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Latest News Anxiety over Buhari’s failure to constitute cabinet Fear grips lawmakers as FG begins probe of constituency projects Kogi 2019 Guber: 20 APC governorship aspirants move against Yahaya Bello Ihedioha suspends Imo LG chairmen, councillors, appointees; dissolves ISIEC, statutory boards, all government agencies Why we can’t disclose asset declarations by presidents, governors — CCB Insecurity: Police to install CCTVs nationwide Magu warns LG chairmen, councillors against corruption UNICEF condemns use of children as human bombs in Nigeria’s North-East 10,665 killed in Nigeria in 2018: Report Prevail on FG to convoke a constitutional conference, Intersociety begs EU, US, Canada, others •Identifies 8 missing points in EU Report on 2019 Polls Akeredolu sacks three commissioners No court order stopped investigation into Kano Emirate funds, says anti-graft agency

 

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Airtel Africa sets price range for London IPO share

Airtel Africa sets price range for London IPO share Airtel Africa Ltd (IPO-AIRTA.L), a unit of India’s Bharti Airtel Ltd, on Monday set a price range of 80 to 100 pence per share for its planned initial public offering on the London Stock Exchange. The IPO is expected to raise 595 million pounds ($749.05 million) from the issuance of about...... more

Huawei pushes ahead with own operating system

Huawei pushes ahead with own operating system An executive of China’s Huawei, which has been banned from working with US tech firms, said on Thursday that the telecoms giant is in the process of potentially launching its “Hongmeng” operating system (OS) to replace the US Android OS. Andrew Williamson, vice-president of Huawei Technologies’ public affairs and communications, said...... more

Ramaphosa meets Reserve Bank board to discuss deputy governor vacancies

Ramaphosa meets Reserve Bank board to discuss deputy governor vacancies President Cyril Ramaphosa met with the board of the SA Reserve Bank on Friday, where vacancies at the Bank were discussed. Deputy governor Francois Groepe resigned in January 2019, but five months later his position has not been filled. Another deputy governor’s contract, that of Daniel Mminele, will conclude at the...... more

Illicit financial flows in SA now ‘more and more a national emergency’

Illicit financial flows in SA now ‘more and more a national emergency’ The government has been urged to focus on the mining sector and the digital economy to tackle illicit financial flows that are causing heavy revenue losses. . Cape Town-based nongovernmental organisation the Alternative Information and Development Centre (AIDC) says it appears that developing countries are paying a particularly high price. Every...... more

DPR inspires Uganda’s Petroleum Authority

DPR inspires Uganda’s Petroleum Authority An official of the Petroleum Authority of Uganda has commended the management of Department of Petroleum Resources (DPR)’s professional conducts in carryout its regulatory activities in the oil and gas industry. Mrs Betty Namubiru, Manager, National Content, Petroleum Authority of Uganda (PAU), gave the commendation in Lagos during their official visit...... more

SA Reserve Bank reveals how Guptas stole millions

SA Reserve Bank reveals how Guptas stole millions The state capture inquiry on Monday heard how the Gupta family allegedly used a letterbox company‚ Homix‚ to illicitly siphon millions of rand in kickbacks to other companies linked to them both in and outside SA. In his evidence before the commission‚ the Reserve Bank’s Elijah Mazibuko detailed a range of...... more

Shipping losses lowest this century, but incident numbers remain high — Allianz

Shipping losses lowest this century, but incident numbers remain high — Allianz Large shipping losses are now at their lowest level this century having declined by over 50% year on year, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. The annual study analyses reported shipping losses over 100 gross tons (GT). In 2018, 46 total losses of...... more

Facebook suspends app pre-installs on Huawei phones

Facebook suspends app pre-installs on Huawei phones Facebook Inc is no longer allowing pre-installation of its apps on Huawei phones, the latest blow for the Chinese tech giant as it struggles to keep its business afloat in the face of a U.S. ban on its purchase of American parts and software. Customers who already have Huawei phones will...... more

Shell eyes dividends, spending boost after 2020

Shell eyes dividends, spending boost after 2020 Royal Dutch Shell outlined plans, on Tuesday, to boost shareholder returns after 2020, while also increasing spending on oil, gas and power, as it capitalises on years of cost cutting to prepare for a lower carbon future. In a strategy update, the Anglo-Dutch energy company said it was on track to...... more

Force majeure declared as explosion shuts down output at Cameroon’s refinery

Force majeure declared as explosion shuts down output at Cameroon’s refinery Cameroon’s state oil refinery declared force majeure on Saturday, after a storage tank exploded overnight, causing a fire that shut down output at its main refinery in Limbe but caused no deaths. A letter to its partners seen by Reuters said the fire had “caused a production stoppage at all of...... more

Data share probe: Court says Facebook has case to answer

Data share probe: Court says Facebook has case to answer A U.S. judge on Friday denied Facebook Inc.’s request to dismiss a lawsuit by the Washington, D.C. attorney general over the social media giant’s improper sharing of 87 million users’ data with British political consulting firm Cambridge Analytica. The U.S. capital city sued Facebook in December, accusing it of misleading users...... more

SEC bans Oando CEO Wale Tinubu from being director of any public company for five years

SEC bans Oando CEO Wale Tinubu from being director of any public company for five years After over a year of forensic audit, the Securities and Exchange Commission (SEC) has concluded investigation of Oando Plc and barred the Group Chief Executive Officer, Mr Wale Tinubu , from being a director of a public company  for five years. In a statement signed by its Head of Corporate Communications, ...... more

How Samsung may benefit from Huawei’s plight

How Samsung may benefit from Huawei’s plight Samsung Electronics Co Ltd may have a chance to strengthen its position in the smartphone market due to the hurt caused to Huawei Technologies Co Ltd in the wake of U.S.-China trade tensions, according to Fitch Ratings. Tech companies, including Google and SoftBank Group-owned chip designer ARM, have said they will...... more

Huawei ban threatens global economy

Huawei ban threatens global economy US President Donald Trump’s move to restrict US companies from doing business with China’s Huawei poses a real threat to the global economy, which is already showing signs of strain. Last Friday, the US government blacklisted the Chinese phone maker and telecoms equipment provider on national security concerns but said the...... more

Mobile networks suspend orders for Huawei smartphones

Mobile networks suspend orders for Huawei smartphones Mobile networks in Asia and Europe are suspending orders for Huawei smartphones following the US decision last week to restrict the company's access to American technology. The inclusion of Huawei on an export blacklist means the Chinese company can no longer source software or components from US suppliers without a license....... more

African Bank takes on rivals in fee war

African Bank takes on rivals in fee war African Bank, the entity that has risen from the ashes of one of the biggest banking collapses in SA, has become the latest entrant in the fee war that is shaking up the industry. The bank, which has attracted more than R1bn in deposits despite the harm the brand suffered due...... more

SNEPCo pays N366 bn revenue to Nigerian Government

SNEPCo pays N366 bn revenue to Nigerian Government Nigeria’s foremost deep-water oil and gas company, Shell Nigeria Exploration and Production Company Limited (SNEPCo), paid N366 billion in 2018 as revenue to the federal government from its exploration activities, while it made another N2.1 billion as statutory payment to the Niger Delta Development Commission, SNEPCo’s Managing Director, Bayo Ojulari, has...... more

OPEC considers two scenarios to adjust oil production

OPEC considers two scenarios to adjust oil production The Organisation of the Petroleum Exporting Countries and its allies are set to debate at least two scenarios that would increase oil production beyond current levels, according  to sources. If the group ultimately chooses to increase production, there’s a hitch: The cartel’s internal simulations suggest the global crude market could experience...... more

US-China dispute damage may be much worse than investors imagine

US-China dispute damage may be much worse than investors imagine Global equity investors are likely to be underestimating what may be immense damage across a variety of industries triggered by the US-China trade dispute, particularly involving the latest Huawei  escalation, Wall Street analysts say. The Trump administration putting Huawei, and dozens of its affiliates, on an export blacklist means “the US...... more

EU fines 5 banks $1.2bn for foreign exchange rigging

EU fines 5 banks $1.2bn for foreign exchange rigging Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion Euros (1.2 billion dollars) by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market. The financial industry has been hit with billions of Euros in fines worldwide over the last decade...... more

OML 29 lease renewal: Court adjourns hearing to June 24 as more parties seek to join

OML 29 lease renewal: Court adjourns hearing to June 24 as more parties seek to join The Federal High Court sitting in Yenagoa on Thursday adjourned a suit seeking to halt the renewal of Oil Mining Lease (OML) 29 instituted by Nembe communities in Bayelsa. It was learnt that the lease will expire on June 30, 2019, while the operator of the oilfields had commenced renewal formalities...... more

Microsoft to spend $100 million on Kenya, Nigeria tech development hub

Microsoft to spend $100 million on Kenya, Nigeria tech development hub Microsoft Corp will invest 100 million dollars to open an Africa technology development centre with sites in Nigeria and Kenya over the next five years, the company said on Tuesday. Global tech giants, including Alphabet Inc and Facebook, have been increasing investment on the continent in recent years to take advantage...... more

Japan tests world’s fastest bullet train

Japan tests world’s fastest bullet train Japan has started testing its fastest-ever bullet train – capable of reaching 400 kilometres per hour (249 mph) – as it continues to develop the revolutionary mode of travel. The ALFA-X version of the Shinkansen train began three years’ worth of test runs on Friday. Once it enters operation sometime around...... more

Uber under pressure after high-profile IPO

Uber under pressure after high-profile IPO Ride services giant Uber Technologies began life as a public company on Friday, under pressure to start trading strongly after conservatively pricing its initial public offering (IPO). The start of trading comes after Uber, on Thursday, priced its IPO at $45 a share, at the lower end of its $44-$50 per...... more

Jumia shares sink after Citron calls the African e-commerce company a ‘fraud’

Jumia shares sink after Citron calls the African e-commerce company a ‘fraud’ Jumia Technologies AG JMIA, -18.79% shares sank 14.6% in Thursday trading after Citron Research’s Andrew Left, a noted short seller, announced in a report that they have the “smoking gun” that shows why Jumia equity is “worthless”. “In 18 years of publishing, Citron has never seen such an obvious fraud as...... more

Abdoul Aziz Dia joins Group Board of Directors of UBA

Abdoul Aziz Dia joins Group Board of Directors of UBA The United Bank for Africa (UBA) on Thursday announced that Mr Abdoul-Aziz Dia will join the bank’s Board of Directors subject to the approval of the Central Bank of Nigeria. Mr Dia, a Senegalese citizen, has over 25 years of banking experience garnered from several countries across the globe, including the...... more

Trade war: US raises tariffs on $200bn of Chinese goods

Trade war: US raises tariffs on $200bn of Chinese goods The US has more than doubled tariffs on $200bn (£153.7bn) worth of Chinese products, in a sharp escalation of the countries’ damaging trade war. Tariffs on affected Chinese goods have risen to 25% from 10%, and Beijing has vowed to retaliate. China said it “deeply regrets” the move and will have...... more

Uber drivers strike in US ahead of public offering

Uber drivers strike in US ahead of public offering   Uber and Lyft drivers across the country are turning off their apps and striking Wednesday to protest for better compensation ahead of a potentially enormous initial public offering for one of the rideshare companies. Uber is reportedly planning on selling company shares for between $44 and $50 when it goes...... more

MTN applies for listing of shares on Nigerian Stock Exchange: Sources

MTN applies for listing of shares on Nigerian Stock Exchange: Sources South African telecoms firm MTN has applied with Nigeria’s securities regulator to list shares in its local unit on the country’s bourse, two people with direct knowledge of the matter said on Friday. Nigeria is the biggest market for Africa’s largest telecoms firm, with 52.3 million users in 2017, and accounts...... more

World Bank launches $50m fund to support clean mining •Projects eligible for funding

World Bank launches $50m fund to support clean mining •Projects eligible for funding The World Bank introduced a $50 million fund dedicated to making mineral mining climate-smart and sustainable, the bank said on Wednesday. The fund will help resource-rich developing countries extract and process minerals and metals used in clean energy technologies, such as wind and solar power and batteries for energy storage and...... more

 

NNPC Financial reports February 2019

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