IMF grants Kenya $509 million loan to help boost reserves
The International Monetary Fund on Monday approved, as expected, a $509 million credit facility to help Kenya boost its international reserves.
FG mediates NITEL’s Multi-billion debt to Ecobank
NIGERIA’S Vice President Mohammed Namadi Sambo has promised to assist Ecobank Plc recover N11.7 billion which Nigeria Telecommunications (NITEL) Plc owes the bank.
The money was loaned to NITEL in 2006 to acquire the necessary equipment to continue its telephone operation as a national carrier.
Kumba iron to fight South Africa’s rejection of mining right
Kumba Iron Ore on Thursday said it will fight South Africa’s decision to reject its bid for a disputed mining right, calling the decision “legally incorrect and fundamentally flawed”.
The dispute concerns Kumba’s bid for a mining right over a 21.4 percent stake in its Sishen mine.
Airtel unveils a new recharge service in Nigeria
Airtel has unveiled a new recharge service in Nigeria as part of its plan to redefine freedom in telecommunications landscape in Africa.
Speaking at the launch of the new recharge system in Lagos, Airtel Nigeria Chief Executive Officer, Rajan Swaroop, said the company’s mission was to deliver relevant, reliable and innovative solutions that empower its customers to overcome challenges in their daily life.
Saipem to go on trial on Nigeria bribery charges
A Milan judge has decided Italian oil services group Saipem and five managers will go on trial over charges relating to bribery in Nigeria, legal sources said on Thursday.
The trial will start in Milan on April 5, the legal sources said, citing the Milan judge.
Giant discoveries of billion barrels of oil visioned in Angola
Norway’s Statoil sees potential for giant discoveries of a billion barrels of oil in one or more of the Angolan ultra-deep water blocks, known as pre-salt blocks, in which it gained concessions this week.
Angola, which rivals Nigeria as the top oil producer in Africa, awarded concessions on Monday to major companies across 11 blocks. Oil and gas producer Statoil expects to operate two concessions and participate in three others.
Ghana: Producer Price Inflation rises to 17.98 percent in December
Ghana’s annualised producer price inflation rate rose to 17.98 percent in December from 15.98 percent the month before, the country’s statistics office said on Wednesday.
The figure could portend an acceleration in the pace of consumer inflation for the month of January after 18 consecutive months of it falling or holding steady — a factor that could in turn lead the West African state’s central bank to keep its prime interest rate on hold, analysts said.
First Quantum to invest $1 billion in Zambia’s new copper mine
Canadian group First Quantum Minerals will invest $1 billion in a new copper mine in Zambia, its president said on Tuesday.
Clive Newall told reporters the investment will include a copper smelter to handle concentrate from a mine expected to produce 300,000 tonnes of copper annually at peak production.
Algeria to spend 8 billion euros on power plants by 2018
Algeria’s state-run power utility plans to spend at least 8 billion euros ($11 billion) on the construction of 10 power plants by 2018, the official APS news agency reported on Tuesday.
