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Nigeria directs oil firms to relocate headquarters

Nigerian’s acting president, Yemi Osinbajo this weekend instructed the relocation of all International oil companies head offices in the West-African nation to the Niger Delta. Osinbajo told the Minister of state for Petroleum, Ibe Kachikwu to engage with the oil companies “on the way forward” over repeated calls for the companies head offices relocation to […]

Uganda eyes 5.5% GDP in the year ending June 2018

Uganda’s economy boosted by lower borrowing costs and higher oil sector investments will grow by 5.5 percent in the year to June 2018, a budget paper on Monday showed. According to the budget framework, growth will be supported by a recovery in private sector credit due to the easing of monetary policy. Issuance of crude […]

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Nigeria: Exxon Mobil Closes Doors in Lagos over Workers’ Protest

U.S. oil giant Exxon Mobil’s headquarters in Lagos has been shut down, after protesters besieged the company’s offices, protesting the sacking of 150 Nigerian workers. The standoff is coming on the heels of a similar development on Wednesday in Upkenekang Community in Akwa Ibom, where angry youths disrupted the operations of the company over the […]

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OPEC Members Agree to Cut Oil Production by November

Members of the Organization of Petroleum Exporting Countries (OPEC) on Wednesday reached an agreement to limit oil production to between 32.5 and 33 million barrels per day. According to energy ministers of Qatar and Nigeria, members of the Organization reached an understanding after a six-hour gathering in the Algerian capital, but deferred until November the […]

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Ghana: 27 Electoral Reforms to Ensure Credible Elections

Ghana’s Electoral Commission (EC) on Wednesday said it has adopted 27 electoral reforms to make this year general elections in the West African nation, more “transparent” and “credible.” “We are committed to ensuring an electoral process that guarantees people the right to cast their ballots without intimidation or violence,” Mrs Charlotte Osei, the EC Chairperson […]

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Nigeria Q1 Revenues Reach only 55 % of Goals

The Nigerian government failed to meet its revenue target for the first quarter of 2016, Reuters reported on Friday. Months of militant attacks on pipelines and oil infrastructure in the Niger Delta region have crippled production in Nigeria, Africa’s largest producer of crude. “Up to April we have not been able to meet our revenue […]

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Sao Tome and Principe: AU deploys 25 observers to oversee elections

The African Union has deployed a Short-Term Election Observation (STO) Mission of 25 observers to oversee Sao Tome and Principe’s presidential election scheduled for July 17, the continental body said in a statement. “Headed by Armando Emilio Guebuza, the former President of the Republic of Mozambique, AU observers will be deployed in São Tomé and […]

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Nigeria: IMF Welcomes New Forex Policy

The International Monetary Fund on Thursday welcomed the decision by Nigeria government to abandon its currency peg and adopt a flexible exchange rate policy. The West African oil-rich nation said on Wednesday it would begin “purely” market-driven foreign currency trading next week, abandoning its 16-month peg and setting the stage for the naira to fall […]

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Angola: President Appoints Daughter Head of State Oil Firm

Angolan President Jose Eduardo dos Santos on Thursday appointed his daughter as new boss of the state oil firm, Sonangol. According to the presidential decree, the move was part of efforts by the government to turn around the struggling company after low crude prices hit revenue. The 43-year-old Isabel dos Santos, named by Forbes magazine […]

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Nigeria: Buhari Cancels Trip to Oil Polluted Niger Delta

Nigerian president Muhammadu Buhari on Thursday cancelled a visit to the oil-producing Niger Delta, hit by a series of militant attacks on oil and gas pipelines. The West-African nation’s Vice President Yemi Osinbajo will instead visit the restive southern region to launch a cleanup program of the Ogoniland, local media reported. The clean-up estimated to […]

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