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We Own Obajana Cement 100%, Dangote Replies Gov Bello

We Own Obajana Cement 100%, Dangote Replies Gov Bello

October 8, 2022 7:06 am

The Management of Dangote Cement Plc. has firmly insisted that the Obajana Cement plant in Kogi State is 100 percent owned by it and that the invasion of the plant last Wednesday by armed vigilantes ‘on the orders of the state government’ was illegal.

Meanwhile, in a swift reaction, the Kogi State Government said the state ‘has all the relevant documents to prove that the purported acquisition of Obajana by Dangote is null and void.’

Dangote Cement Plc, in the statement which was obtained by Africa Daily News, New York signed by its Group Managing Director (GMD) Michel Puchercos …

AfDB Approves Loans of $180mn In Rwanda

AfDB Calls For Increased Funding To Reduce Climate Change

October 4, 2022 11:36 am

As part of their strategies, the African Development Bank (AfDB) has made a call on some world leaders and some other stakeholders to further implement and increase their financing to mitigate some of the effects of climate change and food insecurity.

The bank had also made the open call at the recently concluded 77th United Nations General Assembly (UNGA) meetings which had been held in New York.

Read Also: AfDB Inaugurates Youth Entrepreneurship Banks In Nigeria

The President, AfDB Group, Dr. Akinwumi Adesina had also led the bank’s delegation to some of the meetings and he had also played an …

Naira Suffers Again, Crashes To ₦734 To Dollar

Naira Suffers Again, Crashes To ₦734 To Dollar

October 1, 2022 5:40 am

Nigeria’s currency – the Naira, hit an all-time low of ₦734 to the dollar at the parallel market as the market reacted negatively to the Central Bank of Nigeria (CBN)’s decision to raise the Monetary Policy Rate (MPR) and Cash Reserve Requirement (CRR) to 15.5 percent and 32.5 percent respectively.

This was even as the nation’s stock market experienced low sentiment as sell-offs in the shares of GTCO, Nestle and UBA resulted in a loss of ₦112 billion from market capitalization of the Nigerian Exchange Limited (NGX).

The Naira had exchanged for N733 to a dollar at the parallel market …

Britain Pound Sinks As PM Liz Truss Fires Finance Minister

Pound Dives Down To Less Than 1% Against US Dollar

September 29, 2022 7:48 pm

It is not the best of times for the British pound as it has reportedly sunken on Thursday by more than one percent against the United States dollar after the sudden move by the Bank of England to fully intervene on some of the the bond markets to head off a fresh financial catastrophe.

The Pound Sterling had also slid as low as $1.0763 in the early morning of Thursday as London deals one day after the BoE had snapped up its long-dated government bonds, or gilts, to prevent a material risk to stability.

Read Also: Naira Crashes Slightly

…
Debt China Will Not Take Over Nigeria’s Assets – Envoy

Debt: China Will Not Take Over Nigeria’s Assets – Envoy

September 24, 2022 5:54 am

Chinese ambassador to Nigeria Mr. Cui Jianchun, has asserted that his country has no plans of taking over Nigeria’s critical assets as repayment for loans in the event of default.

Jianchun made this known during the visit of the Chinese Special Representative on African Affairs, Liu Yuxi to Nigeria’s Minister of State for Foreign Affairs, Zubairu Dada on Friday in Abuja.

The visit of the Chinese Special Representative to Africa is geared towards strengthening Nigeria and China relations.

He expressed China’s willingness to work with Nigeria for the benefit of both countries.

Jianchun said that China and Nigeria are working …

Again Electricity Workers Vow To Shut Down National Grid

Again Electricity Workers Vow To Shut Down National Grid

September 23, 2022 12:17 am

Again, National Union of Electricity Employees (NUEE) have threatened to shut down the national grid if the federal government fails to meet their demands soon.

They said the two weeks given to resolve the crisis had elapsed.

At a press conference in Kaduna yesterday, the zonal organising secretary, North West of NUEE, Comrade Dukat Ayuba, said while negotiations were still on going, the shutting down of the national grid hangs.

The workers had on August 12, 2022, shut down the national grid to draw the government’s attention to their plight.

Ayuba lamented that the so-called privatisation of the sector was …

Inflation: South African Central Bank Hikes Rate Again

Inflation: South African Central Bank Hikes Rate Again

September 22, 2022 9:27 pm

In lieu of the ongoing recession, South Africa’s central bank on Thursday has reportedly raised its benchmark interest rate which saw it going up by a hefty 0.75 percentage points again as it battles to control the inflation in the country.

The move is also coming on the heels of some new rate hikes which had been instigated by the United States Federal Reserve and some of the other central banks in Europe this week as countries scramble to tame galloping consumer prices.

Read Also: Nigerian Civil Servants Mull Salary Increase As Inflation Bites Hard

The South African central bank’s …

Multichoice Loses Legal Battle On $342m Tax To FIRS

Multichoice, Stakeholders Heavily Reject ‘Pay-Per-View’

September 22, 2022 8:45 pm

Fresh reports reaching the desk of Africa Daily News, New York have revealed that nearly all the stakeholders including Multichoice that had made a presentation at the public hearing on “Pay-TV Hikes And Demand for Pay-per-view subscription model,” which had been organised by the Senate Adhoc Committee chaired by the Deputy Chief Whip of the Senate, Sabi Abdullahi, had revealed to the Senate that  the pay-per-view was  not in the interest of consumers.

According to the Stakeholders which had also included a major cable television firm in the country, MutiChoice Nigeria, the pay per view model which is being …

German Central Bank Laments Over Signs Of Recession

German Central Bank Laments Over Signs Of Recession

September 19, 2022 7:23 pm

The German central bank has lameneted on Monday about the fact that it was increasingly likely that Europe’s largest economy would be shrinking for a “prolonged” period as Russia has completely throttled down energy supplies to the continent.

“The signs of a recession for the German economy are multiplying,” the Bundesbank said in its monthly report, warning of a “broad-based and prolonged decline in economic output”.

Read Also: Germany Moves To Make Legal Change Of Gender Easier

The likely slump was above all down to “supply-side constraints”, namely reduced deliveries of energy in the wake of the Russian invasion of …

Naira Grows Marginally As It Exchanges At 441.25 To Dollar

Naira Crashes Slightly Against United States Dollar

September 10, 2022 7:22 pm

The Nigerian Naira on Friday has slightly crashed to the dollar while getting to exchange at ₦436.33 as compared with the exchange rate of ₦436.32 on Thursday.

The open indicative rate had also closed at ₦433.83 to the United States dollar on Friday.

Read Also: eNaira Transactions Hits ₦4bn — Emefiele

An exchange rate of ₦437 to the dollar was the highest rate which had also recorded within the day’s trading before it had also settled at ₦436.33.

The Naira had also sold for as low as ₦425 to the dollar within the day’s trading. A total of 66.02million dollars …

Bank Of England Delays Rate Meeting As UK Mourns Queen

Bank Of England Delays Rate Meeting As UK Mourns Queen

September 9, 2022 10:05 pm

Fresh reports reaching the desk of Africa Daily News, New York has revealed that the Bank of England on Friday reported that it had decided to finally postpone a meeting on interest rates which had been due next Thursday by one week following the death of Queen Elizabeth II.

“In light of the period of national mourning now being observed in the United Kingdom, the September 2022 meeting of the Monetary Policy Committee has been postponed for a period of one week,” a statement said.

Read Also: Goodluck Jonathan, Peter, Atiku Mourn Queen Elizabeth II

The Bank of England (BoE), …

Chinese Chinese Yuan Crashes Down To 6.8998 Against Dollars

Chinese Yuan Crashes Down To 6.8998 Against Dollars

September 5, 2022 7:43 pm

The Chinese market saw a major downturn today as the Chinese currency, the renminbi, or the yuan has reportedly weakened on 81 pips to 6.8998 against the United States dollar as had been reported by the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan had been allowed to rise or fall by two per cent from the central parity rate each trading day.

Read Also: Naira ‘Resurrects’ At ₦429.62 To Dollar At Investors’ Window

The central parity rate of the yuan against the dollar was based on a weighted average of prices offered by …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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