Oil currencies have been hammered since crude prices crashed almost four years ago, and none more so than Angola’s. After a series of devaluations that started in January, the OPEC member’s kwanza has now lost 55 percent of its value against the dollar since June 2014, when Brent crude began its slide from a peak […]
Nigeria’s Teleology Holdings has 90 days to pay $450 million to complete its acquisition of telecoms provider 9mobile or face a rival bid, the country’s telecoms regulator said on Wednesday. The Nigerian Communications Commission (NCC) said 9mobile would be transferred to Teleology after the payment of $450 million, but added that reserve bidder Smile Communications […]
President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30. The approval for the extension of the deadline is contained in a statement issued by the President’s Special Adviser on Media and Publicity, Mr Femi Adesina, in Abuja on Wednesday. According to the statement, the short […]
Activities opened on the Nigerian Stock Exchange (NSE) on Monday in the negative as the market capitalisation lost N150 billion and volume depreciated by 42.82 per cent. The News Agency of Nigeria (NAN) reports that amid losses by blue chips, the market capitalisation, which opened at N14.753 trillion, shed N150 billion or 1.02 per cent […]
West African crude differentials were under downward pressure on Monday amid ample supply and more signs of slow buying from China, the key consumer of medium and heavy grades from the region. ANGOLA * State oil company Sonangol had sold one of the three Dalia cargoes it was offering. Sources said it was likely purchased […]
The Nigeria Labour Congress (NLC) said it has made a submission to the tripartite committee on a new minimum wage to reflect the current economic realities in the country. The General Secretary of the Nigeria Labour Congress (NLC), Dr. Peter Ozo-Eson who made this known at Abuja during an interview said the new demand was […]
MTN Group Ltd. expects the listing of its Nigerian unit on the Lagos stock exchange to be done by the end of 2018, its CEO said, after suggesting in November that the process would be concluded by mid-year. “We are progressing very well with the Nigerian listing and if market conditions are appropriate, we will […]
Barclays Africa Group Ltd., South Africa’s third-biggest bank, will split into four operating units as the lender outlines its growth strategy after the sale by its U.K. parent. The Johannesburg-based firm will separate retail and business banking, investment banking, wealth and insurance, and its operations in the rest of Africa, it said in a statement […]
Nigerian stocks dropped to a three-month low after President Muhammadu Buhari said he would seek re-election in 2019, ending months of speculation about his future after bouts of ill health. The stock market, which opened on a losing streak after Lafarge Africa announced a surprise 2017 loss, worsened its decline. The equity market fell near […]