By Isaac Anyaogu LAGOS (Reuters) – Nigeria’s electricity regulator has put up for sale the sixth largest power distribution utility over a $130 million debt, less than two years after the lenders who took over the company failed to turn it around and make it profitable. Africa’s biggest economy, Nigeria, has 11 power distribution companies …
Nigeria to sell power distribution firm over $130 million debt Read More »
ABUJA (Reuters) – Nigeria’s president has suspended the minister of humanitarian affairs with immediate effect and asked the corruption watchdog to investigate financial transactions involving her ministry, the president’s spokesperson said on Monday. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, is the first minister to be suspended, less than six months after …
Nigeria’s Tinubu suspends humanitarian minister facing financial probe Read More »
CAIRO (Reuters) – Egypt’s inflation rate probably fell for a third straight month in December on lower food prices, but may see an uptick in coming months after recent government price rises and a possible currency devaluation, a Reuters poll showed on Monday. Annual urban consumer inflation is seen edging down to 33.4% in December …
Egypt inflation expected to slow in December: Reuters poll Read More »
ABUJA (Reuters) -Nigerian stocks extended gains for the fifth session on Monday, led by banks to push the main index past a psychological threshold of 80,000 points for the first time ever, LSEG data showed. The All Share Index closed 0.83% up at a record 80,328.58 points. Stocks have leapt 6.5% in early 2024 trading, …
Nigerian stocks rally, main index crosses 80,000 points for first time Read More »
By Nyasha Chingono HARARE (Reuters) – Zimbabwe produced 30 metric tons of gold in 2023, 15% less than the previous year, official data showed on Monday, as electricity cuts and currency volatility impacted output. The southern African country was once among the top gold producers on the continent but has fallen far behind regional peers …
Zimbabwe gold output declines 15% amid electricity, forex shortages Read More »
ABUJA (Reuters) – Nigeria’s central bank has paid nearly $2 billion in outstanding foreign exchange forwards in the last three months in a bid to clear a backlog of dollars, a spokesperson has said, but forex shortages continue to hobble the country’s naira currency. Africa’s biggest economy has nearly $7 billion in forex forwards that …
Nigeria central bank pays nearly $2 billion towards FX backlog Read More »
(Reuters) – Rescuers on Sunday pulled out all 15 subsistence mine workers who were trapped in an underground shaft at Redwing mine in Zimbabwe after it collapsed on Thursday, a government spokesman said. The miners were trapped after a ground collapse at the mine, 270 km (167.77 miles) east of the capital Harare. “All miners …
Zimbabwe rescues all 15 trapped miners alive -govt Read More »
LAGOS (Reuters) – Nigeria’s Dangote Group said on Sunday it was cooperating with an anti-graft commission which is investigating the possible misuse of foreign exchange from the central bank and would provide all required information. In its first comments since the Economic and Financial Crimes Commission (EFCC) visited the company’s headquarters in Lagos last week, …
Nigeria’s Dangote Group says it is cooperating with FX investigation Read More »
TRIPOLI (Reuters) – Libya’s National Oil Corporation (NOC) on Sunday declared a force majeure with immediate effect at its Sharara oilfield, which can produce up to 300,000 barrels per day, due to protests in the area. Libya’s oil output has been disrupted repeatedly in the chaotic decade since the 2011 NATO-backed uprising against its former …
Libya’s NOC declares force majeure at Sharara oilfield Read More »
By Abdi Sheikh MOGADISHU (Reuters) – Somalia’s President Hassan Sheikh Mohamud signed a law nullifying an agreement by the breakaway Somaliland region to grant Ethiopia access to the Red Sea in return for recognition as an independent nation, he said late on Saturday. Ethiopian Prime Minister Abiy Ahmed’s stated ambition to secure access to the …
Somalia president signs law nullifying Ethiopia-Somaliland port deal Read More »
