Nigeria

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…

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…

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…