Tuesday 21 November 2017
(AFP (eng) 11/21/17)
US authorities have arrested Hong Kong's former home affairs secretary and the ex-foreign minister of Senegal for leading a multimillion dollar bribery scheme in Africa on behalf of a top Chinese energy company, with some deals arranged in the halls of the United Nations. US officials announced Monday that former Senegalese top diplomat Cheikh Gadio and Hong Kong's Patrick Chi Ping Ho sent huge bribes to high-level officials in Chad and Uganda to secure business advantages for the Chinese company. The company was not identified in the announcement or the complaint filed in New York federal district court, but details in the complaint pointed to CEFC China Energy, the Shanghai-based rising star of China's energy...
(AFP (eng) 11/20/17)
Nigeria's economy continued its recovery from recession, rising 1.4 percent in the third quarter of this year on increased oil production, official data showed Monday. The National Bureau of Statistics (NBS) said it was the second quarter of consecutive growth since the country emerged from recession. "This growth is 3.74 percentage points higher than the rate recorded in the corresponding quarter of 2016 (-2.34 percent) and higher by 0.68 percentage points from the rate recorded in the preceding quarter (of 2017)," it said. The agency said daily oil production rose in the third quarter, averaging 2.03 million barrels per day (bpd), compared to 1.87 million bpd in the preceding quarter.
(Reuters 11/17/17)
Nigeria and Kenya will both leave monetary policy unchanged next week, a Reuters poll forecast, as inflation in the former is not yet tame enough while an interest rate cap in the latter limits policymakers’ room for manoeuvre. All 15 analysts polled this week said rates would be held at 14.0 percent in Nigeria and 10.0 percent in Kenya. Nigerian inflation is slowing but remained high at almost 16 percent year-on-year in October while by contrast, Kenya is ripe for...
(Reuters (Eng) 11/14/17)
ABUJA (Reuters) - Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move. The money is designed to plug a large gap in Nigeria’s finances that stems in part from the global fall in oil prices. Nigeria’s economy grew in the second quarter, climbing out of its first recession in 25 years, but the pace of growth was slow suggesting that the recovery remains...
(APA 11/14/17)
Nigeria’s Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that the country recovered over $64.63 million debts from electricity supply to Benin Republic and Niger Republic. Img : Nigeria recovers over $64m electricity debts from Benin, Niger Republics – Minister Nigeria supplies electricity to the two countries in line with the agreement that they won’t dam the River Niger that sustains the hydro-power plant at the Kainji Dam in northern Nigeria. Fashola, told the 21st monthly power...
(APA 11/14/17)
Nigeria, Senegal and Cape Verde dominate the West African hotel pipeline with 77 percent of the total planned hotel rooms. W Hospitality Group’s 2017 Hotel Chains Pipeline report shows that hotel groups need tackle lengthy development periods in West Africa, according to a press release issued by API Events and seen by APA Tuesday. West Africa has been at the heart of the continent’s growth and economic transformation in recent years. Notwithstanding the sharp slowdown experienced in 2016 and 2017,...
(Reuters (Eng) 11/14/17)
KIGALI (Reuters) - The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant governments have not allowed foreign airlines to...
(APA 11/13/17)
APA-Rabat (Maroc) - Une trentaine d’entreprises marocaines se rendront à Lagos du 14 au 16 novembre pour une mission de prospection, indique Maroc Export, initiatrice de ce voyage d’affaires. Cette mission, qui concernera les secteurs des BTP et matériaux de construction, de l’électrique, des énergies renouvelables, des TIC et du pharmaceutique, aura pour objectif le renforcement des échanges commerciaux avec ce pays d’une part et le développement d’un partenariat gagnant-gagnant basé sur les complémentarités entre les entreprises marocaines et leurs...
(AFP (eng) 11/10/17)
A Nigerian judge on Thursday ordered the seizure of a flat linked to the former head of the country's National Intelligence Agency, after more than $43 million in cash was found during an anti-corruption raid. Judge Saliu Seidu, sitting at the Federal High Court in Lagos, said the apartment in the upmarket Ikoyi area of the city should be temporarily forfeited to the government, pending any challenge within 14 days. Acting on a tip-off, agents from Economic and Financial Crimes Commission raided the property on April 12 this year and discovered just under $43.5 million (37.4 million euros, £33.1 million).
(AFP (eng) 11/10/17)
UN Deputy Secretary-General Amina Mohammed faced accusations from an advocacy group on Thursday that she granted illegal permits to Chinese firms to import endangered Nigerian timber when she was Nigeria's environment minister. Documents provided by Mohammed were used by Chinese importers to clear more than $300 million worth of rosewood logs held up by Chinese border authorities for months, according to the Environmental Investigation Agency (EIA), a Washington-based environmental campaigning organization. The EIA said its investigation had found that Nigerian...
(AFP (eng) 11/08/17)
Moody's Investors Service on Tuesday cut the rating on Nigeria's government debt, saying the country has been slow to address its heavy dependence on oil. The agency downgraded the debt rating to B2 from B1, citing the failure to find ways to expand the government's revenue base. "The authorities' efforts to address the key structural weakness exposed by the oil price shock by broadening the non-oil revenue base have so far proven largely unsuccessful," the agency said in a statement...
(AFP (eng) 10/31/17)
Developing economies such as Nigeria, India, Thailand and El Salvador have made the largest strides in improving their business climates while New Zealand and Singapore retained their top ranks for ease of doing business, the World Bank said Tuesday. In an annual report on 190 countries' efforts to encourage investment and job creation by cutting red tape and reforming regulations, the global lender also said Sub-Saharan Africa was again the region which saw the most progress -- but countries there...
(Bloomberg 10/31/17)
Russia has signed agreements with Nigeria to build and operate a nuclear power plant in the oil-rich West African nation that has a deficit of reliable power and faces security challenges by Islamist militants in the far northeast. Feasibility studies for the plant and a research center construction will include site screening, capacity, financing, and time frames of the projects, state-owned Russian nuclear company Rosatom said in an emailed statement. Representatives from the firm and the Nigeria Atomic Energy Commission...
(Reuters (Eng) 10/31/17)
HARARE (Reuters) - Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders. The IMF said a...
(Xinhuanet 10/19/17)
Nigeria had started a process of reducing the cost of cancer drugs by 50 percent in hospitals through direct procurement to ensure availability of quality and cost-effective chemotherapy agents in the country, an official said Wednesday. Speaking at a symposium on Breast Cancer in southwest city of Akure, Isaac Adewole, the Minister of Health, said the government will establish dedicated cancer chemotherapy wards in nine federal tertiary institutions across the country. Adewole added that the center would be provided with...
(AFP (eng) 10/18/17)
Rent-a-room giant Airbnb said Tuesday that it had provided accommodation for 1.2 million visitors to Africa over the last year -- double the previous year as tourism expands across the continent. The website now offers more than 100,000 accommodation options in Africa, global public affairs director Chris Lehane said on a visit to Johannesburg. "It's an incredibly rich and diverse continent, an incredibly dynamic place, certainly a big part of our future," Lehane told AFP. Airbnb was founded in 2008...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive...
(AFP (eng) 10/12/17)
A Nigerian court has ordered the permanent seizure of properties worth some $7 million from the country's former oil minister, who is facing a slew of corruption claims. Judge Abdulaziz Anka, sitting at the Federal High Court in Lagos, on Wednesday ordered the forfeiture of properties in Lagos, Abuja and Port Harcourt. The houses and apartments, valued at 2.6 billion naira and bought through front companies, were linked to Diezani Alison-Madueke and her cousin, Donald Chidi Amamgbo. Anti-corruption investigators found documents at Amamgbo's office that he owned some 18 companies and properties in Britain and the United States, the court has heard. He told Nigeria's Economic and Financial...
(APA 10/12/17)
APA – Lagos (Nigeria) - The Fund however, commended Nigeria for the recent reforms aimed at reducing infrastructure gap in the country, adding that it was in support of the measures. The Assistant Director, Fiscal Affairs Department of the IMF, Mrs. Catherine Pattillo, who gave the warning on the sidelines of the release of the Fiscal Monitor Report by the Fund in Washington on Wednesday, said: “The concern in a number of oil exporters is that unless there is action...
(APA 10/12/17)
APA – Lagos (Nigeria) - The Federal High Court in Lagos presided over by Justice Abdulaziz Anka on Wednesday ordered the permanent forfeiture of 56 houses linked to a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke. The order followed the granting of an application by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) seeking permanent forfeiture of the property. The EFCC argued that the property sought to be attached were bought by the former oil minister for...

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