Nigeria

Total to sell US$750m Nigerian oil block as part of global asset liquidation drive

November 11, 2019

NIGERIA – Total Group is seeking to sell its 12.5 per cent stake in a major deepwater oilfield off the coast of Nigeria, in an effort to adjust the energy company’s Africa portfolio amid a broad expansion, The Punch Nigeria has reported.  According to The Punch Nigeria, Total’s stake in Oil Mining Lease 118, which […]

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Nigeria opens economy to foreign investment, says no limits to foreign participation

November 11, 2019

NIGERIA – Nigeria’s Vice-President Yemi Osinbajo has said foreign investors had nothing to worry about as there were no laws limiting foreign participation and investment in any sector of the economy. While speaking during the 2019 FMDQ Capital Market Conference in Lagos, Osinbajo said that though there are no limits to investing, the Federal Government […]

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Nigerian banks attract US$4.74bn foreign investments in six months

November 11, 2019

NIGERIA – Data obtained from the National Bureau of statistics showed that the amount of investment attracted by 22 banks accounted for 33.16 per cent of the total amount of foreign investment recorded in the first half of the year, which stood at US$14.31 billion. In the first quarter of the year, the total value […]

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Dangote Group expands portfolio in Togo with US$2bn phosphate mining deal and US$60m cement facility

November 10, 2019

TOGO – Dangote Industries Limited and the Government of Togo have concluded an agreement to develop and transform Togolese phosphate into phosphate fertilizers for the West African sub-region; in a bid to improve consumption of the product in Africa. President/CE Dangote Group, Aliko Dangote said, ‘’This partnership is in line with our transformation agenda in […]

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Nigeria’s Interswitch diversifies into healthcare, acquires majority stake in healthcare tech company, eClat

November 5, 2019

NIGERIA- Interswitch, Nigeria’s leading integrated digital payments and commerce company has acquired a majority stake healthcare technology company, eclat. By acquiring shares from current shareholders and subscribing to the newly issued shares, Interswitch now owns a 60% stake in eClat Healthcare Limited. The company said in a statement that “The combined product offerings of Interswitch […]

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Nigeria’s government pledges to support the completion of Dangote petroleum refinery

November 5, 2019

NIGERIA’S — The Honorable Minister of State for Petroleum Resources, Chief Timipre Sylva, has pledged support of the Federal Government towards ensuring the completion of the historic 650,000 BPD, Dangote Petroleum Refinery. The minister gave the government’s pledge during an official visit to the Petrochemical complex located at the Lekki Free Trade Zone in Lagos, […]

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Nigeria’s Agip Oil shuts Aggah oilfield after spillage to prevent further environmental damage

October 30, 2019

NIGERIA – The Nigerian Agip Oil Company (NAOC) has announced a shut-in of its oilfield in Aggah community in Ogbia/Egbema Local Government Area of Rivers State, following pipeline leakage to forestall further damage to the environment. A statement from Eni, the Italian parent company of NAOC confirming the closure revealed that NAOC got a report […]

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Nigeria’s Parliamentary Committee on Aviation calls for concession of airports to make them more viable

October 30, 2019

NIGERIA – The House of Representatives Committee on Aviation has said concession of airports across the country will make them more viable. The Chairman of the committee, Nnolim Nnaji, while speaking at the annual colloquim of Nigeria TravelSmart.com in Lagos stated that the model had been tested and found to be successful in other countries, […]

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Zenith Bank’s Q3 gross earnings rise to US$1.4bn buoyed by cost optimization strategies

October 29, 2019

NIGERIA – Nigerian multinational financial services provider, Zenith Bank Plc has revealed that its gross earnings increased by four per cent from US$1.31 billion (N474.6bn) in the third quarter of 2018 to US$1.36 billion (N491.26bn) in third quarter of 2019. A statement from the group said its profit before tax grew by five per cent […]

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Nigeria’s Ondo State signs $1.1bn deal with German firm Medicus International to build a medical center

October 29, 2019

NIGERIA – Ondo State Government has signed a Memorandum of Understanding with a Germany-based organisation, Medicus International, to build a Sunshine Medical City in Akure, valued at $1.1bn. Ondo State’s governor Rotimi Akeredolu of Ondo State said that the deal was in fulfilment of his commitment to improve the health sector and facilitate modern healthcare […]

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