| Africatime
Tuesday 28 March 2017
(Bloomberg 03/03/17)
Nigeria’s anti-graft agency filed new charges against Royal Dutch Shell Plc and Eni SpA, alleging the companies “corruptly” paid $801 million in 2011 when acquiring an offshore oil field. The European oil majors gave that sum to former Nigerian oil minister Dan Etete, his Malabu Oil & Gas Ltd. and others in relation to the purchase of Oil Prospecting License 245 and “thereby committed an offence,” according to documents from the Federal High Court in Abuja. “Eni reaffirms the correctness of its conduct within the acquisition of the license,” the Italian oil producer said in an emailed statement on Friday. The company said it hasn’t been notified of any charges relating to the deal. The latest charges come after a...
(AFP (eng) 03/03/17)
Former Nigerian football supremo Amos Adamu on Friday blamed what he said was the FIFA "mafia" for his two-year ban from the game for ethics violations. Adamu, who sat on the world governing body's executive committee and was West African Football Union president from 2008-10, was excluded from all football-related activity from February 28. The 62-year-old was previously handed a three-year ban in 2010 for accepting bribes in relation to the bidding process for the 2018 and 2022 World Cups. Adamu claimed the exclusions were a settling of scores because of internal politics and infighting linked to previous competitions and the running of the Confederation of African Football (CAF). "It's the work of the mafia. We're dealing with the mafia.....
(Premium Times 03/03/17)
The Presidency on Thursday replied the former Central Bank of Nigeria, CBN, Chukwuma Soludo, who accused the Buhari administration of worsening the state of Nigeria’s economy since it took over almost two years ago. Mr. Soludo said the government had not shown sufficient seriousness in addressing the nation’s terrible economic situation. Speaking in Enugu on Thursday at an interactive Forum, titled “Big Ideas Podium”, organised by the African Heritage Institution, Mr. Soludo said the present administration had made the economy several times worse than it met it in May 2015. “Nigeria is now, some say, a fragile state; some say a failed state. It is not going to be a tea-party to come out; but unfortunately, we are not taking...
(Xinhuanet 03/03/17)
Three suicide bombers were killed in an attempted attack in Nigeria's northeastern city of Maiduguri on Friday, an official said. One of them detonated an explosive device by a stationed fuel tankers early Friday along Damboa road, Abdulkadir Ibrahim, a regional spokesperson for the National Emergency Management Agency (NEMA), told Xinhua. Two other fuel tankers were also burnt as a result of the explosion, Ibrahim said. He said the bodies of the three suicide bombers have been evacuated by emergency workers, and that the fire had been brought under control.
(Bloomberg 03/03/17)
Polar Star Management Ltd., which runs one of the best-performing African and Middle East hedge fund over the past five years, plans to start a private-equity unit that will invest in agriculture to exploit rising demand for food. The Cape Town-based firm plans to use its own money to buy small farms and processing companies in South Africa this year, then increase efficiency through consolidation and better management, said Murray Derksen, a director at Polar Star. It aims to raise 1.5 billion rand ($115 million) for the fund, which may also buy commodities such as grains, while targeting an internal rate of return of 8 percent to 12 percent, he said. “We looked at the increase in corn demand globally,...
(AFP (eng) 03/02/17)
Some 7,000 people have fled from villages around the northeast Nigerian town of Chibok because of Boko Haram attacks, the International Organization for Migration (IOM) said on Wednesday. The IOM said an estimated 4,449 people or 740 households have fled to Chibok itself since February 25, "seeking safety following attacks or threats of attacks in some neighbouring villages". "These movements are in addition to the estimated 300 people who fled to Chibok town around February 10," it added in a briefing document seen by AFP. "The staff also report that approximately 2,000 individuals fled from Kaya village, near Chibok town, to (the nearby town of) Damboa recently, in search of safety." Boko Haram's Islamist insurgency has left at least 20,000...
(AFP (eng) 03/02/17)
As a traditional ruler, the Emir of Kano is expected to dispense sage advice in matters temporal and spiritual to his legions of followers across Muslim-majority northern Nigeria. Like his counterparts dotted across the vast country of 180 million, he is the proud guardian of the past and the customs that define his people. But Muhammad Sanusi II has also set himself up as a progressive social reformer, shaking up long-held views and practices on marriage, including polygamy, to make unions fairer -- and safer. For more than a year, a team of clerics and experts assembled by the 55-year-old emir has been working to end abuse in family life, he revealed last Sunday. The 670-page document seeks to codify...
(AFP (eng) 03/02/17)
UN Security Council envoys on Thursday travel to Africa's Lake Chad region, where famine, the Boko Haram insurgency, climate change and poor governance have collided to create one of the world's worst humanitarian crises. The 15 ambassadors from the UN's top decision-making body hope to draw global attention to the emergency affecting 21 million people across four countries: Nigeria, Chad, Cameroon and Niger. The visit could also pave the way to stronger action by the Security Council to address what has been a largely ignored crisis, relegated to the bottom of the diplomatic agenda as war in Syria and South Sudan escalated. British Ambassador Matthew Rycroft said the visit will "shine a spotlight of international attention on the humanitarian crisis"...
(Bloomberg 03/02/17)
Nigeria’s economy shrank for a fourth consecutive quarter in the three months through December and contracted for the whole year, the first such move since 1991. Gross domestic product in Africa’s most-populous country declined 1.3 percent in the quarter from a year earlier, after shrinking 2.2 percent in the previous three months, the National Bureau of Statistics said in an e-mailed statement Tuesday. The median of 10 economist estimates compiled by Bloomberg was for the economy to shrink by 1.4 percent. GDP contracted 1.5 percent for all of 2016. It was the first full-year drop in 25 years, according to International Monetary Fund data. Lower prices and output of oil, Nigeria’s biggest export, cut government revenue by about half and...
(Reuters (Eng) 03/02/17)
Suspected militiamen have kidnapped five workers at Banro Corp's Namoya gold mine in eastern Democratic Republic of Congo, the company said on Thursday, in the second attack on its facilities in a month. The attack took place during the night of Tuesday into Wednesday and an investigation is underway, Crispin Mutwedu, a senior Banro official, told Reuters, adding that a local militia had been threatening the mine recently. The hostages included a French national, a Tanzanian and three Congolese, he said. New York and Toronto-listed Banro's four gold mines in eastern Congo have been plagued both by illegal miners squatting on site and by armed groups - some of the dozens of militias that remain active despite the official end...
(BBC News Africa 03/02/17)
Nigerian Emmeka Uhanna, 47, is a shop-owner in South Africa's economic hub Johannesburg. He tells the BBC's Pumza Fihlani that he is worried following the recent xenophobic attacks in parts of the city and wants the government to intervene for the sake of all Africans. I've been living in South Africa since 1997, my wife is South African and we have two children, aged 14 and 16. My wife is worried about what future our children will have if the xenophobic attacks become the norm. We don't know how to explain the hatred against Nigerians to our families, to our children. This is the third round of attacks against foreigners; one was in 2008 where people were killed, again in...
(AFP (eng) 03/02/17)
A film raging against colonialism and the exploitation of Africa wowed viewers at the continent's top cinema festival Wednesday, winning shouts of approval at a screening packed to bursting point. "The African Storm" tells the story of an African president who nationalises businesses run by racist, cynical Western executives. Directed and produced by its Beninese star Sylvestre Amoussou, it tackles several hot-button issues including an exit from the CFA franc currency, closer ties with Russia and China as opposed to the West, criticism of the International Monetary Fund and World Bank, and pride in being African. One of 20 feature-length movies on show at the Panafrican Film and Television Festival (Fespaco) in Burkina Faso's capital Ouagadougou, the movie was punctuated...
(Leadership 03/01/17)
Indications that the country’s economy may be on its way out of recession emerged yesterday, following the release of the 2016 overall and last quarter Gross Domestic Product (GNP) reports by the Nigeria Bureau of Statistics (NBS), which showed some signs of recovery. The NBS report revealed that the nation’s GDP figures for the fourth quarter of 2016 contracted by -1.3 per cent, an improvement over the -2.24 per cent contraction of the third quarter of last year. Some economists said the development showed that the nation was on the path of recovery. The fourth quarter figure translates to estimated economic growth rate of -1.51 per cent for the full year, meaning that the Nigerian economy performed better overall last...
(Premium Times 03/01/17)
The Chairman, Senate Committee on Petroleum Resources (Upstream), Omotayo Alasodadura, on Tuesday said there was no law backing the establishment of the proposed Development Bank of Nigeria, DBN. The senator was speaking during a panel discussion on the topic ‘‘How will New Legislation and Policy Develop the Oil and Gas Industry’’ at the ongoing Nigerian Oil and Gas (NOG) 2017 conference in Abuja. During the discussion, the Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Simbi Wabote
(Reuters (Eng) 03/01/17)
When protesters marched on Nigeria's presidential villa earlier this month to complain about a biting recession, they were not repelled by baton-wielding policemen, the usual fate for anyone arriving uninvited at the gate of the country's power center. Instead, Vice President Yemi Osinbajo, who is standing in for the country's sick leader, sent a vehicle to ferry the protest leaders to his office, where they complained about widespread corruption. In a frank admission, Osinbajo acknowledged the government had failed to make as much progress fighting graft as it had hoped. "We hear you loud and clear," he told the protesters. President Muhammadu Buhari has been in London for six weeks on medical leave
(Leadership 03/01/17)
The federal government has said it is targeting an investment of $10 billion every year on infrastructure for the next five years in the nation’s oil and gas industry. This, it pointed out, is to enable it achieve the country’s new crude oil production benchmark of three million barrels per day (MBPD) by 2020. Consequently, a total of $50 billion would be needed cumulatively to achieve the new target, even as the current production level is said to have risen to 2.1 million barrels per day from an all-time low of 1.3million barrels per day recorded in the beginning of 2016 as a result of attacks on oil facilities by Niger Delta militants as well as vandalism. Minister of State...
(AFP (eng) 03/01/17)
Nigeria looks likely to back Confederation of African Football president Issa Hayatou for re-election, despite the personal preferences of the head of the country's football association. Sports minister Solomon Dalung told a meeting of the Nigerian Football Federation (NFF) executive committee they would vote in "Nigerian interest" at next month's vote. Long-time CAF boss Hayatou is seeking another term of office but NFF president Amaju Pinnick has said his preferred candidate was Madagascar's Ahmad Ahmad. Dalung indicated that by "Nigerian interest", he meant the country's neighbour Cameroon, from where Hayatou hails, according to people at the behind-closed-doors meeting in Abuja on Tuesday. The minister and four top Nigerian officials on CAF committees distanced themselves from Pinnick's comments and heaped praise...
(Bloomberg 03/01/17)
MTN Group Ltd. has been having a tough time of it in Nigeria, its most lucrative market. Protesters last week vandalized the company’s headquarters in the capital, Abuja, in retaliation for xenophobic attacks on Nigerians in South Africa, singling it out among more than 100 other Johannesburg-based businesses. It suffered its first-ever loss last year after Nigeria’s regulator forced it to pay a $1 billion fine and disconnect 4.5 million customers for missing a deadline to cut off unregistered subscribers. And in October, a lawmaker’s accusation of illegal money transfers sent its stock price crashing. Now, Africa’s biggest mobile-phone operator is moving closer to a listing on the Nigerian exchange, a move that could help it regain goodwill among Nigerians...
(Leadership 03/01/17)
Dangote Cement Plc yesterday disclosed that following continuous increase in its production capacity, it has finally ended the era of Nigeria’s dependence on importation as the company exported 0.4 million tons of the product to other countries in 2016. Also, the board of directors of the company declared a dividend of N8.50 per share to its shareholder for its financial year ended December 31, 2016. In its 2016 full year audited results presented on the floor of the Nigerian Stock Exchange (NSE) in Lagos yesterday, Dangote Cement sold 8.6 million metric tons of cement outside Nigeria, which is 54 per cent more than what was sold in 2015. The export is significant given that the nation used to be a...
(Xinhuanet 02/28/17)
The Nigerian government on Monday allayed fears on the health status of President Muhammadu Buhari who has been on medical vacation in the United Kingdom for more than one month, saying he is "neither critically ill nor in a life-threatening situation." The country's Minister of Information and Culture Lai Mohammed said there was no cause for alarm on the president's prolonged stay in London when he addressed a town hall meeting in the southeastern state of Abia. " I can say here very boldly and confidently that there is absolutely no cause for alarm," said Mohammed who disclosed he spoke with the president via telephone last Saturday. He added: "If Mr. president is in the hospital or is critically ill,...

Pages