Africa Business News

The Nigerian National Petroleum Company Limited has begun buying petrol via cash tenders, rather than oil swaps, for the first time in nearly a decade. Shell Petroleum Development Company Limited has also disbursed N3.72 billion and an additional $12.32 million for host community development in compliance with the provisions of the Petroleum Industry Act. NNPC will pay the last debts owed under the long-running oil swaps by the end of next month. The shift is the result of efforts by President Bola Tinubu to eliminate costly fuel subsidies as part of broader reforms aimed at shoring up the country's struggling finances.

The Nigerian National Petroleum Company Limited has begun buying petrol via cash tenders, rather than oil swaps, for the first time in nearly a decade. Shell Petroleum Development Company Limited has also disbursed N3.72 billion and an additional $12.32 million for host community development in compliance with the provisions of the Petroleum Industry Act. NNPC will pay the last debts owed under the long-running oil swaps by the end of next month. The shift is the result of efforts by President Bola Tinubu to eliminate costly fuel subsidies as part of broader reforms aimed at shoring up the country's struggling finances.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The Ministry of Housing and Urban Development has revealed plans to introduce an initiative aimed at revolutionising inclusivity and affordability in Nigeria through the introduction of cross-subsidies in housing projects. The Special Adviser on Media to the Minister of Housing and Urban Development, Mark Chieshe, says the visionary strategy promises to redefine housing accessibility by integrating a mix of low, medium, and high-end housing projects, ensuring inclusivity for Nigerians of all income brackets. The Minister had established the Committee during his first week in office to review designs of the Ministry’s projects and ensure that houses that the Ministry promotes fall within price ranges that low- and medium-income earners can afford.

The Ministry of Housing and Urban Development has revealed plans to introduce an initiative aimed at revolutionising inclusivity and affordability in Nigeria through the introduction of cross-subsidies in housing projects. The Special Adviser on Media to the Minister of Housing and Urban Development, Mark Chieshe, says the visionary strategy promises to redefine housing accessibility by integrating a mix of low, medium, and high-end housing projects, ensuring inclusivity for Nigerians of all income brackets. The Minister had established the Committee during his first week in office to review designs of the Ministry’s projects and ensure that houses that the Ministry promotes fall within price ranges that low- and medium-income earners can afford.

The Ministry of Housing and Urban Development has revealed plans to introduce an initiative aimed at revolutionising inclusivity and affordability in Nigeria through the introduction of cross-subsidies in housing projects. The Special Adviser on Media to the Minister of Housing and Urban Development, Mark Chieshe, says the visionary strategy promises to redefine housing accessibility by integrating a mix of low, medium, and high-end housing projects, ensuring inclusivity for Nigerians of all income brackets. The Minister had established the Committee during his first week in office to review designs of the Ministry’s projects and ensure that houses that the Ministry promotes fall within price ranges that low- and medium-income earners can afford.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The International Monetary Fund has said the naira is currently under pressure and Nigeria is free to seek a loan from the Fund to stabilise the currency if it considers a good option. The Washington-based lender however noted that recent exchange reforms and other steps taken by the Nigerian authorities were in order. It also expressed support for Olayemi Cardoso-led Central Bank of Nigeria’s last week’s decision to halt the eight-year foreign exchange ban on cement, rice, poultry products and 40 other items. IMF said inflation in Nigeria was till high at 26 per cent in August while the naira continued to be under pressure.

The International Monetary Fund has said the naira is currently under pressure and Nigeria is free to seek a loan from the Fund to stabilise the currency if it considers a good option. The Washington-based lender however noted that recent exchange reforms and other steps taken by the Nigerian authorities were in order. It also expressed support for Olayemi Cardoso-led Central Bank of Nigeria’s last week’s decision to halt the eight-year foreign exchange ban on cement, rice, poultry products and 40 other items. IMF said inflation in Nigeria was till high at 26 per cent in August while the naira continued to be under pressure.

The International Monetary Fund has said the naira is currently under pressure and Nigeria is free to seek a loan from the Fund to stabilise the currency if it considers a good option. The Washington-based lender however noted that recent exchange reforms and other steps taken by the Nigerian authorities were in order. It also expressed support for Olayemi Cardoso-led Central Bank of Nigeria’s last week’s decision to halt the eight-year foreign exchange ban on cement, rice, poultry products and 40 other items. IMF said inflation in Nigeria was till high at 26 per cent in August while the naira continued to be under pressure.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

Japan’s government has announced it will ask a court to revoke the legal status of the Unification Church after former Prime Minister Shinzo Abe’s assassination raised questions about the group’s fundraising and recruitment tactics. Education Minister Masahito Moriyama says the ministry proposed seeking the revocation after interviewing 170 people allegedly harmed by the church’s fundraising tactics and other problems. He says the church failed to respond to dozens of questions during the hearings. If its legal status is stripped, the church would lose its tax exemption privilege as a religious organisation but can still operate. The man accused of shooting Abe at a campaign event allegedly told police he was motivated by the former prime minister’s links to the church, which he blamed for bankrupting his family.

Japan’s government has announced it will ask a court to revoke the legal status of the Unification Church after former Prime Minister Shinzo Abe’s assassination raised questions about the group’s fundraising and recruitment tactics. Education Minister Masahito Moriyama says the ministry proposed seeking the revocation after interviewing 170 people allegedly harmed by the church’s fundraising tactics and other problems. He says the church failed to respond to dozens of questions during the hearings. If its legal status is stripped, the church would lose its tax exemption privilege as a religious organisation but can still operate. The man accused of shooting Abe at a campaign event allegedly told police he was motivated by the former prime minister’s links to the church, which he blamed for bankrupting his family.

Japan’s government has announced it will ask a court to revoke the legal status of the Unification Church after former Prime Minister Shinzo Abe’s assassination raised questions about the group’s fundraising and recruitment tactics. Education Minister Masahito Moriyama says the ministry proposed seeking the revocation after interviewing 170 people allegedly harmed by the church’s fundraising tactics and other problems. He says the church failed to respond to dozens of questions during the hearings. If its legal status is stripped, the church would lose its tax exemption privilege as a religious organisation but can still operate. The man accused of shooting Abe at a campaign event allegedly told police he was motivated by the former prime minister’s links to the church, which he blamed for bankrupting his family. This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The Russian Olympic Committee has been suspended with immediate effect for recognising regional sports organizations from four territories annexed from Ukraine. The International Olympic Committee added that the ROC would not be eligible for any funding after it recognised Olympic Councils from the regions of Luhansk, Donetsk, Kherson and Zaporizhzhia, but that it would not affect any Russian athletes competing as neutrals. The IOC executive board is meeting in Mumbai, India ahead of the IOC session from October 15-17. The ruling does not affect any decision on Russian and Belarusian athletes’ participation at the Paris 2024 Olympics, which the IOC will consider at a later date.

The Russian Olympic Committee has been suspended with immediate effect for recognising regional sports organizations from four territories annexed from Ukraine. The International Olympic Committee added that the ROC would not be eligible for any funding after it recognised Olympic Councils from the regions of Luhansk, Donetsk, Kherson and Zaporizhzhia, but that it would not affect any Russian athletes competing as neutrals. The IOC executive board is meeting in Mumbai, India ahead of the IOC session from October 15-17. The ruling does not affect any decision on Russian and Belarusian athletes’ participation at the Paris 2024 Olympics, which the IOC will consider at a later date.

The Russian Olympic Committee has been suspended with immediate effect for recognising regional sports organizations from four territories annexed from Ukraine. The International Olympic Committee added that the ROC would not be eligible for any funding after it recognised Olympic Councils from the regions of Luhansk, Donetsk, Kherson and Zaporizhzhia, but that it would not affect any Russian athletes competing as neutrals. The IOC executive board is meeting in Mumbai, India ahead of the IOC session from October 15-17. The ruling does not affect any decision on Russian and Belarusian athletes’ participation at the Paris 2024 Olympics, which the IOC will consider at a later date.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The South African authorities say they have uncovered a coal-smuggling syndicate that has played a major role in exacerbating the country's energy crisis. The South African Revenue Service led what was described as a search and seizure operation across five provinces where the smugglers are active - Gauteng, Mpumalanga, KwaZulu-Natal, Free State and Limpopo. The suspects include former employees of the state-owned electricity firm, Eskom. A statement said the scam involved high-grade coal being sold off and replaced with a low-grade product which has been damaging power stations.

The South African authorities say they have uncovered a coal-smuggling syndicate that has played a major role in exacerbating the country's energy crisis. The South African Revenue Service led what was described as a search and seizure operation across five provinces where the smugglers are active - Gauteng, Mpumalanga, KwaZulu-Natal, Free State and Limpopo. The suspects include former employees of the state-owned electricity firm, Eskom. A statement said the scam involved high-grade coal being sold off and replaced with a low-grade product which has been damaging power stations.

The South African authorities say they have uncovered a coal-smuggling syndicate that has played a major role in exacerbating the country's energy crisis. The South African Revenue Service led what was described as a search and seizure operation across five provinces where the smugglers are active - Gauteng, Mpumalanga, KwaZulu-Natal, Free State and Limpopo. The suspects include former employees of the state-owned electricity firm, Eskom. A statement said the scam involved high-grade coal being sold off and replaced with a low-grade product which has been damaging power stations.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

Burkina Faso and Russia are scheduled to sign a memorandum of understanding for the construction of a nuclear power plant in the West African nation. The agreement will be a culmination of talks the Burkinabe military ruler, Capt Ibrahim Traore, had with Russian President Vladimir Putin in July, during the Russia-Africa summit in Moscow. About 20% of Burkina Faso's population has access to electricity - one of the lowest rates in the world, according to the International Energy Atomic Agency. Having fallen out with most of its traditional Western partners, including former colonial power France, Burkina Faso has turned to Russia for economic and military support.

Burkina Faso and Russia are scheduled to sign a memorandum of understanding for the construction of a nuclear power plant in the West African nation. The agreement will be a culmination of talks the Burkinabe military ruler, Capt Ibrahim Traore, had with Russian President Vladimir Putin in July, during the Russia-Africa summit in Moscow. About 20% of Burkina Faso's population has access to electricity - one of the lowest rates in the world, according to the International Energy Atomic Agency. Having fallen out with most of its traditional Western partners, including former colonial power France, Burkina Faso has turned to Russia for economic and military support.

Burkina Faso and Russia are scheduled to sign a memorandum of understanding for the construction of a nuclear power plant in the West African nation. The agreement will be a culmination of talks the Burkinabe military ruler, Capt Ibrahim Traore, had with Russian President Vladimir Putin in July, during the Russia-Africa summit in Moscow. About 20% of Burkina Faso's population has access to electricity - one of the lowest rates in the world, according to the International Energy Atomic Agency. Having fallen out with most of its traditional Western partners, including former colonial power France, Burkina Faso has turned to Russia for economic and military support.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement