MTN Group, Africa’s biggest mobile operator, is sticking to its 2018 dividend target despite new U.S. sanctions making it harder to repatriate cash from its Iran joint venture, the company said on Wednesday. MTN, which reported a 7 percent drop in half-year profits on Wednesday, has around 3.4 billion rand ($256 million) in accumulated dividends […]
The six-country OPEC/non-OPEC committee overseeing the agreement improperly attempted to redistribute crude oil production quotas at its July 18 meeting in Vienna, Iranian oil minister Bijan Zanganeh wrote to UAE energy minister and OPEC President Suhail al-Mazrouei on Wednesday. Should the committee persist in its efforts, Zanganeh said he would request an extraordinary OPEC meeting […]
Oil prices rose on Tuesday after U.S. sanctions on Iranian goods went into effect, intensifying concerns that sanctions on Iranian oil, expected in November, could cause supply shortages. Renewed U.S. sanctions against OPEC member Iran officially went into effect at 12:01 a.m. EDT. The sanctions did not include Iran’s oil exports. The country exported almost […]
Duet, a U.K-based private equity company, has acquired a majority interest in AJEast Nigeria, a Nigerian African beverage manufacturer. AJEast launched a manufacturing facility outside Lagos in 2015. The bottling plant produces brands including Big Cola, Big Orange and Big Lemon targeted at younger, middle-income earners. The transaction, which is worth in excess of $50 […]
Nigeria’s First Bank said on Tuesday it has redeemed a $300 million Eurobond before maturity and has paid all bondholders. The top tier lender said it doesn’t plan to reissue another bond in the near term following the redemption, adding that it has ample liquidity to meet its foreign and local currency funding needs. Reuters
The moribund Nigerian Cement (NIGERCEM) Company, Nkalagu in Ebonyi, came to limelight on Monday when it hosted a team of American investors who were on a salvage mission. The News Agency of Nigeria (NAN) reports that Gov. David Umahi and Chief Cletus Ibeto, Chief Executive Officer (CEO), Ibeto Cement Company, who is also the firm’s […]
Nigeria’s Diamond Bank expects to conclude the sale of its British unit before the end of the year and is going through a change of ownership, its chief executive said on Tuesday. The mid-tier lender struck a deal with British industrialist Sanjeev Gupta earlier this year after selling its West African subsidiaries last year. In […]
Dr Maikanti Baru, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), on Monday called for proactive actions to reduce the country’s dependence on oil and gas. Baru, who spoke at the 2018 Nigerian Annual International Conference and Exhibition (NAICE) in Lagos, identified the reliance on oil and gas, as responsible for the economic recession […]
Oil rose on Monday after Saudi crude production unexpectedly fell in July and U.S. drilling appeared to slow, although the price is still almost 10 percent below its 2018 high of more than $80 a barrel. Markets also anticipated an announcement from Washington later on Monday on renewed U.S. sanctions against major oil exporter Iran. […]