Last year, the government of Zimbabwe has paid $134 million as compensation to white farmers affected by its Fast Track Land Reform Programme. This was told Reuters by Patrick Chinamasa (photo), the country’s minister of finance who added that the payment widened the State’s budget deficit. According to the same source, the government complied with one of the conditions imposed by the...

In the framework of its great achievements programme, the Ugandan government wishes to easily access lands held by individuals by simplifying expropriation for public use. A constitutional reform which seems not to rejoice the civic society much. “We believe it is unfair. Rich people can defend their rights at the court; they can afford a lawyer. But we the poor we cannot. A poor man cannot...

For the 2016-17 fiscal year, World Bank committed a total of $58.8 billion (loans, grants, acquisition of stakes and guarantees) to developing nations. This is 4% less than last year. The slump is explained mainly by the sluggish growth of the global economy in the first semester of 2017. Despite overall financial support provided by the International Bank for Reconstruction and...

In Nigeria, the Government of Katsina State on Friday said it has signed a pact with Mahindra Group to purchase 225 tractors worth N2bn ($5.8million). This aims to boost food production in the state. According to the Deputy Governor of the state, Mannir Yakubu, the tractors would be distributed to farmers on a loan basis. He said under the agreement, the state government in collaboration...

Daily gas supply to power plants has risen by 64%, Nigerian National Petroleum Corporation (NNPC)’s Financial and Operations Report for May 2017 has shown. According to the report, average gas supply to power plants rose to 729 million standard cubic feet of gas per day (Mmscfd) in May 2017, a 63.74% increase compared to the 446mmscfd, recorded the same month in 2016. Meanwhile, average...

In Nigeria, Wema Bank is looking to raising equity next year to increase its capital and reduce operating costs. “We would be looking at going on an equity raise at the end of 2018. Economic headwinds are still here, though we see it improving. We believe that H2 will be much better,” said Tunde Mabawonku, the Chief Finance Officer of the bank, He said the mid-tier lender cut loan...

The Acting President of Nigeria, Yemi Osinbajo (photo), has written to the National Assembly to seek approval for the virement of N136 billion ($398m) to fund some critical projects and programmes in the country. In a letter addressed to Yakubu Dogara, the Speaker of the House of Assembly, he explained that the funds will be transfered from various budget lines in the 2017 Appropriation...

The Nigerian Senate has expressed concerns that the recent suspension of Nigeria’s Financial Intelligence Unit (NFIU) from the Egmont Group will affect the country’s economy. This they expressed at a plenary on Wednesday. NFIU, an agency set up by the government to represent the country, was suspended from the Egmont Group at a meeting in China in July, this year. This was due to the...

The Research and Development division of the Nigerian National Petroleum Corporation (NNPC) has entered into partnership with U.S-based Halliburton Corporation to use its innovative Neftex solution to locate viable crude oil deposits in Nigeria’s inland basins. According to Bola Afolabi, the Group General Manager in charge of the R&D Division, the Halliburton's Neftex solution will enhance...

The Nigerian government has approved a new oil policy designed to reduce the importation of refined products and promote stability in the industry. This policy also aims to restructure the Nigeria National Petroleum Corporation (NNPC) to ensure efficiency and accountability. The Minister of oil, Emmanuel Kachikwu (photo), who disclosed this while addressing the press on Wednesday, said:...