Next September 7th, shareholders of the Banque de l’Habitat (BH) of Tunisia will hold an extraordinary general meeting during which they will discuss the capital increase of the lender, raising it by 170 million dinars ($70.4 million) to 238 million dinars ($98.55 million). The capital raising will occur via an incorporation of reserves valued at 34 million dinars ($14.07 million) and a...

Launched in 2005 with a financial support from the World Bank, Madagascar’s land reform has yielded satisfying results, the Bretton Woods institution said on its website. “Many other countries could follow Madagascar’s example. Actually, various African nations are already showing interest in the Malagasy land reform as it tackles key challenges and provide technical and legal solutions...

Two private indigenous companies have been selected by the Nigerian government to construct 217,000 barrels per day refineries in Port Harcourt and Warri under a new co-location concept. The concept initiated by the Minister of State for Petroleum Resources, Emmanuel Kachikwu, aims to ensure that new refineries are established to share infrastructure with the country’s existing refineries in...

The Nigerian Telecommunications Commission (NCC) has ordered all mobile telecommunications companies in the country to block the use of pre-registered sim cards believed to be used by criminals to carry out crimes across the country. The Deputy Director of Consumer Affairs Bureau, NCC, Ismail Adedigba, issued the warning at the commission’s 87th consumer outreach in Port Harcourt. According...

Dangote Group has on Thursday commenced the payment of more than N850 million ($2.3 million), as compensation to land owners affected by its sugar refinery project in Nasarawa State. According to reports, 60,000 hectares were acquired by the group for the construction of the refinery. Silas Agara, Deputy Governor of the state, who disbursed the funds to the beneficiaries assured that all those...

In Nigeria, the Ogun state government has kicked-off a $100 million project to construct a standard motorsport race track that will also serve as a leisure park, in the state. The Ogun State Motorsport (OSM) project, the first of its kind in West Africa, was proposed by EMC3 and will be handled by Driven International, a company which specializes in creating sustainable sports and leisure...

The Federal Government of Nigeria on a monthly basis saves about N4.7 billion ($12.8 million) through the Treasury Single Account (TSA), the Accountant General of the Federation (AGF), Ahmed Idris, has revealed. Speaking at a two-day workshop organized for finance journalists in Abuja, he explained that the amount represents various charges and interests on loans as well as account maintenance...

The Nigerian telecoms sector has attracted $68 billion in Foreign Direct Investment (FDI) to the economy in the last 16 years, Umar Dambatta (photo), the Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), has revealed. Speaking at a sensitization workshop on Code of Corporate Governance for the Telecoms Industry in Lagos on Tuesday, he explained that the...

The Nigerian National Petroleum Company (NNPC) says it has reduced the cost of crude oil production per barrel to $23 against the $29 a barrel announced in July. “The NNPC has driven down the cost of crude oil production from $78 dollars per barrel as at August 2015 to $23 per barrel representing a 70.5% reduction, saving the country over $3 billion annually,” Dafe...

A survey on graft released by the National Bureau of Statistics (NBS) on Wednesday reveals that almost one out of three Adult Nigerians pay bribe to civil servants and other public officials. These amount to N400 billion ($1.27 billion) annually. The survey, which was backed by a U.N. agency and the European Union, is based on 33,067 interviews with adults across the country. According to the...