Saturday 21 October 2017
(Reuters (Eng) 04/16/13)
The Nigerian operation of United Arab Emirates phone operator Etisalat ETEL.AD plans to invest $500 million to expand its network this year, its commercial officer said on Thursday. Wael Ammar also told the Reuters Africa Investment Summit that the company plans to use local banks to finance future network expansion and growth in the coming years. The new investments will enable the mobile phone carrier grow the market share of Etisalat Nigeria, which is 40 percent owned by its parent company, to 17 percent this year, he said. It aimed to add four million subscribers to its existing 15 million this year, he said. The company currently has a mobile market share of 15 percent, behind MTN (MTNJ.J)'s 43 percent...
(Reuters (Eng) 04/15/13)
Sub-Saharan Africa's economic growth should accelerate to more than 5 percent over the next three years, far outpacing the global average, but the region must do more to convert this into reducing poverty, the World Bank said on Monday. In its latest Africa's Pulse analysis of prospects for the region, the bank saw increased investment, high commodity prices and a pick-up in the global economy driving this expected growth surge in the world's poorest continent. It said foreign direct investment (FDI) inflows to Sub-Saharan Africa were projected to increase to record levels each year over the next three years, reaching $54 billion by 2015. This compared to $37.7 billion in 2012, a 5.5 percent increase in a year when FDI...
(Reuters (Eng) 04/10/13)
Carlyle Group (CG.O) is looking at a number of banks in east and west Africa for a potential investment, its Africa co-head said on Wednesday, as the U.S. private equity firm focuses on the continent's growing consumer market. Carlyle, which last year invested in a pan-African grain trading firm, has recently signed a second deal, Marlon Chigwende also told the Reuters Africa Investment Summit. "Banking is very interesting today, and that is the general statement across a lot of sub-Saharan Africa," Chigwende told the Reuters Africa Investment Summit in Johannesburg. "Certainly, there are several opportunities of fast-growing banks, good management teams, interesting market positioning." Although private equity is still at a nascent stage in Africa, investor interest in the fast-growing...
( 04/10/13)
The Africa Development Bank (AfDB) has launched a a multi-country and multi-partner project which seeks to increase food security and improve the income and living standards of small-holder farmers in the 20 African countries by improving the value chains of four important staple crops – maize, wheat, cassava and rice. The project targets to demonstrate by 2016, that it is possible to increase the yields of cassava, maize, rice and wheat by at least 20% on smallholders’ farms, increase the smallholder’s household cash income to $600 from the current $370 and increase food security by at least 20% to 84% from the present 73%. According to media statement from the implementing agency, International Institute of Tropical Agriculture (IITA), key stakeholders...
(BBC News Africa 04/10/13)
Nigeria's security forces have recovered the bodies of 11 of the 12 policemen killed in the oil-rich Niger Delta on Friday, police have said. Some of the bodies had been mutilated and burnt beyond recognition, AFP news agency quoted witnesses as saying. Last week, a militant group said it would it resume attacks after its leader, Henry Okah, was jailed for a bombing campaign in 2010. The oil-rich region is vital to Nigeria's economy. However, many people are poor, fuelling resentment towards the national government and oil companies. At the weekend, the Movement for the Emancipation of the Niger Delta (Mend) said it had ambushed a police boat in the creeks and waterways of Bayelsa state, killing the policemen. Police...
(Reuters 04/09/13)
In the time it takes to read this article, Nigeria will have added 50 people to its population, or about 11,000 a day. While some see these new consumers feeding an engine of prosperity, others fear they will create a crisis of poverty and unrest. By 2050, the global Population Reference Bureau (PRB) projects it will be the world's fourth most populous country, with 400 million people - just less than the projected figure for the United States, but with only a tenth of its territory. While Africa's most populous nation has long had business leaders salivating over its potentially huge market, especially retailers of fast-moving consumer goods, it is not clear whether it can turn a growing population -...
(The Associated Press 03/28/13)
LAGOS, Nigeria (AP) -- A British man abducted in Nigeria's largest city has been released by his kidnappers, a police spokeswoman said Thursday, as other foreigners have been kidnapped in the country's commercial capital in recent days. The release of the British citizen comes after three Lebanese citizens were also kidnapped. Abductions of foreigners remains common in Nigeria for political reasons or cash ransoms, but such kidnappings remain rare in Lagos and could spark more fears among investors and workers in a nation facing increasing insecurity with extremist attacks across its north. The man, who authorities said was abducted Saturday likely while coming home from a nightclub in Victoria Island, was freed unharmed, said Ngozi Braide, a Lagos state police...
(Reuters (Eng) 03/27/13)
Clashes between rival ethnic groups in central Nigeria killed at least 27 people on Wednesday, witnesses said, in a region straddling the country's largely Christian south and mostly Muslim north that is prone to civil unrest. Witnesses said armed Fulani herdsmen attacked the villages of Da Jak and Attakar in Plateau state in the early hours, spraying residents with automatic gunfire and torching houses. "They came at night and overran the village. They were shooting people, just murdering, and burned down the houses," villager Dung Sati told Reuters. "Many of my kinsman have stayed away because they are homeless now." On his return he counted 27 bodies, he said. Another witness who fled the scene of the attack, Pam Samuel,...
(Reuters (Eng) 03/26/13)
"BRICS, Don't Carve Africa" reads a banner in a church hall in downtown Durban where civil society activists have gathered to cast a critical eye at a summit of five global emerging powers. The slogan evokes the 19th Century conference in Berlin where the predominant European colonial states carved up the African continent in a scramble historians see as epitomizing the brash exploitative capitalism of the time. Decades after Africans threw off the colonial yoke, it is the turn of the blossoming BRICS group of Brazil, Russia, China, India and South Africa to find their motives coming under scrutiny as they proclaim an altruistic-sounding "partnership for development, integration and industrialization" with Africa. Led by that giant of the emerging powers,...
(Reuters (Eng) 03/26/13)
A South African court sentenced suspected former Niger Delta rebel leader Henry Okah to 24 years in jail on Tuesday for masterminding two deadly car bombings in the Nigerian capital in 2010, officials said. The bombs killed at least 10 people during Independence Day celebrations in Abuja. Okah was convicted in January on 13 counts, including conspiracy to commit terrorism and detonating explosives. Okah, who denies any leadership role in the Movement for the Emancipation of the Niger Delta (MEND), moved to South Africa after Nigeria issued an amnesty for members of the guerrilla group in 2009, lifting charges of gun-running and treason against him. The South African court tried Okah under counter-terrorism laws that cover crimes committed outside the...
(Reuters (Eng) 03/26/13)
President Barack Obama hosts the leaders of four African nations this week, all of which are cited in a new report for effectively increasing spending on agriculture to combat extreme poverty and hunger. The report by the ONE Campaign, an anti-poverty group co-founded by Irish rockers Bono and Bob Geldof, said Senegal, Malawi, Cape Verde and Sierra Leone either met or were close to meeting targets for increased budget spending on agriculture. All of the countries, except Cape Verde where there is little data, are also on track or close to meeting a U.N. target of halving extreme poverty by 2015, the report said. The African leaders will visit the White House on Thursday to showcase their fledgling democracies, but...
(The New York Times 03/26/13)
BEIJING — As President Xi Jinping of China continues his first overseas trip as his country’s leader, arriving in South Africa late on Monday after Russia and Tanzania, he meets with much goodwill – but also some concern among Africans that China may be a “new colonial power,” extracting resources and selling manufactured goods, as I reported on Sunday. China knows it. In a speech in Tanzania, Mr. Xi sought to calm the concerns, as my colleagues Chris Buckley and Jeffrey Gettleman reported. “China frankly faces up to the new circumstances and new problems in Sino-African relations,” Mr. Xi told an audience of Tanzanian politicians and officials in Dar es Salaam, the country’s economic hub and a center of government,...
(The Zimbabwe Mail 03/22/13)
NIGERIA’S stock market regulator said it has suspended Ecobank from all capital market activities because of irregularities surrounding a loan. Ecobank runs a subsidiary in Zimbabwe, previously Premier Finance Group which it acquired in December 2010 after injecting $10 million for recapitalisation which gave it 70% ownership. The Securities and Exchange Commission (SEC) of Nigeria said an Ecobank client Arian Capital Management had used capital from another company without that company’s permission as collateral for a loan from Ecobank. After suspending Arian, the SEC said it had asked Ecobank for an explanation, but the bank did not reply. “The suspension is as a result of the role played by the bank in a complaint by Avil Services Ltd relating to...
( 03/19/13)
Activities on the Nigerian Stock Exchange (NSE) for the second consecutive day ended on the bullish trend on Tuesday with the All-Share Index appreciating by 0.17 per cent. The News Agency of Nigeria (NAN) reports that the index rose by 55.21 points to close at 33,298.74 against the 33,247.53 achieved on Monday. Similarly, the market capitalisation appreciated by N18 billion or 0.17 per cent to close at N10.66 trillion compared with N10.64 trillion posted on Monday. Lafarge WAPCO topped the gainers' table with a gain of N3.79 to close at N76.79 per share. Okomuoil came second with N2 to close at N59 while Cadbury gained N1.40 to close at N35.10 per share. Nigerian Breweries and CAP rose by 91k each...
( 03/19/13)
Five bidders have so far paid a total of $156.50 million to the Federal Government being the mandatory 25 per cent of the bid value of the PHCN Successor Companies they have indicated interest to acquire. A statement from the Bureau for Public Enterprises (BPE) indicated that Amperion Power Company Limited, the preferred bidder for Geregu Power Plc has paid $33 million, Integrated Energy Distribution & Marketing Company, the preferred bidder for Ibadan and Yola Distribution Companies paid $42.25 million and USD$14.75 million for Ibadan and Yola Discos respectively, NEDC/KEPCO, the preferred bidder for Ikeja Distribution Company, $ 32.75 million; and West Power & Gas, the preferred bidder for Eko Distribution Company $33.75 million. This is coming ahead of the...
(Reuters (Eng) 03/14/13)
Catholics in Africa and Asia on Thursday greeted the election of Pope Francis from Argentina as a historic breakthrough that would pump the developing world's vital energy into a struggling Church and amplify the voice of the planet's poor. While there was disappointment that Pope Benedict's successor did not come from the African or Asian continents, Cardinal Jorge Bergoglio's Third World origins spurred hopes of a kindred spirit among Catholics from Manila to Maputo. Argentina, in Latin America's southern cone, is as far from Africa and Asia as Europe, the prime source of previous pontiffs. But these rapidly developing southern continents of the globe, where poverty still looms large, are now home to the world's fastest growing Catholic communities. African...
(Reuters (Eng) 03/13/13)
Nigeria's President Goodluck Jonathan has pardoned a former state governor convicted in 2007 of stealing public funds and money laundering, the presidency said on Wednesday, a move which in principle allows him to re-enter politics. Anti-corruption campaigners say sentences handed down to powerful politicians who steal tens of millions of dollars are too soft, and often compare favorably with those handed to petty thieves and robbers. Diepreye Alamieyeseigha, ex-governor of Nigeria's oil producing Bayelsa state, was sentenced to two years jail in 2007 on charges of corruption and money laundering, but freed days later because he had already been in detention for that long. He was originally arrested in London in 2005, but he skipped bail and escaped back to...
(Nigershowbiz 03/12/13)
Nigeria’s external trade index decreased by 4.3 per cent to about N28 trillion in 2012 compared to about N29 trillion in the previous year, the National Bureau of Statistics (NBS) has said. Despite the decrease in the value of trade recorded by the country, it recorded visible trade surplus as the value of export exceeded imports in the period under review. The NBS, in its Foreign Trade Statistics, which was released yesterday, said the change in external trade index was caused by a 43.1 per cent decrease in the value of imports which fell to about N5.6 trillion in 2012 from about N9.8 trillion the preceding year. However, the value of exports increased by 15.5 per cent to N22.4 trillion...
(Nigerian Tribune 03/12/13)
A 53- year old grandmother, has been apprehended at the Nnamdi Azikiwe International Airport (NAIA), Abuja. She was arrested at the weekend by operatives of the National Drug Law Enforcement Agency (NDLEA) following the discovery and seizure of 1.00kg of white powdery substance that tested positive for cocaine hidden inside her hair. According to a press statement issued by the spokesman for the anti-drugs agency, Mr. Mitchel Ofoyeju stated that the suspect, Giwa Ayoka Sikirat concealed the drug in her beautiful hair style while trying to board an Ethiopian airline Flight ET 910 to Pakistan enroute Addis Ababa and Dubai. Also, NDLEA Abuja Airport commander, Mr Hamisu Lawan, said that the suspect who attempted smuggling the drug to Pakistan was...
(Nigershowbiz 03/12/13)
The Supreme Court, Abuja, and the various divisions of the Federal High Court across the country were, yesterday, shut down by striking judicial workers under the aegis of Judiciary Staff Union of Nigeria, JASUN. At the Supreme Court, the Chief Justice of Nigeria, CJN, Justice Mariam Mukhtar and other Justices of the Supreme Court, were locked out of their offices by the striking workers. Activities were also paralysed at all the federal courts in Abuja in protest of what the workers described as “inhumane working conditions.” Locked Similarly, Federal High Court divisions in Delta, Lagos and Sokoto states, among others, were also shut by the striking workers. In Abuja, the striking workers stormed the Appeal and Federal High Courts in...

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