Talks over $3.9 billion fine imposed MTN Nigeria between President Zuma, visiting Nigeria, and President Buhari have yielded results, fin24.com reveals. Indeed, Nigeria’s president, Muhammadu Buhari, at a joint press conference held on March 8, 2016, with his South African counterpart, said “NCC will find ways to reduce the fine and give MTN more time to gradually pay”. MTN Nigeria...

The President of Nigeria, Muhammadu Buhari has sanctioned the immediate splitting of the Nigerian National Petroleum Corporation (NNPC), into seven independent operational units. The new units include Upstream, Downstream, Gas & Power, Refineries, Ventures, Corporate Planning & Services and Finance & Accounts. With this new strategy, the reformed NNPC now consist of business-focused...

In Nigeria, the Minister of State for Petroleum Emmanuel Kachikwu has announced that the country plan to eliminate the need for imported petroleum products within 18 months. “Between the next 12 to 18 months we should be able to get out of importations of refined products,” Kachikwu said. He added that between $250 and $500 million will be invested in the country's four refineries...

Cairn Energy on Wednesday, announced that the well testing program on the SNE-3 appraisal well offshore Senegal was successful. According to the company, after the drilling, coring, logging and drill-stem testing (DST), the operation was carried out successfully without any harm. The well is currently being plugged and abandoned.  The Study of the dataset gathered is ongoing. And initial...

In Mauritania, a group of journalists and rappers just launched a rapped TV news edition. Called “Chi-Taari journal rappé” it is a news program made by youth for youth. Test period for the program is over. Pilot was posted on YouTube on February 23: https://www.youtube.com/watch?v=Pgt48ZdHQUg Other episodes have been produced and posted and feedback from internet users is expected. All...

Morocco has just been granted $132 million by Japan for its Green Morocco Project (PVM). The funding will be used to promote a green governance of the agricultural industry and inclusive development of agricultural value chains, agrimaroc.ma revealed. Mohamed Boussaid, Moroccan Minister of Economy and Finance, welcomed Japan’s commitment and highlighted that this was the second public...

The Soubré hydropower dam, Cote d’Ivoire’s biggest hydropower dam with a capacity of 275 MW, will come online in 2017, a year earlier than expected. Launched in 2013, the project which should have been completed in 2018 is 30% away from completion according to work assessment that a technical delegation recently carried out. Located upstream the natural falls of the Sassandra River, the...

Algerian private conglomerate Cevital and Brazilian firm and world’s leading iron ore producer, Vale, have signed on March 4, a memorandum of understanding with the Pará Brazilian state for the construction of a steel complex, local press agency Pará reports. Construction of the complex and its port should start in two years, the same source reveals. In October 2015, Cevital said it...

In Kenya, Equity Bank said on March 8, it has recorded a pre-tax profit of Sh24 billion (about $237 million) in 2015 against Sh22.4 billion in 2014, as its net interest income rose. Talking at a financial communication event, Equity Bank’s Chief Executive Officer, James Mwangi, said various factors weighed on the group’s performances over the last year, citing among others depreciation...

Two months after the start of cashew trading season, Cote d’Ivoire has already ceased 15,000 tons of cashew nuts on its way to Ghana via contraband. These movements are representative of a persisting phenomenon to which Cote d’Ivoire lost about a quarter of its production during the 2012 season. Despite authorities implementing various measures to halt it, the illegal trading of the nut is...