The Central Bank of Nigeria (CBN) says it has again injected 210 million dollars into the Foreign Exchange (Forex) market in continuation of its intervention in the sector. A statement by Isaac Okorafor, Acting Director, Corporate Communications Department, in Abuja on Wednesday, said the intervention was to enable market operators meet the requests of customers. […]
Category: East Africa News
Nigeria: World Bank Cautions Nigeria, Others Against Eurobonds
The World Bank on Wednesday warned Nigeria that Eurobonds and other private sector market or sovereign debt instruments can worsen its debt-to-gross domestic product (GDP) ratio. Although the bank noted Nigeria is the only low income commodity producing economy that has maintained public debt below 20 per cent of GDP since 2016, it said the […]
Africa: Ecobank’s Customer Innovation Reaps Rewards
London — – Ecobank has secured wins in two categories at the Retail Banking Awards in London. The leading pan-African bank was awarded Product Innovation of the Year 2017 and Retail Banking Launch of the Year 2017 at a ceremony hosted by Retail Banker International in London. Over the course of 2016, Ecobank has focused […]
Africa: Shelter Afrique Seeks to Avoid Bond Default
Pan-African housing financier Shelter Afrique has written to the Nairobi Securities Exchange seeking permission to restructure its debt to avoid a possible default. Shelter Afrique could default on its $50 million corporate bond listed on the NSE if it fails to get the bond holders’ consent to reschedule payments. It wrote to the NSE seeking […]
Nigeria: EIB, AfDB to Finance Development Bank of Nigeria With $70 Million
The European Investment Bank (EIB) and the African Development Bank (AfDB) have agreed to support the new Development Bank of Nigeria (DBN) with $70 million. EIB put in an equity stake of $20 million to finance the bank, while AfDB put in $50 million as equity participation. A statement sent to PREMIUM TIMES on Thursday […]
Uganda: Insurance Companies to Share Oil Sector Risks, Benefits
Kampala, Uganda | JULIUS BUSINGE | As Uganda makes steps towards getting first oil in 2020, insurance companies are working on mechanisms of partnering to share risks and benefits that will manifest. Speaking to journalists on the sidelines of a press conference on the upcoming oil and gas convention to be held in Kampala next […]
Zimbabwe: Agribank Returns to Profitability
STATE-owned Agribank has returned to profitability, posting a US$8 million profit in 2017 from US$4 million in 2016, two years after the United States of America lifted sanctions on the bank. Agribank was among other companies perceived to have been propping up the regime of former President Robert Mugabe. The Zimbabwe Independent business reporter Tinashe […]
Tobacco could hit 200m kg
Zimbabwe is the world’s sixth largest tobacco producer TOBACCO production could reach 200 million kilogrammes from the 186 million kilogrammes recorded last year, Ethical Leaf Tobacco managing director Doesmatter Muvimbi has said. Speaking at The Financial Gazette Executive Dialogue last Friday, Muvimbi said this year’s leaf tonnage could be higher than last year’s despite slow […]
Telkom Kenya and Airtel seek merger to take on Safaricom dominance
Telkom Kenya plans to merge operations with Indian-owned Bharti Airtel’s (BRTI.NS) local unit as a first step to acquiring all of Airtel’s assets, sources said on Tuesday, creating a stronger challenger to market leader Safaricom. The two operators have a combined 23 percent of Kenya’s 41 million mobile subscribers, but have long struggled to compete […]
Nairobi poor suffer as charcoal prices increase by third after logging ban
Pic: A charcoal trader at Makina market in Kibera, Nairobi. (NMG) Low-income households continue to bear the brunt of the temporary ban on logging that has pushed up charcoal prices by 27 per cent in the past month. Latest Kenya National Bureau of Statistics (KNBS) data shows the price of charcoal rose to an average […]