South Africa’s economy is in recession for the first time since 2009 following two consecutive quarters of negative GDP growth. So it seems that Ramaphoria – the positive wave brought by President Cyril Ramaphosa’s ascension to power in February – appears to be officially over. The news has come as a surprise to many analysts […]
Nigeria’s partnership with China through the Forum on China-Africa Cooperation (FOCAC) resulted in the execution of vital infrastructure across the country valued at over $5 billion in the last three years. President Muhammadu Buhari said on Tuesday in Beijing at the FOCAC Round Table meeting, attended by African leaders and Chinese President Xi Jinping. Highlighting […]
MTN Group faces a $2 billion demand for taxes in Nigeria, the latest in a series of skirmishes with authorities in the South African mobile phone company’s most lucrative but increasingly problematic market. The announcement of the tax bill incurred over the last decade comes days after the west African country’s central bank ordered MTN’s […]
The office of Nigeria’s attorney general said on Tuesday that a whistleblower prompted an investigation into alleged MTN infractions that last week led to a demand for $8.1 billion taken out of Nigeria to be brought back. Ladidi Mohammed, head of asset recovery, told Reuters in a phone interview that an investigation was then carried […]
China National Petroleum Corporation (CNPC) has assured the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, of its unflinching commitment towards securing funding for the successful financing and subsequent execution of the Ajaokuta-Kaduna-Kano (AKK) pipeline project. A press statement signed by Ndu Ughamadu, NNPC’s Group General Manager, Group Public Affairs […]
Central Bank of Nigeria (CBN) said it had reserved the sum of N220 billion to be given out as loans to cooperative organisations under Micro Small and Medium Enterprises Development Fund (MSMEDF). Mr. Isaac Okorafor, Director, Corporate Communications Department of the CBN, stated this while addressing newsmen in Gombe on Monday during the bank’s programme […]
Iran may resort to various ways of reducing the impact of the U.S. sanctions on its oil exports, and those tactics include secret oil shipments without trackers on tankers, bartered trades, discounts, and extended credit periods on oil sales, analysts tell Bloomberg. During the previous round of sanctions, Iran disabled tracking on its tankers, resulting […]
Migrants and asylum seekers crossing the Mediterranean now face an even deadlier journey then they have in the past, the UN refugee agency has warned. In a report, the agency says that while the number of people arriving in Europe has fallen significantly, the number of deaths has risen sharply. Traffickers have to take greater […]
The United States intends to release 11 million barrels of oil from its Strategic Petroleum Reserve of 660 million barrels, following a regular draw-down schedule devised to generate funds for government programs. The sour crude is expected to reach the market in October and November, after being sold as a fund generator for a drug […]