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Fri,17Nov2017

Nigeria

Proxy warfare

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Allies of Iran and Saudi Arabia are fighting it out in Nigeria, with the government repressing the Shia organisation, Islamic Movement in Nigeria, in a move reminiscent of the conflict that radicalised the Boko Haram Islamist militancy.

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The art of midwifing elections in Africa

File photo©Schalk van Zuydam/AP/SIPAMany countries in Africa conduct general elections regularly. Electoral management bodies have the responsibility to ensure free and fair elections. But what are their score cards so far?

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Niger Delta militants call ceasefire after weekend losses

File photo©George Osodi/AP/SIPAA Nigerian militant group has announced a unilateral ceasefire in the Niger Delta after government forces killed five of its fighters and arrested 23 at the weekend.

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Investors dump shares of Nigerian banks after foreign exchange trade suspension

Photo©Victor R. Caivano/AP/SIPAInvestors sold shares in Nigerian banks on Wednesday, a day after the central bank suspended nine lenders from foreign exchange transactions for failing to remit money owed to the government.

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Nigeria central bank suspends nine banks from foreign exchange market

Photo©Sunday Alamba/AP/SIPANigeria's central bank has suspended nine banks from the interbank currency market for failing to remit money owed to the government, according to banking sources.

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Nigeria's Buhari to ask for emergency powers to revive economy - source

Nigerian President Muhammadu Buhari. Photo©Frank Augstein/AP/SIPANigerian President Muhammadu Buhari will ask parliament for extra powers for one year allowing him to take "emergency" decisions to revive the flagging economy, a government source said on Monday.

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Africa after the real Brexit

Photo©Svancara Petr/AP/SIPAAs Britain chose to leave the European Union, sending shock waves through the global markets, experts remain uncertain on how this would impact African economies. Trade and investment would certainly be affected as most of the trade arrangements the UK has with African countries were negotiated through the EU.

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Nigeria to allocate $180m more in capital spending

Nigeria's Finance Minister Kemi Adeosun. Photo©Akintunde Akinleye/ReutersNigeria's government is to allocate 60 billion naira ($180 million) more spending on capital projects as part of the 2016 budget and in addition to earlier releases, Finance Minister Kemi Adeosun said on Friday, as it tries to boost the economy.

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Nigeria oil min says OPEC cuts unlikely, Algeria meeting could help price

Nigerian oil minister Emmanuel Ibe Kachikwu. Photo©Heinz-Peter Bader/ReutersNigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices.

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Nigeria central bank says Skye Bank safe, no need for panic withdrawals

Photo©Sunday Alamba/AP/SIPANigeria's central bank is seeking to reassure Skye Bank depositors that the lender is safe and there is no need for them to rush to withdraw their funds in response to speculation that it has liquidated the bank, it said late on Wednesday.

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Old Mutual to invest in Nigerian real estate, agriculture

Photo©Mike Hutchings/ReutersAnglo-South African financial services firm Old Mutual and Nigeria's sovereign wealth fund on Friday signed agreements to set up two funds to invest in real estate and agriculture in Africa's most populous nation.

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Nigeria plans capital spending of $312 million in coming days

Yemi Osinbajo710Afolabi Sotunde/ReutersNigeria will spend 100 billion naira ($312.50 million) on capital projects in the coming days as part of the 2016 budget, Vice President Yemi Osinbajo said on Thursday, as the country tries to inject life into an economy facing recession.

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Energy: Nigeria slump hits $1bn Transcorp power investment

File photo©Andy Wong/AP/SIPANigeria's investment conglomerate Transnational Corp. has shelved plans to build a $1bn gas-fired power plant blaming fuel shortages and a lack of finance caused by the country's economic downturn.

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Nigeria fine pushes MTN to first interim loss, dividend cut

Photo©Siphiwe Sibeko/ReutersAfrica's biggest mobile phone operator MTN Group Ltd cut investor payouts by almost 50 percent as it reported its first-ever half-yearly loss after taking a hit from a hefty regulatory fine in Nigeria.

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Nigeria to raise nearly $1bn in naira Treasury bills

Photo©Afolabi Sotunde/ReutersNigeria plans to raise 245.18 billion naira ($773.44 million)worth of Treasury bills with maturities ranging between three months and a year on 3 August, traders said on Tuesday citing a central bank Treasury bill calendar.

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Nigeria pipeline attacks raise fresh tension in Delta

File photo©GEORGE OSODI/AP/SIPAMilitants attacked an oil pipeline outside the town of Odimodi in Nigeria's south over the weekend, as a rebel group cancelled a plan to declare the region an independent republic starting on Monday.

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Culture: Soaraway success on a shoestring

Photo©©GLENNA GORDON/THE NEW YORK TIMES-REDUX-REAIt's the kind of success story you only see in films: a nascent industry founded in the 1980s has blossomed into a sophisticated multi-million-dollar empire employing more than a million people and contributing around 5% to Nigeria's economy. Now larger than Hollywood, Nollywood is second only to India's gigantic Bollywood film industry, in terms of the volume of films made per annum.

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Telecoms: India's Bharti Airtel blames Nigerian losses as Q1 net profit drops 31 per cent

Photo©Adnan Abidi/ReutersIndia's largest telecom network operator, Bharti Airtel Ltd, reported a 30.8 percent fall in first-quarter net profit on Wednesday, blaming an adverse foreign exchange impact in Nigeria, although it beat analysts' estimates.

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No need to panic about Nigeria sliding into recession

Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016. Photo©Reuters/Akintunde AkinleyeNigeria will face only a short recession if its economy shrinks again in the second quarter, because removing fuel subsidies and implementing policies to reduce dependency on oil will pay off, Finance Minister Kemi Adeosun said on Thursday.

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Emir Muhammadu Sanusi II: We have no need for Saudi Arabia and Iran to explain Islam to us

Photo©©Afolabi Sotunde/ReutersAs central bank governor, Sanusi Lamido Sanusi was feted for his attacks on corruption. Now emir of Kano, he has lost none of his zeal for change.

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