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Jun
04
2024
By The African Mirror
Nigeria central bank revokes licence of Heritage Bank as bank rules breached

Nigeria central bank revokes licence of Heritage Bank as bank rules breached

BUSINESS
NIGERIA'S central bank said that it had revoked the banking licence of unlisted lender Heritage Bank Plc due to a breach of banking regulations. "Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the licence the next necessary step," the regulator said in a statement. The central bank said its action followed a period of engagement with the bank where it prescribed various supervisory steps intended to stem a decline in Heritage's performance. "The board and management of the bank have not been able to improve the bank's financial performance,…
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Jun
01
2024
By The African Mirror
Morocco to tender for floating LNG terminal

Morocco to tender for floating LNG terminal

BUSINESS
MOROCCO plans to launch a tender this summer to build a floating liquefied natural gas (LNG) terminal in the northeastern Nador West Med port, the energy ministry's head of oil and gas said. The ministry expects to reach a financial close in 2025 with construction, commissioning and commercial operations due in 2026, Abdelghafour El Hadjaoui said in a presentation seen by Reuters. The LNG terminal will be connected to an existing pipeline that helps Morocco import 0.5 billion cubic meters (bcm) of LNG annually from Spanish terminals, enough to power two small electricity production plants. Morocco also plans to connect…
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May
31
2024
By ISAAC ANYAOGU
Exxon moves to smaller offices as it cuts back Nigerian operations

Exxon moves to smaller offices as it cuts back Nigerian operations

BUSINESS
EXXONMOBIL (XOM.N) is not renewing a 33-year-old lease on its expansive offices in Lagos's upscale Lekki district which expires, three sources inside the company told Reuters, as it looks to scale down operations in Nigeria. Exxon, Shell (SHEL.L), TotalEnergies (TTEF.PA) and Eni (ENI.MI) have all sought to leave Nigeria's oil-rich Niger Delta in recent years, citing security concerns, but such moves have been stalled by regulatory hurdles. ExxonMobil's plan to sell its land and shallow-water assets to local oil firm Seplat Energy (SEPLAT.LG), agreed in 2022, is nearing close as the local oil sector regulator told Reuters that an agreement signed on Wednesday between Nigerian state…
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May
31
2024
By FELIX NJINI and CLARA DENINA
Insight: How a rattled South Africa became Anglo’s best defence against BHP bid

Insight: How a rattled South Africa became Anglo’s best defence against BHP bid

BUSINESS
DAYS after miner BHP (BHP.AX) launched its takeover bid for rival Anglo American (AAL.L) in April, the CEOs of both headed for South Africa, where a condition to divest Anglo's local platinum and iron ore assets was causing a political storm. More than 20% of Anglo shares are held by South African investors, and the London-listed group's presence is deemed of national value in the country, where it was founded in 1917 and employs more than 40,000 people. While Anglo CEO Duncan Wanblad appears to have so far succeeded in enlisting support for his new turnaround strategy, the trip did not work out…
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May
30
2024
By The African Mirror
AfDB aims to boost infrastructure funding as African growth accelerates

AfDB aims to boost infrastructure funding as African growth accelerates

BUSINESS
AFRICA'S economic growth is set to accelerate to 3.7% this year and 4.3% next from 3.1% in 2023, African Development Bank (AfDB) President Akinwumi Adesina said, expressing hope that the bank can boost infrastructure investment with IMF help. "African economies are experiencing great resilience despite the challenges posed by climate change, geopolitical tensions, global inflation, rising debt, among others," Adesina told the annual meeting of the bank. In the past nine years the bank has invested over $50 billion in infrastructure projects on the continent, he said. Adesina said two weeks ago that the International Monetary Fund had approved multilateral…
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May
30
2024
By CLARA DENINA, FELIX NJINI and MELANIE BURTON
BHP walks away from $49 billion pursuit of mining rival Anglo

BHP walks away from $49 billion pursuit of mining rival Anglo

BUSINESS
MINING group BHP Group (BHP.AX) walked away from its $49 billion plan to take over rival Anglo American (AAL.L), which rejected a last-ditch request for more time, ending for now its six-week pursuit. BHP's aim was to secure Anglo's prized copper assets in Latin America and increase access to a metal central to the global shift towards clean energy and electric vehicles. However, the structure of BHP's deal, which required Anglo to unbundle its South African platinum and iron ore businesses, was a major reason for its collapse. Anglo had granted BHP a one-week extension until 1600 GMT on Wednesday to its original May…
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May
29
2024
By KARIN STROHECKER
Zambia to emerge from debt default as bondholders back $3 bln restructuring

Zambia to emerge from debt default as bondholders back $3 bln restructuring

BUSINESS
ZAMBIA'S Ministry of Finance said that more than 90% of holders of its $3 billion in outstanding international bonds had accepted its restructuring proposal, paving the way for it to emerge from a lengthy default. The country defaulted more than three years ago and is reworking its debt under the G20 Common Framework - a platform to bring together creditors like China and developed creditor nations, known as the Paris Club, to ensure swift and smooth debt overhauls for low-income countries. Zambia was widely seen as a test case for the G20 plan but the process had been beset by…
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May
28
2024
By NQOBILE DLUDLA
Ackerman family cedes control of South Africa’s Pick n Pay in revamp

Ackerman family cedes control of South Africa’s Pick n Pay in revamp

BUSINESS
THE Ackerman family, which founded South Africa's Pick n Pay (PIKJ.J), will relinquish control of the struggling retailer as part of a revamp aimed at stemming losses, cutting debt and regaining market share. Gareth Ackerman will also retire as chairman after 14 years in the job and 40 years at the company, though he will stay on to support management until next year's annual results. New CEO Sean Summers is tasked with reviving a business that has been losing market share to bigger rival Shoprite (SHPJ.J) and others for more than a decade. Founded by Raymond Ackerman in 1967, Pick n Pay was…
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May
26
2024
By The African Mirror
MTN Uganda to sell shares left over from undersubscribed 2021 IPO

MTN Uganda to sell shares left over from undersubscribed 2021 IPO

BUSINESS
TELECOM firm MTN Uganda (MTNU.UG) plans to sell shares left over from its deeply undersubscribed 2021 Initial Public Offering to local investors to expand local ownership and comply with regulatory requirements, it said on Saturday. The Uganda unit of South Africa's MTN Group (MTNJ.J) has received regulatory approval for the extra share sale, MTN Uganda said in a statement published in The East African newspaper. When it was listed on the Ugandan stock market three years ago, MTN Uganda sought to sell 20% of its shares to local investors to fulfil regulatory requirements but only met 60% of that target. MTN Uganda said…
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