Nigeria | - Part 55

MTN Denies Illegally Transferring $14 Billion Out of Nigeria

LAGOS, Capital Markets in Africa: MTN Group Ltd. said it “strongly refutes” an accusation by Nigerian lawmakers that the wireless carrier illegally moved almost $14 billion out of the country, as the company tries to quell the latest controversy in its largest market. “The allegations made against MTN are completely unfounded and without any merit,” MTN Nigeria Chief Executive Officer Ferdi Moolman said in a statement on Wednesday. MTN, Africa’s biggest mobile-phone company by sales, is accused of repatriating the funds…

MTN Drops as Phone Carrier Confronts New Allegations in Nigeria

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LAGOS, Capital Markets in Africa: MTN Group Ltd. shares slumped the most in three months after Nigerian lawmakers raised new allegations about the wireless carrier, this time accusing the company of illegally moving almost $14 billion out of its largest market. Nigeria’s Senate will thoroughly investigate the claim, it said on its Twitteraccount on Tuesday. The Johannesburg-based company, Africa’s biggest wireless carrier by sales, is accused of repatriating the funds over 10 years starting in 2006, according…

Nigerian Economic Policy Dispute Hinders Chances of Recovery

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LAGOS, Capital Markets in Africa: A dispute between Nigeria’s monetary and fiscal policy makers over how to lift the economy out of its worst slump in more than two decades may delay a recovery in Africa’s most populous country. Central bank Governor Godwin Emefiele last week ignored calls by Finance Minister Kemi Adeosun to cut borrowing costs and kept the key interest rate unchanged at 14 percent, hours after she said in a television interview looser policy is necessary to…

Oil Tankers Head to Key Nigeria Port as Militant Risk Endures

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LAGOS, Capital Markets in Africa: Oil tankers able to collect 6 million barrels of crude are heading to the biggest export terminal in Nigeria, where shipments are about to resume at a time when militants continue to pose a threat to the nation’s energy infrastructure. The Suezmax Ottoman Nobility is set to arrive at the Qua Iboe terminal on Tuesday, the first of five vessels due to load Nigeria’s largest export crude grade since terminal operator Exxon Mobil…

Access Bank to Sell Nigeria’s First Eurobond for Two Years

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LAGOS, Capital Markets in Africa: Access Bank Plc will start an investor roadshow Tuesday as it prepares to issue the first Eurobond from Nigeria in almost two years. Nigeria’s fourth-largest lender by assets will meet investors in the U.S. and Europe through Oct. 3 and wants to sell five-year debt, according to Chief Executive Officer Herbert Wigwe. Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. will arrange the deal, he said. “It will be for working capital,…

Nigeria Plans 2023 Sugar Self-Sufficiency Even as Woes Mount

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LAGOS, Capital Markets in Africa: Nigeria, sub-Saharan Africa’s biggest sugar importer, remains on target to become self-sufficient in the sweetener in seven years even as foreign-exchange shortages and insurgents pose a risk to the goal, an industry body said. Refiners Dangote Sugar Refinery Ltd., BUA Refinery Ltd. and Golden Sugar Co., which rely on raw-sugar imports from Brazil, joined a government program in 2013 seeking to meet annual demand of about 1.5 million metric tons within a decade. While…

Saudis Willing to Act on ‘Critical’ Oil Market, Algeria Says

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ALGEIRS, Capital Markets in Africa: Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week. Prices rebounded Monday after tumbling 3.7 percent on Friday as Saudi Arabia signaled that the Algiers meeting will be consultative and unlikely to reach a firm decision. While Noureddine Boutarfa’s comments don’t change that, they suggest OPEC’s leading member may still be willing…

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