The amount of money which South Africa's MTN Group is alleged to have illegally moved out of Nigeria could be "outrageously higher" than an originally estimated $14bn, Bloomberg reported on Thursday, sending its shares to more than six-year lows.
IGD FRONTIER 100 FORUM galvanized private sector action on creating and enabling environment for Africa's economic transformation
WASHINGTON D.C. – October 13, 2016 – The head of the African Development Bank (AfDB) called on the private sector to rally behind the Bank’s bold new agenda for Africa’s economic transformation – known as the “High 5s” – and play a greater role in the continent’s growth story on Oct. 5 at the Initiative for Global Development (IGD)’s .
Emirates airline could reduce the frequency of its flights to African cities or cut routes completely if current economic and financial challenges on the continent continue, President Tim Clark told reporters on Tuesday.
Nigeria expects its oil production rate to jump by 22% by the end of the year to 2.2m barrels per day (bpd) from current levels, its oil minister said on Monday, adding he hoped a force majeure on all its oil fields would be lifted by December or January.
South Africa's MTN has raised $1bn in two dollar bonds, the telecoms firm said on Thursday, the first such issue by Africa's biggest wireless carrier by sales since 2014.
Diageo has scrapped plans to lift its stake in Guinness Nigeria due to tough conditions in one of its biggest markets for the world-famous stout, the drinks company said on Wednesday.
Britain's Barclays has completed the sale of its Egyptian business to Morocco's Attijariwafa Bank as part of its shift towards focusing on the United States and Britain.
- Chinese company to spend $20bn developing second phase of Egypt's new capital
- South Africa's finance minister Gordhan says economy may be bottoming out
- Gas shortages turn Nigeria's Dangote to coal to power cement
- MTN denies illegal transfer of $14bn from Nigeria
- South Africa's Capitec Bank cuts back lending to poorer workers
- Kenya Airways in talks with 3-4 parties on stake sale, CEO says
- South Africa's Eskom to use $11bn future earnings for nuclear expansion