Nigeria Says $15 Billion Stolen in Security Spending Scams

Nigeria Says $15 Billion Stolen in Security Spending Scams

LAGOS, Nigeria, Capital Markets in Africa — Nigerian Vice President Yemi Osinbajo said about $15 billion was lost by the previous administration to fraudulent security spending scams, almost three times more than was previously estimated by the government. Osinbajo, who along with President Muhammadu Buhari defeated Goodluck Jonathan in elections last year on an anti-corruption campaign, said that the figure had only been discovered a few days ago, dwarfing the previous estimate of $5.5 billion allegedly misappropriated from contracts to buy defense equipment to…

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Nigeria | Moody’s downgrades Nigeria’s sovereign issuer rating with a stable outlook

Nigeria | Moody’s downgrades Nigeria’s sovereign issuer rating with a stable outlook

LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has today downgraded Nigeria’s long-term issuer ratings to B1 from Ba3 and has assigned a stable outlook, concluding the review for downgrade initiated on March 4th 2016. The key drivers of today’s rating action are as follows: 1) Increased external vulnerability brought about by the prospect of lower-for-longer oil prices; 2) Execution risk in the transition to a less oil-dependent federal budget, and the implications…

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Nigerian President to Meet Lawmakers to Negotiate Delayed Budget

Nigerian President to Meet Lawmakers to Negotiate Delayed Budget

LAGOS, Nigeria, Capital Markets in Africa — Nigerian President Muhammadu Buhari will meet leaders of Parliament on Friday to negotiate a delayed 2016 budget after he said lawmakers had made changes to the original spending plan he presented in December. The president will meet to resolve “areas where he wanted adjustments in the 2016 budget,” Abdulrazak Namdas, spokesman for the House of Representatives, said by phone from the capital, Abuja. “It is going to be a negotiation.” Buhari…

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Nigeria’s Buhari Says He’s Not Convinced on Naira Devaluation

Nigeria’s Buhari Says He’s Not Convinced on Naira Devaluation

LAGOS, Nigeria, Capital Markets in Africa — President Muhammadu Buhari reiterates that he’s yet to be convinced that majority of Nigerians will derive any benefit from a devalued naira, his office says in an e-mailed statement. Buhari says he holds same conviction on the currency as when he resisted its devaluation as military ruler in the 1980s. “I stood my grounds for the good of Nigeria”. After naira was devalued when Buhari was deposed in…

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Nigeria Revenue Drops to 5-Year Low as Tax, Oil Income Fall

LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s revenue fell last month to the lowest level in more than five years as taxes and oil earnings dropped, making it more difficult for the government of Africa’s largest economy to pay public workers. The country’s federal, state and local governments were altogether allocated 300 billion naira ($1.5 billion) in March, the Ministry of Finance said in a statement e-mailed late Thursday from the capital, Abuja. To assist the…

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Guinness Nigeria’s Profit Tumbles During Economic Downturn

Guinness Nigeria’s Profit Tumbles During Economic Downturn

LAGOS, Nigeria, Capital Markets in Africa — Guinness Nigeria Plc, the country’s second-biggest brewer, said profit fell 83 percent in the nine months through to the end of March during a downturn in Africa’s largest economy. Earnings after tax were 864 million naira ($4.35 million) in the period, compared with 5.2 billion naira a year earlier, the local unit of Diageo Plc said in a statement on the Nigerian Stock Exchange’s website. Revenue dropped 18 percent to…

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Nigeria | International Oil Companies Support Fuel Imports with US$200 Million

LAGOS, Nigeria, Capital Markets in Africa — International oil companies in Nigeria have agreed to provide about US$200 million to support fuel imports and end shortages, Emmanuel Kachikwu, Petroleum Minister of State said. “I have been able to convince the upstream oil companies to provide foreign exchange buffers over the next one year for those who’re bringing in products,” Kachikwu said in video posted on his Facebook page on Thursday. “So we have tied Total upstream…

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