless their…