Thursday 14 December 2017
(Bloomberg 09/28/17)
Nigeria plans to sell as much as $5.5 billion of Eurobonds in the next three months to fund capital projects and replace local-currency debt, according to the Debt Management Office. Yields on existing bonds rose. That would bring the amount raised through Eurobond sales by Africa’s most-populous nation this year to more than $7 billion as President Muhammadu Buhari’s administration restructures its debt portfolio to almost double the portion of foreign borrowing in a bid to reduce financing costs. The government wants to raise $2.5 billion in October to help fund 2017’s 7.4 trillion-naira ($20.8 billion) budget
(Bloomberg 09/28/17)
Coca-Cola Co.’s Nigerian operation will invest $600 million by 2020 to boost sales, in line with a global strategy to extend the product range beyond its soft drinks. The unit of the Atlanta-based beverage maker plans to expand its offering of drinks to include flavored and condensed milk, iced tea and bottled water to meet demand in Africa’s most populous country, Peter Njonjo, the president of the West Africa operation, said in an interview at his office in Lagos, Nigeria’s commercial hub. “Our objective is to provide whatever beverages you need across your life stages,” he said. The money is part of a pledge by Coca-Cola to invest $17 billion in Africa by 2020. Global Chief Executive Officer James Quincey...
(Voice of America 09/27/17)
The Nigerian army says it has taken a high-level Boko Haram militant into custody. Police in Ondo state arrested Idris Ibrahim Babawo on Sunday and handed him over to the army's 32nd brigade one day later, according to a statement from the army's director of public relations, Brigadier General Sani Kukasheka Usman. The statement, which refers to Babawo as a "terrorist kingpin," says the suspect is 42, goes by the names Idoko and Nagada, and is on a list of...
(Bloomberg 09/27/17)
SBM Holdings Ltd., Mauritius’s second-largest lender, plans more acquisitions in Kenya as it seeks to become one of the country’s top 10 banks within the next three years before expanding into West Africa. The bank, which obtained a license to begin operating SBM Kenya Ltd. in May, expects to have its systems and staff in place by December, Advisor to the Board of Directors & Group Lead Executive Moses Harding said. It will then expand by establishing brokerage, micro-finance and...
(The Guardian 09/27/17)
Nigerian refugees claim they have been arbitrarily punished by soldiers for Boko Haram attacks in Cameroon as study alleges 100,000 have been forced out. Refugees who fled the Islamist militant group Boko Haram are being driven out of Cameroon and back to Nigeria, where they face violence and destitution, human rights organisations have said. The Cameroonian military has forced 100,000 refugees to return to north-east Nigeria since 2015, in many cases after torturing, assaulting and sexually abusing them, according to...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel...
(Bloomberg 09/25/17)
Now that Nigeria’s economy is recovering from its worst slump in 25 years, the central bank can turn its focus to fighting inflation again -- and shoring up its currency. The Monetary Policy Committee has kept its interest rate at a record-high 14 percent since July 2016, trying to support the economy, and will probably hold it there at its decision this week to contain above-target consumer-price growth. Officials can take heart from a pickup in West Africa’s biggest economy...
(Bloomberg 09/25/17)
OPEC’s commitment to cutting production to clear a global glut is working, but the group needs to address rising output from Libya and Nigeria, Iran’s Oil Minister Bijan Namdar Zanganeh said. Compliance with the output cuts is “acceptable,” Zanganeh told reporters Sunday in Tehran. The Organization of Petroleum Exporting Countries should focus on “the situation with Libya and Nigeria,” he said, referring to the two countries exempted from capping production due to their internal strife. Nigeria will be able to...
(Bloomberg 09/25/17)
By Dulue Mbachu 25 septembre 2017 à 00:01 UTC+1 From Almost half a century after a secessionist war in southeastern Nigeria ended, a renewed push for an independent state known as Biafra is stoking fresh conflict. Thousands of troops have been deployed in the region, which is mainly populated by ethnic Igbos. The forces have rounded up scores of members of the Indigenous People of Biafra, or Ipob, the main group behind the breakaway campaign, several people have died in...
(Voice of America 09/25/17)
African first ladies and activists hailed progress that some governments on the continent are making on gender equality. They met on the sidelines of the United Nations General Assembly in New York. “We used to have 23 percent female representation in parliament but, with the stroke of a pen it went up to 48 percent. So, we managed to double our female representation with that decision,” said Namibia’s first lady Monica Geingos at a roundtable invitation-only event co-hosted by the...
(Bloomberg 09/22/17)
Nigeria’s decision to designate a group campaigning for an independent state of Biafra as “terrorist” and ban it runs the risk of backfiring. A federal high court in the capital, Abuja, on Wednesday granted an application by President Muhammadu Buhari’s attorney general to proscribe the Indigenous People of Biafra, known as Ipob, designating it as a terrorist organization. The move came as tensions escalated in southeastern Nigeria, with the group’s leader, Nnamdi Kanu, threatening to disrupt state elections unless there’s a vote on secession and his supporters clashing with the security forces. “We saw in videos young people willing to confront the military with their bare hands,” Freedom Onuoha
(Bloomberg 09/22/17)
Dangote Cement Plc, the Nigerian company controlled by Africa’s richest person, has written to PPC Ltd. offering South Africa’s biggest cement maker cash and shares as part of a takeover deal that is fueling a bidding war. PPC’s shares rose. “We are waiting for them to get back to us, hopefully early next week,” Aliko Dangote said in an interview with Bloomberg TV in New York. “They can be part and parcel of the Dangote Cement story, where we’re going...
(Voice of America 09/21/17)
More than 100 "Chibok girls" released by Boko Haram militants have begun a new phase of their lives, taking classes at the American University of Nigeria after months of rest and recovery under the care of the Nigerian government. The girls had been expected to start at the university in the city of Yola early next month, and the government threw them a send-off party last week at their rehabilitation center in the capital, Abuja; but, the chairman of the...
(The Guardian 09/21/17)
Officials hail landmark for child protection as youth vigilante group known as Civilian Joint Task Force pledges to draw a line under recruitment of minors. A landmark agreement between the UN and the Civilian Joint Task Force will end the use of children in the conflict against Boko Haram in north-east Nigeria. According to the UN, between October 2015 and August 2017, more than 360 children were used by the 23,000-strong armed taskforce, some as young as nine. The concord,...
(Bloomberg 09/20/17)
President Muhammadu Buhari urged the international community to support the Lake Chad region in its fight against Islamist extremism even as other conflicts emerge. Nigeria and neighboring countries lack the resources and the capacity to effectively deal with the security threat from groups linked to al-Qaeda and other Islamist organizations, he said Tuesday at the United Nations General Assembly in New York. “New conflicts should not make us lose focus on ongoing unresolved old conflicts,” Buhari said. The Islamist group...
(Bloomberg 09/19/17)
Nigerian Senate President Bukola Saraki said lawmakers will investigate the crisis that erupted in the country’s southeast following clashes between troops and supporters of a group campaigning for an independent state of Biafra. The legislature “intends to embark on a fact-finding investigation aimed at determining what actually happened during the period of the military exercise in the southeast,” Saraki said in a statement on Twitter on Monday. “We want to be able to sift the facts from the fiction and...
(Bloomberg 09/19/17)
An outbreak of cholera in the troubled northeast of Nigeria has killed 44 people from 2,300 suspected cases since the waterborne disease appeared in mid-August, the United Nations said. Some 3.7 million people could be affected by the outbreak in Borno state, an area already hit by one of the world’s most severe relief crises, the UN Office for the Coordination of Humanitarian Affairs said in an emailed statement Monday. Borno is the birthplace of the Boko Haram Islamist group...
(Bloomberg 09/19/17)
Kadi Bah saw people starving in the Sahara desert and drowning in the Mediterranean during her failed six-month odyssey to reach Europe. But as soon as the United Nations plane bringing her back home from Libya to Ivory Coast touched down, she was hatching plans to try again. “I’ll be so proud of myself if I can make it to Europe; I’ll tell everybody I managed to leave,” the 23-year-old hairdresser said. “That’s why I keep trying.” At first glance,...
(Bloomberg 09/18/17)
Nigerian President Muhammadu Buhari will pass through London, where he has spent several months this year treating an undisclosed illness, when he travels back from the United Nations General Assembly in New York. The 74-year-old leader of Africa’s most populous country will head to the U.S. on Sunday to participate in the U.N. gathering and deliver a national statement, the presidency said in an emailed statement. It did not specify the reason nor the planned length of the London stop...
(The Guardian 09/18/17)
Anna Jones says that, through selling its cocoa cheaply, Africa is exporting its wealth overseas; while Sue Banford claims that the soya moratorium in the Amazon has done nothing to halt deforestation. Only the final paragraph in your article on cocoa farming causing deforestation in Ivory Coast (Forests pay price for world’s taste for cocoa, 14 September) mentioned the most fundamental thing – the farmer’s livelihood, or lack of it. The low value of his (or more likely her) crop...

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