Shares in commodities giant Glencore plunged Tuesday after the company were ordered to hand over documents to the U.S. Department of Justice for a check on its compliance with corruption and money laundering rules. The company, which is based in Baar, Switzerland, said Tuesday the requested documents and records relate to its business in Nigeria, […]
Nigeria Mortgage Refinance Company (NMRC) plans to seek approval from members by the end of the month to triple the size of its debt programme to 440 billion naira ($1.44 billion), the state-backed mortgage agency said on Monday. Nigeria set up a mortgage-backed guarantee company in 2014, partly with World Bank aid, in an effort […]
Ecobank has mandated international lenders to arrange investor meetings in Britain and the United States, after which it plans to issue a five-year dollar-denominated bond, the African bank said on Monday. Ecobank, which has operation in 36 African countries, has hired Deutsche Bank, Standard Bank and Standard Chartered to arrange meetings from June 18, it […]
Bitcoin fell to its lowest price of 2018 in June, having experienced its worst start to a year since the cryptocurrency was founded, however it is showing signs of recovery. The value of bitcoin rose more than twenty-fold in 2017, generating huge amounts of interest in cryptocurrencies like ethereum and bitcoin cash. After peaking at […]
Iran has asked fellow OPEC members to “refrain from any unilateral measures”, warning that would undermine the unity of OPEC, following reports that Saudi Arabia has raised its oil production to a record high this month. As Tehran seeks ways to counter U.S. sanctions that would restrict its exports and eat into its market share, […]
The Assets Management Company of Nigeria (AMCON) has said that there would be no more room for negotiation with debtors as the company was now set for a new stage which is complete assets take-over. Managing Director and Chief Executive Officer of AMCON, Mr. Ahmed Kuru disclosed in an interview with the News Agency of […]
Canada struck back at the Trump administration over U.S. steel and aluminum tariffs on Friday, vowing to impose punitive measures on C$16.6 billion ($12.63 billion) worth of American goods until Washington relents. The announcement by Foreign Minister Chrystia Freeland marks a new low in ties between the neighbors and trading partners which have become increasingly […]
The Economic Community of West African States (ECOWAS) on Friday inaugurated its Regional Electricity Market to address power challenges and fast track efficient cross-border electricity trade among member states. President of Benin, Mr Patrice Talon, represented by the Senior Minister of Planning and Development, Mr Abdulahi Tchiane, officially inaugurated the project. He said that the […]
Britain and Nigeria are exploring ways to list naira-denominated bonds on the London Stock Exchange to help fund infrastructure projects in the West African country, the City of London’s Lord Mayor told Reuters. Charles Bowman, who acts as an ambassador for the British capital’s financial district, made the comments during a three-day visit to Nigeria […]
