According to a news first reported by Skye One, Robert Diamond Junior (Bob Diamond) teamed up with Carlyle Group, the American private equity firm with $180 billion assets, to acquire 62.3% stake of Barclays Africa. Since March 1, 2016, Barclay’s current chief executive, Jes Staley, announced that his group intends to let go of its African arm and speculations show that Atlas Mara plans...

African Development Bank (AfDB) plans to grant Nigeria $300 million to push youth into agriculture. The announcement was made by AfDB’s director for Nigeria, Ousmane Dore, during a seminary on the self-employment of youth in agriculture launched by the bank and International Institution for Tropical Agriculture (IITA). According to Mr Dore, the funding aims to help bring up the next...

The Minister of Minister of State for Petroleum Resources, Emmanuel Kachikwu has announced tjat the Escravos-Warri-Kaduna pipeline has been recommenced the, feeding of crude to both the Kaduna and Warri refineries. According to him, the Port Harcourt and Warri refineries have begun production while the Kaduna refinery will come on stream before the end of April. Both refineries are currently...

According to thisdaylive.com citing Minister of communication, Adebayo Shittu, the Federal Government of Nigeria will suspend all negotiations with MTN over reduction of $3.9 billion fine. The government has decided to wait for the outcome of the investigation on MTN carried out by Chamber of representatives. On March 23, 2016, the representatives demanded that parliamentary commission in...

The fuel scarcity situation in Nigeria is expected to worsen especially in Lagos as technical faults have made the Satelite Depot to shut down. The depot which shut down over the weekend has affected efforts to distribute fuel in Lagos. “As I speak with you now, the depot is not functional, it broke down a few days ago worsening distribution efforts of marketers,” Alamu Ayo, Chairman...

Rwanda’s Minister of Natural resources, Vincent Biruta said $1.6 billion were needed to implement national green growth and climate resilience strategy, for 15 years. The strategy includes 14 programmes impacting sectors such as energy, agriculture, water and forest management. “We need growth that can cope with climate change. We are assessing implementation of this and also looking...

In Burkina Faso, the 2015-2016 cotton season fell by 18% to 581,000 tons. According to the Burkina Faso Inter-Professional Cotton Association (AICB in French), this was due to bad weather conditions. The season was indeed punctuated by long droughts, delayed rains, and floods. Production fall will inevitably impact Burkina’s economics as cotton is its second major source of revenue....

SacOil Holding Ltd., has delayed the signing of a joint-venture deal with its partners, to construct a $6 billion pipeline to convey gas from offshore Mozambique to Gauteng in South Africa, Bloomberg reports. According the SacOil Chief Executive Officer, Thabo Kgogo (photo), the company is still interested in the project but the board felt that the process (which is supposed to be completed...

Kenya has signed a newly proposed 2015 Model Production Sharing Contract (PSC) which will prevent the country from having to pay taxes for oil companies. This new oil production-sharing model is beneficial to the country and excludes clauses present in the previous model that allows oil companies produce oil at a great benefit. According to a report released by Oxfam, a civil organization...

South Africa's Energy minister, Tina Joemat-Pettersson (photo) has said that the country is ready to work together with Iranian companies in terms of energy projects. According to her, South Africa is prepared to convert MoUs to be signed with Iranian counterparts into trade proposals for conducting transactions. “The position of South Africa in the European Union can serve as a good...