West Africa | - Part 4

Shell Suspects Ex-Executive Committed Crime in Nigeria Deal

LAGOS (Capital Markets in Africa) – Royal Dutch Shell Plc referred a former vice president for sub-Saharan Africa Peter Robinson to the Dutch authorities, suspecting he may have committed crimes related to an asset sale in Nigeria. The allegations of criminal misconduct by one of its employees come at a difficult time for Shell. Europe’s largest energy company and several former executives, including Robinson, are already facing a criminal trial in Milan over an alleged bribery…

Nigeria Refining Push Prompts $3.6 Billion Petrolex Plan

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria is set to get another new oil refinery as a government push to end fuel imports attracts investors to the industry. Petrolex Oil & Gas Ltd. plans to build a $3.6 billion plant with a capacity of 250,000 barrels a day, Chief Executive Officer Segun Adebutu said in an interview in Lagos. The closely held company is working on the “front-end engineering design” and will complete construction in 2021, he said….

Nigerian Economic Growth Quickens as Oil Output Increases

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s economic growth accelerated in the third quarter as oil output rose to the highest since the start of last year. The gross domestic product of Africa’s largest crude producer expanded 1.4 percent in the three months through September from a year earlier, compared with a revised 0.7 percent in the second quarter, the Abuja-based National Bureau of Statistics said Monday in an emailed report. The median of 13 economists’ estimates…

Nigeria Aims to Issue $2.5b of Eurobonds on Monday

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria plans to issue a Eurobond of at least $2.5 billion on Monday, says Kevin Daly, a money manager at Standard Life Aberdeen, who attended an investor meeting with officials from the nation in London Thursday. Nigerian delegation included Finance Minister Kemi Adeosun, central bank Governor Godwin Emefiele, head of the Debt Management Office, Patience Oniha, and Ben Akabueze, head of the budget office. Nigeria may increase the size…

Guaranty Trust Bank Nigeria Eyes Mozambique to Double Income From Africa

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Guaranty Trust Bank, Nigeria’s biggest lender by market value, plans to open in Mozambique as it targets the country’s gas market to help prop up profit from African subsidiaries. The lender will enter Mozambique in the first quarter of 2019 “to capitalize on the country’s offshore gas boom,’’ after it opens in Tanzania in January next year, it said. The expansion will increase the contribution to profit by African…

Ivory Coast May Legalize Cocoa Farming in Some Protected Forests

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s top cocoa producer, plans to legalize farming on almost 5 million acres of protected reserves to help balance the rebuilding of forests with an output of its most important export. The government wants to reclassify protected forests that have been destroyed by more than three-quarters because of unauthorized farming — most of it cocoa — into “protected agroforest” areas, according to a Forestry Ministry document obtained by…

Ghana to Cut $2.2 Billion Bill With Farm Support, President Says

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa)- Ghana has a target of supporting one million farmers in the next four years with plans to invest in agriculture as the West African nation seeks to increase trade and cut its reliance on food imports that cost about $2.2 billion annually. While Ghana is the world’s second-biggest cocoa producer, it imports more than two-thirds of the staples such as wheat and rice that it needs, according to the United Nations’…

« 1 2 3 4 5 6 … 28 »