Nigeria: ‘Nass unaware of fuel subsidy removal, electricity tariff hike’

01 January 2016, Abuja — Leader of the House of Representatives, Mr. Femi Gbajabiamila has said that the National Assembly is not aware of the fuel subsidy removal and the hike in electricity tariff, noting that the Federal Government is yet to communicate its decision to the Assembly. Hon. Femi Gbajabiamila Addessed journalists after Meeting […] More »

Mozambique: Number of arrests for fuel theft at port rises

01 January 2016, Maputo — The number of people arrested in connection with the attempted theft of fuel from the port of Matola, which caused a major fire on 13 December, has now risen to 18, according to a report in Wednesday’s issue of the independent newssheet “Mediafax”. Initially ten people were detained, but on […] More »

Load shedding comes to an end in Ghana – Power Ministry

01 January 2016, Accra — The Ministry of Power has announced an end to load shedding in a statement released on Wednesday December 30. The three-paragraph statement signed by Kweku Sersah-Johnson, Head of Public Affairs, for the Power Minister, said ” the Ministry of Power wishes to inform the public that its load shedding programme […] More »

Iraq exported more than 1 billion barrels of oil in 2015

01 January 2016, Baghdad – Iraq said it exported 1.097 billion barrels of oil in 2015, generating $49.079 billion from sales, according to the oil ministry. It sold 99.7 million barrels of oil in December, generating $2.973 billion, after selling a record 100.9 million barrels in November, said oil ministry spokesman Asim Jihad. The country […] More »

South African Rand ends 2015 35% weaker against Dollar

01 January 2016, Pretoria — South Africa’s rand firmed up on Thursday after falling sharply overnight as the dollar extended gains on the back of a slide in global oil prices. As at yesterday, the rand had risen 0.1 per cent to 15.5400 per dollar, clawing back some ground after shedding more than one percent […] More »

FAAC got over N872bn from NNPC in 11 months

*Records over N240bn year-to-date revenue deficit 01 January 2016, Abuja — The Nigerian National Petroleum Corporation, NNPC, has disclosed in its November 2016 monthly operational and financial report that it has so far paid to the Federation Accounts and Allocation Committee, FAAC, a total of N872.90billion from January to October 2015 as revenue from domestic […] More »

Nigeria: Forex scarcity may affect banks’ Eurobond obligations

01 January 2016, Lagos – Foreign exchange scarcity rocking the financial system may not have been over yet, as pending corporate bond debts, particularly banks, and its coupon repayments now pose a greater challenge to the lenders. Specifically, the nation’s deposit money banks have about $3.4 billion worth of Eurobonds issued in the last few […] More »