NewsWest Africa

Wed,26Sep2018

West Africa

In Nigeria, Shell’s onshore roots still run deep

25092018ShellRoyal Dutch Shell wants to reweight its footprint in Nigeria to focus on oil and gas fields far offshore, away from the theft, spills, corruption and unrest that have plagued the West African country's onshore industry for decades.

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Liberians demand return of missing millions

TWITTERVideos uploaded to social media showed Liberian demonstrators marching at a #bringbackourmoney protest on Monday (September 24) in Liberia's capital, Monrovia.

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Abiola Bawuah: People power

 

 

BawuahThe new head of UBA’s West Africa operations turbo-boosted profits at the bank’s Ghana subsidiary, but she  maintains people come before numbers every time

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Interview - Christine Lagarde, Managing director, International Monetary Fund

 

Stephen Jaffe/IMF photoHow did 15 African countries get deeper  in debt after the IMF wrote off billions? The Fund’s managing director talks to The Africa Report about trade wars, wasteful spending, ideology and the future for Africa’s workers

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Liberia loses $104 mln in central bank cash, bans 15 from foreign travel

Photo by AP. Ellen Johnson Sirleaf's son is implicated in the missing notesFifteen Liberians, including the son of former president Ellen Johnson Sirleaf, are banned from leaving the country while the government investigates the whereabouts of $104 million in missing cash intended for the central bank, the government said.

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Nigeria hits back at HSBC after bank warns of economic stagnation

Photo: AP/President BuhariNigeria has accused HSBC of laundering money for one of the country's former rulers, hitting back at a research note by the global bank that suggested a second term for President Muhammadu Buhari risked

 

 

 

 

 

 

 

 

HSBC declined to comment on the allegation late on Saturday by the Nigerian presidency that the bank had laundered more than $100 million for former military dictator Sani Abacha.

Buhari plans to seek a second term in office at an election next February, which has created a rift within his ruling party, as some of his supporters quit to join the opposition.

An HSBC research note dated July 18 said a second Buhari term "raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil."

In response, the presidency said what had "killed" the economy in the past was "unbridled looting of state resources by leaders, the type which was actively supported by HSBC."

The presidency said the bank had "no moral right whatsoever" to assert that another Buhari term risked limited economic progress.

$5 billion of public money stolen

Abacha stole as much as $5 billion of public money during his five years running Africa's top oil producing country from 1993 until his death in 1998, according to the corruption watchdog Transparency International.

In 2016, Buhari urged the World Bank to assist in the repatriation of $320 million stolen by the former military leader, which is being held by authorities in Switzerland.

Growth in Nigeria has returned after the economy entered into its worst recession in a quarter of century in 2016. However, the economy is still fragile, with high unemployment and weak infrastructure.

Inflation started to rise in August, the statistics office said after slowing for 18 months.

Buhari took office in 2015 after an election campaign largely fought on his vow to fight corruption, but his detractors have accused him of failing to investigate allies accused of wrongdoing.

The presidency said on Saturday the entities that aided corruption were under investigation for various offences.

Two former allies of Buhari now in opposition, including Senate leader Bukola Saraki, and several others have declared their intention to challenge the president in next year's vote.

 

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