Features | - Part 224

Nigerian Lawmakers to Probe Claim $17 Billion of Oil Stolen

LAGOS, Capital Markets in Africa: Nigeria’s lower house of parliament ordered an investigation into whether $17 billion of fuel exports were stolen. Most of the oil and liquefied natural gas ended up in the U.S. and some went to China and Norway between 2011 and 2014, Johnson Agbonayinma, a lawmaker, told the House of Representatives in the capital, Abuja, on Thursday. The missing products include about 58 million barrels of oil and 727,000 metric tons…

Libyan oil port takeover gives edge to eastern commander

Posted on by The Editorial Team

TRIPOLI, Capital Markets in Africa: Less than a fortnight after forces loyal to Khalifa Haftar swept into four of Libya’s oil ports, tankers are loading, production has jumped, and momentum has shifted firmly in the divisive former general’s favour. For Haftar’s opponents, and for Western powers, the move on the ports was alarming. Haftar and his backers in eastern Libya have been in a stand-off for months with a unity government in Tripoli, blocking any…

Former OPEC President Optimistic There Will Be Deal in Algiers

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ALGIERS, Capital Markets in Africa: Chakib Khelil, the former Algerian energy minister who steered OPEC the last time it decided to cut supply, said he’s confident the group will reach an accord next week as low oil prices force members to act. With most of the Organization of Petroleum Exporting Countries now producing near full capacity, it should be straightforward to promise no further increases, said Khelil, who was the group’s president in 2008 when it agreed…

‘Timebomb’ Road Is Economy Lifeline in World’s Newest Nation

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SOUTH SUDAN, Capital Markets in Africa: When trucker James Okumu slams his pedal to the floor for the three-hour drive between South Sudan’s capital and the Ugandan border, he feels like he’s sitting on a timebomb. “You don’t know when it will explode,” said the 37-year-old Ugandan, who regularly plies the 195-kilometer (121-mile) route to transport vegetables and rice to Juba from his home country. Unidentified gunmen have ambushed buses and fuel-tankers on the winding road this month,…

U.S. Companies Lag in Race to Tap Africa’s Growth Potential

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LAGOS, Capital Markets in Africa: That was the warning from political and business leaders who attended the second U.S.-Africa Business Forum in New York on Wednesday and dismissed an economic slowdown in the world’s poorest continent as a temporary blip. They highlighted the potential of its expanding middle class, untapped mineral riches and uncultivated arable land. U.S. President Barack Obama’s administration has reinforced the vision of an Africa on rise, spearheading a program to more than double…

Richest African Dangote Plans to Buy Arsenal in Four Years

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LAGOS, Capital Markets in Africa: Aliko Dangote, Africa’s richest man, plans to buy London-based Arsenal soccer team within four years. Dangote, a Nigerian worth $10.9 billion, according to the Bloomberg Billionaires Index, announced his intention to buy the club last year. He said he needs to wait for his business prospects to improve and his investments in gas pipelines and an oil refinery to play out before making the acquisition. “There’s no doubt” he’ll buy Arsenal and “it’s not a…

Nigeria hunts down 700,000 firms in tax crackdown to offset oil slump

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LAGOS, Capital Markets in Africa: Nigeria has hunted down 700,000 firms that have never paid taxes as the country seeks new revenue sources to offset low oil prices that have pushed Africa’s biggest economy into its first recession in more than 20 years, its tax chief said. Tunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), said in a rare interview that he also expected 10 million individuals to be discovered by December…

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