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Nigeria’s national oil firm pledges to open books

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NIGERIA’s state oil company has not reported annual financial data on its profits, losses or spending for a decade. But eight months after the election of President Muhammadu Buhari, the Nigerian National Petroleum Corporation (NNPC), which oversees production of 1-million barrels of oil a day, has promised to come clean. On its official Twitter feed, the NNPC has begun posting ...

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Nigeria lifts suspension of MTN services

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MTN Group said Nigerian regulators had lifted a suspension on services to the cellphone firm, in an indication relations between the two sides are thawing, as they negotiate the payment of a record $3.9bn fine. The Nigerian Communications Commission “has lifted the suspension on regulatory services to MTN Nigeria”, the company said on Tuesday. The move allowed it to seek ...

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Nigeria: Abacha Loot – Switzerland Returns U.S.$723 Million to Nigeria in 10 Years

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The Swiss government has confirmed that it has so far returned $723 million (about N142.43 billion) of stolen funds ceased from the family of the late former head of state, Sani Abacha, to the Nigerian government over the last 10 years. The amount excludes $321million (about N63.24 billion) which the Swiss authorities recently said recently it was planning to repatriate ...

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Nigeria Targets 2030 to End Gas Flaring

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Abuja — The Federal Government will soon sign a global agreement on zero routine gas flaring that is targeted at ending flaring in 2030. Speaking at the opening of the African Petroleum Congress and Exhibition (CAPE VI) organized by the African Petroleum Producers Association (APPA) yesterday in Abuja, President Muhammadu Buhari, hinted that there were efforts at reducing gas flare ...

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Eurobonds hit after Ivory Coast attacks

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ABIDJAN — Ivory Coast’s Eurobonds fell on Monday after a terrorist attack on three hotels left 18 people dead added to the risks of investing in the world’s biggest cocoa producer. Militants linked to al-Qaeda gunned down 15 civilians and three soldiers in tourist hub Grand Bassam, Interior Minister Hamed Bakayoko said in Abidjan on Monday. The government had previously ...

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Nigeria: China Wants More of Nigeria’s Oil

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China has said it seeks more crude oil exports from Nigeria in spite of the recent changes in oil prices. Zao LingXiang, Economic and Commercial Counsellor of the Chinese Embassy in Nigeria, said this in an interview with the News Agency of Nigeria in Abuja. The total amount of export to China was only about one million barrels in 2015 ...

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Nigeria: FG to Stabilise Price of Rice By April

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The Federal Government said on Saturday that it would stabilise the price of rice from April to make it affordable to everybody in the country. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, made this known while declaring open the 2016 National wheat farmers field day in Alkamawa village in Bunkure Local Government of Kano state. Ogbeh said ...

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AU commends Ghana over decision to introduce visa-on-arrival for AU citizens

AU commends Ghana over decision to introduce visa-on-arrival for AU citizens

The Chairperson of the African Union Commission (AUC), Dr. Nkosazana Dlamini Zuma, has welcomed Ghana’s decision to introduce a visa-on-arrival policy for citizens of African Union Member States. The President of Ghana, H.E. John Dramani Mahama, announced the decision in his State of the Nations address to the Ghanaian Parliament on 25 February 2016. “With effect from July this year, ...

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Togolese reinsurer CICA-RE makes Kenyan market debut

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CICA-RE, a Togo-based reinsurer, has entered the Kenyan market hoping to replicate its success in Francophone Africa countries by using Nairobi as a launch pad into the east African region. The Nairobi office will act as a liaison under the guidelines of the Insurance Regulatory Authority (IRA) and will be required to become a subsidiary company within the next three ...

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Nigeria: Fuel Queues Persist as Oil Workers End Strike

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Oil workers yesterday suspended the day-old strike they embarked upon to protest a major restructuring at the Nigerian National Petroleum Corporation (NNPC). Fuel queues however persist in major cities across the country despite the suspension of the industrial action, Daily Trust findings showed. At major fillings stations yesterday, chaos reigned as motorists struggled to buy fuel. Soldiers were drafted to ...

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