ECONOMIC UPDATE: Africa Economy back from the Brink

ECONOMIC UPDATE: Africa Economy back from the Brink

Given recently released data and estimates, Africa’s economy is back from the brink and on course for a modest recovery in 2017 as higher global commodity prices supported growth in Sub-Saharan Africa (SSA) while fiscal consolidation was responsible for the modest growth seen in the North. Specifically, after increasing at its slowest pace in 2 decades in 2016 (+1.4% YoY), IMF estimates SSA growth at 2.6% YoY following strong rebound in Nigeria, South Africa (SA) and Angola.

Whilst higher crude production and prices propelled oil sector growth in the two largest oil exporting nations in Africa, the impact of receding drought drove improved performance of the agricultural sector which in turn supported growth in SA. Elsewhere, fiscal consolidations and reforms appears to be yielding fruit in North Africa with sharp recoveries seen in Egypt and Morocco as cut down in energy subsidies and a reduced public wage bill supported foreign investment in the former.

SSA growth rides on commodity prices

The central theme across SSA was the rebound from the trough of 2016 on the back of higher commodity prices and production, favourable external conditions, as well as robust agriculture output. Major economies of Nigeria and SA, pulled out of recession even as Angola and Ghana sustained growth. The positive picture in the countries neutered slower growth across East Africa underpinned by politics-induced pullback as well as drought.

For context, Nigeria’s economy reverted to growth for the second consecutive quarter in Q3 2017 (+1.4% YoY, Q2: +0.7% YoY) largely hinged on recovery in crude oil production, resilience in the agriculture sector as well as improved external balance. Elsewhere, despite political uncertainty and fiscal challenges in SA prompting credit downgrade to junk status, SA’s economy showed fortitude, expanding by 0.8% YoY in Q3 17. The growth was supported by recovery in the agricultural sector (+19.6% YoY)—a fall-out of receding drought in the region. Furthermore, expansion in mining and quarrying sector (+3.2% YoY ) further supported growth.

Elsewhere, the combined impact of higher crude oil prices and production supported growth in Angola and Ghana even as receding political tensions in the former, following the election of the new president in the period, supported the growth picture. Accordingly, growth in Angola and Ghana printed at 1.3% and 9.3% YoY accordingly. On the downside, the impact of prolonged political crisis and adverse weather conditions on investment, external indicators and agriculture sector slowed down growth in Kenya. For context, Q3 2017 GDP growth of 4.4% YoY— slowest expansion in sixteen quarters— reflected sharp moderation in key sectors – Finance and Insurance, Manufacturing, Construction, and Agriculture.

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In the news: Nigerian stocks are world’s best with 12% rise

In the news: Nigerian stocks are world’s best with 12% rise

This Day

Oil Marketers Canvass for Total Deregulation of Petroleum Downstream Sub-sector

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) have called for the total deregulation of the downstream sub-sector of the country’s oil and gas industry.

Vitafoam  Secures N2bn  Loan to Boost Working Capital

Vitafoam Nigeria Plc has secured a four-year   N2billion soft loan from the Bank of Industry (BoI) at concessionary interest rate as part of the company’s strategic move to boost its working capital and sustain competitive edge.

With 12% Rise in Fourteen Days Nigerian Stocks Are World’s Best

The main equity index in Africa’s biggest economy has surged 12 per cent this year in dollar terms, the most among 96 major bourses tracked by Bloomberg, pushing it to the highest level since 2008.

N1.6tn Bonds Listed on FMDQ OTC Exchange in 2017

Bonds worth about N1.60trillion were listed on the trading floor of the FMDQ OTC Securities Exchange in the financial year ended December 31, 2017.

Punch

RMAFC backs new petrol subsidy regime

The Revenue Mobilization Allocation and Fiscal Commission has backed the reintroduction of subsidy on petroleum products by the Federal Government through the Nigerian National Petroleum Corporation.

Power distributors owe market operator N165bn

The total debt electricity distribution companies owe operator of the Nigerian electricity market, otherwise known as market operator, has risen to N165.21bn.

UN appoints Adeosun into pension fund’s investment panel

The Minister of Finance, Mrs. Kemi Adeosun, has been appointed into the Investments Committee of the United Nations Joint Staff Pension Fund.

Vanguard

Risk Based Supervision: Four insurance firms at sea over N14.8bn capital short fall

As the insurance sector awaits the commencement of Risk Based Supervision, RBS, this year, four insurance companies are in dilemma over N14.8 billion shortfall in their shareholders’ funds, which are far below regulatory requirement.

UBA Board to consider 2017 financial statements, proposed dividend

United Bank for Africa (UBA) Plc has announced its upcoming Board meeting, scheduled for Monday, January 29, 2018, where members of the Board will consider the financial statements for the financial year ended 31 December 2017 and also proposals for final dividend for the period.

Court nullifies appointment of interim board for 9mobile

A Federal High Court sitting in Lagos has nullified the appointment of an interim board for Emerging Markets Telecommunications Service, EMTS.

The Nation

116 quoted companies to fall under one-kobo pricing rules

More than two-thirds of quoted companies will come under the pricing band of one kobo as the Nigerian Stock Exchange (NSE) is  set for the implementation of new pricing rules that will remove the current stop-gap that has supported stocks at their nominal value and allow shares of quoted companies to trade for as low as one kobo.

Stock Exchange places 7-Up on full suspension

Authorities at the Nigerian Stock Exchange (NSE) at the weekend slammed a full suspension on the shares of Seven-Up Bottling Company (7-Up) Plc following the bid by the foreign majority shareholder in the soft-drink company, Affelka SA to buy out all minority shareholdings.

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In the news: Investors’ wealth appreciates further by N517 billion

In the news: Investors’ wealth appreciates further by N517 billion

Punch

Licence renewal: BDCs seek extension of January deadline

The Association of Bureaux De Change Operators of Nigeria, the umbrella body of over 3,500 BDC operators licensed by the Central Bank of Nigeria in the country, has called on the regulator to extend the January 31 deadline set for the renewal of operating licence of its members to March 31, 2018.

NNPC seeks 1.46 million MT of petrol for January-April

In a sign that the scarcity of petrol in Nigeria could be more widespread than first expected, the Nigerian National Petroleum Corporation has issued a spot tender seeking 1,480,000 metric tonnes of petrol from January to April, on top of the existing term volumes it imports.

7-UP gives update on planned acquisition

Affelka S.A., the majority shareholder of Seven-Up Bottling Company Plc, who is proposing to acquire all the outstanding and issued shares of SBC that are not currently owned by Affelka, has advised the company that the scheme consideration has been revised upwards to N125 per share.

Edo, Chinese firms sign 5,500bpd modular refinery deal

The Edo State Government on Wednesday said it had signed a Memorandum of Understanding with a Chinese consortium for the construction of a modular refinery in the state.

Average bond yield slides by 0.12%

Owing to buying pressure, the average bond yield declined by 0.12 per cent, to settle at 13.48 per cent at the close of trading on Wednesday.

Guardian

Investors’ wealth appreciates further by N517 billion in one day

The bulls strengthen their hold on the equity sector of the Nigerian Stock Exchange (NSE), yesterday, as more blue chip stocks joined the league of gainers, causing market capitalization to soar significantly by N517 billion.

Nigeria, Switzerland sign legal pact to end dumping

As a key element of modern trade policy, the Federal Government, Tuesday, entered into agreement with leading trade law firm, King and Spalding, LLP, of Geneva, Switzerland, to provide legal services for Nigeria’s trade remedy legislation.

Vanguard

FG to unveil new policy to enhance power distribution

The Ministry of Power said it would  soon  introduce a new policy, targeted at expanding electricity distribution in the nation.

Wike presents Rivers 2018 budget today

Governor Nyesom Wike of Rivers State will today present the state’s 2018 draft budget to the state House of Assembly.

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ECONOMIC UPDATE: Constructive flows to EMs but headwind prospers

ECONOMIC UPDATE: Constructive flows to EMs but headwind prospers

Recovery in EM growth spurs portfolio flows

In contrast to a sharp decline in capital flows to emerging markets between 2015 and 2016, portfolio flows proved resilient in 2017. The Institute of International Finance (IIF), estimated portfolio inflows to EMs over 2017 at $243 billion (+40%% YoY)— the highest level since 2014— underpinned by broader global economic recovery, higher risk appetite and favourable global financial conditions. On the pull side, higher commodity prices and
improving economic fundamentals which lessened default risk as well as a more stable currency market were key drivers for the strong portfolio flows.

Importantly, despite rate hikes by global central banks, flows to EMs debt was boosted by significant interest differentials with DMs which incentivised carry trade opportunities.Examining trends in asset classes, IIF estimates EMs debt flows at $183 billion (+63.4% YoY) while portfolio flows to equity was projected to moderately contract by 3% to $60 billion. On the supply side of debt flows, rise in government spending across most EM countries underpinned the ramp up in domestic and external debt issuances.

Whereas, concerns over fragile economic recovery, political and policy risk in key EM countries continued to trump portfolio flows into equity. In summary, the ripple effect of improving growth picture in major EM economies and higher commodity prices sustained positive FPI flows over H2 2017 ($81.7billion). Subsequently, we delineate how the interplay between pull and push factors shaped FPI flows across key EM geographies.

 

View full report here

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In the news: Equities Market Begins 2018 on Bullish Note

In the news: Equities Market Begins 2018 on Bullish Note

Punch

Nigerian banks stop ATM cash withdrawal abroad

A number of Deposit Money Banks in the country have barred their customers from using debit and credit cards to withdraw dollars, euros, pounds and other foreign currencies whenever they travel abroad.

Fuel scarcity: Senate invites PPPRA, Customs, NPA, others

The Senate has extended its investigation into the lingering scarcity of Premium Motor Spirit (also known as petrol) to more Federal Government agencies and parastatals.

14 power plants shut, hydro generation improves

Electricity generation from the nation’s hydropower plants has recorded significant improvement, offsetting the losses caused by last week’s pipeline fire that left six gas-fired power plants, including Egbin in Lagos, shut down.

Bank loans, collateral to rise in Q1 –CBN

Companies of all sizes will demand more loans during the first quarter of 2018 and commercial banks have indicated plans to demand more collateral, the Central Bank of Nigeria Credit Conditions Survey Report has revealed.

New minimum wage ready this year, says Ngige

The Minister of Labour and Employment, Dr. Chris Ngige, has said President Muhammadu Buhari is desirous to give Nigerian workers an enhanced pay package this year.

This Day

Paucity of Funds Hits Nigeria Customs Service over National Assembly Face-off

Following the face-off with the National Assembly leading to the refusal to pass the budget of the Nigeria Customs Service (NCS), the service faced huge financial challenge in 2017 and may continue in 2018.

Equities Market  Begins 2018 on Bullish Note

The Nigerian equities market commenced 2018 on bullish note last week as the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 1.76 per cent to close at 38,916.85.

Nigeria’s Corporate Eurobonds Sustain Positive Sentiment

Following a largely positive 2017 for Nigerian corporates, sentiments on the corporate Eurobonds remained strong in the first trading week of the year.

Investors Expect N189 Billion from Bonds Maturing in 2018

No fewer than 11 bond instruments with tenors ranging between five and 10 years are due for maturity in 2018.

The Nation

NSE begins direct flow of information to stock market

The Nigerian Stock Exchange (NSE) has launched the auto-flow mechanism in its trading engine. This allows companies to send their corporate earnings’ reports and other information directly to the trading engine on a real time basis.

Flour Mills to open application for N39.9b rights issue

Flour Mills of Nigeria Plc has rounded off pre-offer processes and signed off documentation for its N39.9 billion rights issue, setting the stage for the opening of the application list for the new capital raising.

Morison Industries closes application for N502.2m rights issue

Morison Industries Plc at the weekend closed the application list for its rights issue.

Guardian

Forex liquidity exceeds $42b

Nigeria may be sitting atop foreign exchange (forex) stockpile in excess of $42 billion from reserves’ accretion and the expected full inflow of the $3 billion Eurobond, which may have materialized.

Vanguard

Stock Market: 14 companies raise N340bn in Rights Issue boom —Lafarge Africa,Unilever, 3 others lead with 94%

Prompted by increased investor confidence in the Nigerian economy, especially in the stock market, positive economic growth outlook, fourteen companies quoted on the Nigerian Stock Exchange, NSE raised N340.6 billion via Rights Issues in 2017.

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In the news: SEC stops issuance of dividend paper warrants

In the news: SEC stops issuance of dividend paper warrants

Punch

Nigeria’s monthly oil export to US rises by 56%

The export of Nigerian crude oil to the United States rose by 56 per cent to 13.67 million barrels in October last year, the highest level since February 2013.

SEC stops issuance of dividend paper warrants

The Securities and Exchange Commission on Tuesday directed all registrars to stop the issuance of dividend paper warrants.

FG rakes in N7.3bn from savings bond

The Federal Government raised a total of N7.3bn from the FGN Savings Bond in 2017, the Debt Management Office data showed on Tuesday.

Tin Can records 150% increase in agro exports

A total of 161,285.72 metric tonnes of agricultural products were exported through Tin Can Island Port in 2017, representing over 150 per cent increase from the 55,000 metric tonnes processed through the port in 2016.

Guardian

Nigeria’s Bonny Light crude oil hits $67.10 a barrel

The price of Nigeria’s Bonny Light crude oil reached $67.10 per barrel to emerge the highest priced product among members of Organisation of the Petroleum Exporting Countries (OPEC).

Shettima presents N170.3billion budget for 2018

Governor Kashim Shettima of Borno State has presented a N170.3billion budget to the State House of Assembly (BOSHA), for appropriation for the 2018 fiscal year.

Kachikwu, oil marketers meet today on fuel importation

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and petroleum marketers will today hold a crucial meeting at the headquarters of the Nigerian National Petroleum Corporation (NNPC) in Abuja to consider the re-involvement of private sector operators in the importation of petroleum products.

ThisDay

10 Banks Facilitate N93trn Investment in Fixed Income Securities, Currency

Stanbic IBTC Bank Plc, Access Bank Plc, Ecobank Nigeria Limited led the top 10 banks that facilitated investment in fixed securities and currency valued at N93.36 trillion on the FMDQ OTC Securities Exchange between January and November 2017.

SEC Gives Multiple Subscriptions Investors March 31 Deadline to Consolidate Shareholding

The Securities and Exchange Commission (SEC) has said investors who bought shares of the same company using different names during public offers have an extended deadline of March 31, 2018, to consolidate their multiple subscriptions into a single account and equally regularize their shareholding.

Vanguard

Stock market off to strong start, gains N8bn

The stock market started off the year on a relatively strong note yesterday as investors recorded N8 billion gains on their investment.

2018 budget padding allegation: FG entitled to its opinion –Senate

The Senate,   yesterday, said the executive arm of government was entitled to its opinion for describing allegations by the National Assembly that the 2018 Appropriation Bill had been padded as spurious and mischievous.

The Nation

FMDQ records N130.17t turnover in 11 months

FMDQ OTC Securities Ex change recorded a turnover of N130.17 trillion in the first 11 months of 2017, according to provisional data provided by the over-the-counter platform for debt securities.

CBN’s N161.5b primary market auction opens

The Central Bank of Nigeria (CBN) will today, recommence the Primary Market Auction (PMA) for the year.

 

 

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In the news: Equities Market Opens Week Bearish

In the news: Equities Market Opens Week Bearish

Punch

Oando: Groups vow to resist attempt to frustrate audit

Shareholder groups under the aegis of the Trusted Shareholders Association of Nigeria and the Oando Shareholders Solidarity Group have vowed to resist any attempt to frustrate the forensic audit of Oando Plc’s financials as ordered by the Securities and Exchange Commission.

Foreign debt servicing gulped $197.29m in Q3 – DMO

Nigeria spent a total of $197.29m to service foreign debts in the third quarter of this year, the Debt Management Office said on Wednesday.

NEPZA licenses three new FTZs

The Managing Director, Nigeria Export Processing Zones Authority, Mr. Emmanuel Jime, says the agency has licensed three new Free Trade Zones.

No petrol in our depots despite NNPC’s promises – DAPPMA

As fuel queues grew shorter at some filling stations in Lagos on Tuesday, oil marketers under the aegis of the Depot and Petroleum Products Marketers Association said they did not have Premium Motor Spirit in their tanks.

JP Morgan fined $2.8m for improper safeguarding of Nigerian securities

JP Morgan Chase & Co, which has presence in Nigeria, has paid $2.8m fine to the United States regulator to settle charges that its broker-dealer unit lacked sufficient controls to safeguard customer securities from several countries including Nigeria over more than eight years.

This Day

CBN Extends Settlement Banking Arrangement

The Central Bank of Nigeria (CBN) has postponed until further notice it earlier directive for banks to adhere to settlement banking arrangement for all clearing sessions.

Equities Market Opens Week Bearish on Continuing Sell Pressure

The Nigerian equities market commenced the week on negative note on Wednesday as investors continued to sell to meet cash needs in this festive period.

Crude Oil Price Hits May 2015 High at $67 per barrel

Oil price on Wednesday hit $67 per barrel for the first time since May 2015, before dropping to $66.27 despite the supply disruptions in Libya and the North Sea.

Vanguard

NSE to introduce guidelines on derivatives trading

The Nigerian Stock Exchange, NSE, said it would soon introduce guidelines for creation, listing and trading of derivative products on its platform.

Business Day

9mobile: Banks postpone December 31 handover

The December 31, 2017 deadline for the handover of 9mobile, Nigeria’s fourth largest telecommunications service provider to one of the five potential investors has been postponed to January 2018.

Kachikwu accuses companies in crude-for-product deal of profiteering

Ibe Kachikwu, Nigeria’s minister of state for Petroleum Resources has said Nigeria would review the list of companies allowed to participate in the Direct Sale of Crude Oil and Direct Purchase of Products (DSDP) programme on suspicion of profiteering and lack of capacity as fuel queues resurfaced to mar the Christmas holidays.

 

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In the news: SEC to Strengthen Monitoring of Bond Proceeds Usage

In the news: SEC to Strengthen Monitoring of Bond Proceeds Usage

This Day

MPC May Not Meet Due to Lack of Quorum

Following the refusal of the Senate to consider President Muhammadu Buhari’s nominees for the vacant positions in the Monetary Policy Committee (MPC), its first meeting for 2018, scheduled for the third week of January, might not hold due to lack of quorum.

NCC Plans Unused Data Roll over to 14 Days

Following complaints, the Nigerian Communications Commission (NCC) is to extend the grace period of unused data roll over to 14 days.

SEC Moves to Strengthen Monitoring of Bond Proceeds Usage

There are strong indications that the Securities and Exchange Commission (SEC) will introduce a new strategy for reporting of the usage of proceeds of bonds raised from the nation’s capital market.

The Nation

Dangote seeks passage of agric input supply bill

The  President, Nigeria Agribusiness Group (NABG), Alhaji Sani Dangote, has  called for the passage of the Seed Bill to deal sternly with the supply of spurious seeds and fertiliser that are causing havoc to the fortunes of  farmers in the state.

Caution as fuel queues reduce in Lagos, Ibadan

Fuel marketers raised the alarm yesterday – depots are empty. The Nigerian National Petroleum Corporation (NNPC) has promised to flood depots with petrol but the Depot and Petroleum Products Marketers Association (DAPPMA) said the corporation was yet to send petrol to its members’ depots.

Vanguard

Nigeria spends N157bn on vehicles, aircraft parts, vessels importation

Nigeria spent a total of N157 billion on the importation of vehicles, aircrafts parts and vessels in the third quarter of 2017.

Guardian

Globacom positions as Nigeria’s largest telecoms operator

Nigeria’s $70 billion telecommunications industry is set to witness a major acquisition on or before December 31.

 

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In the news: Naira further depreciates to N361.91

In the news: Naira further depreciates to N361.91

Punch

NNPC plans 4,600MW power plants for Abuja, Kaduna, Kano

The Nigerian National Petroleum Corporation on Wednesday announced that it would build power generating plants with combined capacity for 4,600 megawatts in Abuja, Kaduna and Kano states.

Stocks end two-day losses, gain N54bn

The Nigerian Stock Exchange reversed a two-day decline at the close of trade on Wednesday after the NSE market capitalisation appreciated by N54bn.

Dispute: BUA welcomes Dangote’s decision on judicial process

BUA International Limited has welcomed the decision of the Dangote Group to await the completion of the judicial process in the ongoing dispute by both parties over limestone mining sites.

$1.3bn Malabu scam: Shell, Eni to face trial in Italy

Royal Dutch Shell Plc and Italian oil major, Eni, would face trial in Italy over a $1.1bn bribery scandal in Nigeria, an Italian judge ruled on Wednesday.

This Day

DMO Lists $300m Diaspora Bank, $3bn Eurobonds on NSE, FMDQ OTC

The Debt Management Office (DMO) wednesday announced that it will list the $300 million Diaspora Bond and $3 billion Eurobonds on the Nigerian Stock Exchange and Financial Market Dealers Quotation Over-the-Counter (FMDQ OTC) Securities Exchange respectively today.

Nigerian Equities Market Rebounds on Bargain Hunting

Nigerian equities market witnessed a rebound Wednesday after two days of bearish as the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.40 per cent to close at 37,933.86.

The Nation

Reps to probe CBN over non-remittance of $5billion

The House of Representatives is to investigate the Central Bank of Nigeria (CBN) for alleged under remittance of over $5billion to the Federation Account.

Vanguard

Naira further depreciates to N361.91 as volume drops by 86%

The naira Wednesday suffered yet another biggest daily depreciation in the Investors and Exporters (I&E) Window as it depreciated by 66 kobo to N361.91 per dollar, triggered by an 86 percent decrease in dollar supply.

Reuters

Eni, Shell reject corruption charges in Nigeria case

Eni says  company, CEO acted correctly in opl-245 Nigeria concession deal.

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In the news: Average T-bills yield closes at 14.57%

In the news: Average T-bills yield closes at 14.57%

Punch

Dangote Cement, Dangote Sugar, Ecobank top equity losers’ chart

The Nigerian stock market continued in losses on Tuesday after Dangote Cement Plc, Dangote Sugar Refinery Plc and Ecobank Transnational Incorporated Plc recorded major losses in their share prices.

Average T-bills yield closes higher at 14.57%

The secondary market for Treasury bills was bearish for the second successive day of trading this week as the average yield closed higher at 14.57 per cent, gaining 1.13 per cent.

NCC, CBN seek to curb financial frauds

The Nigerian Communications Commission and the Central Bank of Nigeria are to sign a Memorandum of Understanding to curb the use of telecommunications networks to defraud bank customers.

FBN Holdings renames merchant banking, asset management businesses

FBN Holdings Plc has announced the renaming of all entities under its merchant banking and asset management group.

Lafarge disagrees with workers over expatriate dominance

The management of Lafarge Africa Plc has disagreed with some of the workers over the alleged dominance of expatriates in the Mfamosing plant of the cement manufacturer in Cross River State.

This Day

IMF: Fed Tightening May Squeeze Portfolio Flows to Nigeria, Others

A key question facing global investors today is what impact the US Federal Reserve’s monetary policy normalisation process will have on capital flows to emerging markets and other economies such as Nigeria that had enjoyed huge flows in recent times, a report by the International Monetary Fund (IMF) has stated.

Transactions on FMDQ OTC Exchange Rise to N130tn in 11 Months

Transactions in the fixed income and currency markets rose by 21.9 per cent to hit N14.85 trillion in November from N12.18 trillion in October.

Militancy, Political Uncertainty Seen as Key Risks for Nigeria, Others

Following Nigeria’s exit from recession in 2017, investor sentiment across West Africa is likely to experience uplift in 2018, a report has stated.

Oando Shareholders Insist on Forensic Audit

Shareholders under the aegis of the Oando Shareholders Solidarity Group (OSSG) have picked holes in recent claims by the management of the company that it dragged the Securities and Exchange Commission (SEC) to court to protect shareholders’ interest.

Punch

NSE adds Sterling Bank, Skye Bank, others to most influential stocks’ groups

THE Nigerian Stock Exchange (NSE) is expected to move  Sterling Bank Plc, Diamond Bank and three other stocks to the top index of 30 most capitalised stocks  in the forthcoming review of the stock market’s indices.

Senate panel seeks liquidation of NNPC

The Senate committee on Finance yesterday recommended the liquidation of state-run oil firm, the Nigeria National Petroleum Corporation (NNPC) over huge funds unaccounted for.

PFAs pay N4b to 12,464 disengaged workers from pension contributions

A bout N4billion were disbursed to 12,464 workers, who lost their jobs across the country, from their pensions contributions in the third quarter of 2016. The money was paid to them by their various Pension Fund Administrators (PFAs).

Reuters

Benin withdraws telecoms licence for Globacom unit in renewal dispute

Benin’s telecommunications regulator has withdrawn the operating licence of Nigerian mobile telecoms company Globacom’s local unit in a dispute over new terms, according to a document seen on Tuesday.

Bloomberg

Nigeria’s Buhari Says He’ll Punish Corruption in Spy Agency

Nigerian President Muhammadu Buhari pledged to penalize officials involved in diverting more than $43 million cash belonging to the country’s spy agency to a private residence in the city of Lagos.

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