Nigeria | - Part 2

Crude Oil | Nigeria Oil Output Slumps Further as Exxon Pipeline Damaged

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s oil production has dropped again as a third major crude-export facility was disrupted, this time by accidental damage rather than militant attacks. Exxon Mobil Corp. has declared force majeure — a legal clause that allows it to stop deliveries without breaching contracts — on shipments of Qua Iboe, the company said in a statement Friday. The Bonny Light and Forcados oil grades were already disrupted following militant attacks. The…

Nigeria Maintains Oil-Revenue Forecast Despite Output Decline

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria maintained revenue forecast for this year’s budget based on daily oil production of 2.2 million barrels despite output falling over the past month, reaching a 20 year low currently. The government of Africa’s biggest economy is keeping price assumptions at $38 per barrel, Budget Minister Udoma Udo Udoma told reporters in the capital, Abuja, on Thursday. Nigeria recently dropped to second place behind Angola as Africa’s largest oil producer following…

British Prime Minister tags Nigeria Most-Corrupt Nations

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LONDON, Capital Markets in Africa: When U.K. Prime Minister David Cameron decided to host the first international summit focused exclusively on efforts to combat corruption, he couldn’t have imagined how uncomfortable the commitment would become. In April, the Panama leaks forced Cameron to admit he’d invested in an offshore fund set up by his stockbroker father. While there was no suggestion of wrongdoing, the revelation was a political embarrassment. Then on Tuesday, he was caught on camera telling Queen Elizabeth…

Nigeria | China’s Africa Push Reaches Currencies in Deal Investors Decry

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LAGOS, Nigeria, Capital Markets in Africa: Strategists are criticizing Nigeria’s latest plan to rescue its currency — this time by relying on Chinese cash. On a visit to Beijing last month, President Muhammadu Buhari signed a currency agreement aimed at encouraging trade with China and reducing Nigeria’s demand for dollars to relieve pressure on its dwindling foreign reserves. While the deal, details of which are still being negotiated, helps China’s push into Africa’s largest economy, it will…

Nigerian President Replies to British PM ‘Return the Stolen Funds’

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian President Muhammadu Buhari said he isn’t demanding an apology from the U.K. after comments from Prime Minister David Cameron that the country was “fantastically corrupt.” President Buhari was asked if his country was “fantastically corrupt” as Cameron had claimed, Nigerian President Muhammadu Buhari answered “yes,” and said that he wasn’t demanding an apology for the comments. In addition, he said “What I am demanding is the return of assets” that are the product of corruption…

Nigeria’s Access Bank Latest Lender Targeted in Anti-Graft Drive

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LAGOS, Nigeria, Capital Markets in Africa: Access Bank Plc, a Nigerian lender, said Group Managing Director Herbert Wigwe was taken and questioned by the Economic and Financial Crimes Commission at its offices about a client bank transaction last week, the third bank to be caught up in an investigation by the nation’s anti-graft agency. Wigwe was released on May 6, the Lagos-based bank with offices in seven other countries, said in a statement posted on the Nigerian…

Nigeria |MasterCard Sees Growth in Nigerian Traders Without Bank Accounts

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LAGOS, Nigeria, Capital Markets in Africa — MasterCard Inc. plans to introduce new payment systems in Nigeria that will target merchants who don’t have bank accounts and rely mostly on cash transactions. The company is working with the umbrella organizations of Nigerian traders and collaborating with banks and technology companies to start offering the services this year, Omokehinde Ojomuyide, MasterCard’s vice president and area business head for West Africa, said May 6 in an interview in Lagos,…

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