Philippine firm International Container Terminal Services (ICTSI) has announced on May 25 that it has abandoned port contract in Nigeria, due to prolonged delays of the project. According to the firm, the port, which was to be operational this year, could not be constructed as a result of funding issues. ICTSI and Lekki Port LFTZ Enterprise, the project’s promoter, have both agreed to...

Nigeria is poised to attract over $30 billion worth of investments, as its Senate passed yesterday long-awaited oil governance bill, BusinessDay reports citing Chairman, Senate Committee on Gas, Bassey Akpan (photo). “Petroleum Industry Governance Bill (PIGB) could attract a minimum of $30 billion investment to Nigeria in the next three years,” Akpan said. The bill,...

Shareholders of Crystal Telecom which holds 20% of MTN Rwanda are concerned about the $8.5 million fine recently imposed to the firm by the regulator. Crystal Telecom asked MTN’s subsidiary to explain the impact of the fine on dividend payment to its shareholders. Crystal Telecom’s concern is mainly due to the slump in dividend shared as MTN’s revenues slumped from 1.14 billion...

After the global call to indigenous populations to fight for their rights to land, the Centre or Environment and Development (CED) which is based in Yaoundé, launched the “Atlas of community conflicts in Africa”. It is a platform which gathers stories on conflicts and complaints of local populations in relation to land grabbing. According to CED’s data, more than 370 million...

A total of 34 companies submitted bids for the NNPC’s contract for digitization of legacy documents, last Tuesday. This was disclosed by the Corporation’s General Manager Applications, Kunle Osobu. “I am happy that there is much show of interest in this process. The process is going to be transparent from the beginning to the end and we want the best yield in terms of value addition and...

The United Nations Industrial Development Organization (UNIDO) will support the Nigerian government in developing special economic zones (SEZs) and micro, small and medium enterprises (MSMEs) in Nigeria. “UNIDO is strongly committed to support the remarkable efforts of the government to increase the national productivity and achieve sustainable industrialization through value addition and...

Nigeria’s oil minister, Emmanuel Kachikwu (photo), said Nigeria is not opposed to joining the cut measure of OPEC. The official however said the nation awaits to see production come back to acceptable levels. “We are targeting that by the end of the extension period (9 months) we are trying to prep and finalise repairs of our infrastructure and at that time we would be able to join,”...

In its quarterly report on the telecom industry, the Nigerian Communications Commission (NCC), has revealed that Globacom (also known as Glo) recorded the highest data penetration rate among the four operators present in the country.  According to the document, Glo had a total of 27,021,200 internet users, thus 72% of its total number of subscribers (37,328,827) at the end of the...

The U.S. will support Nigeria in tackling cybercrime and financial fraud. This was revealed by U.S. ambassador to Nigeria, Stuart Symington, at the second annual Conference on Combatting Financial Fraud, Cybercime, and Cross-Border Crimes on Tuesday. Themed “U.S.-Nigerian Cooperation in combating cybercrime and financial fraud”, the conference was organized by the Nigerian ministry of...

Kenya's sugar production hit 172,722 tons at the end of the first quarter of 2017, or 28% less than last year over the same period, reports Business daily africa citing the Kenyan Sugar Board (KSD). According to KSD, the lower output is due to a poor performance of processing plants in the country, as their raw material input has also slumped amid drought hitting most of the production...