Nigeria's Arik Air to buy mostly Boeing planes to double its fleet -source

Nigeria's largest airline Arik Air plans to nearly double its fleet to 52 planes within 10 years and has already ordered some of them from Boeing, a source at the company said on Monday. Most of the carrier's existing fleet are Boeing planes and the source, who did not wish to be identified, said the airline would buy most of the new planes from the U.S. planemaker. The source did not say how many had already been ordered or the value of the purchases. Privately...

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Nigeria central bank to hold $500 mln forwards auction

Nigeria's central bank will sell $500 million of two- and three-month currency forwards at auction on Monday to clear a demand backlog from manufacturers, traders said, as it seeks ways to resolve a chronic dollar shortage. A lack of dollars has caused many firms to halt operations and lay off workers, compounding an economic crisis rooted in falls in the price of oil, which accounts for 70 percent of Nigeria's budget revenues.Africa's biggest economy...

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Nigerian foreign reserves fall 20.5 pct to $23.95 bln by Oct. 27 -central bank

Nigeria's foreign currency reserves fell 20.5 percent year-on-year to $23.95 billion by Oct. 27, down 2.7 percent month-on-month, central bank data showed on Monday.The central bank has been selling dollars to support the weakening naira <NGN=D1>, hit by low oil prices that have triggered the first recession for 25 years.The central bank will sell $500 million currency forwards at an auction to clear demand backlog from manufacturers, traders said on Monday, as the regulator tries to find ways to resolve a chronic dollar shortage plaguing...

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Girl described man who treks from Lagos to Zaria for love as stalker, insane

When a 26-year-old, Tunde Agbaje decided to trek from the Ketu area of Lagos State to Zaria in Kaduna State to prove his love for Sharon Donald, also a 26 year lady, he was satisfied that his action will win him the girl’s heart, but alas, that was not to be as the lady has tagged him a stalker and a person of unstable mind. Report has it that Tunde, who is a cousin of a former People’s Democratic Party (PDP) gubernatorial candidate in Lagos State,...

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The 'close door' button on your elevator is a scam! Manufacturers reveal buttons make no difference

* The close button in an elevator has been obsolete since the 1990s* This suggests those installed are fake and do not close the doors faster* This is true for crosswalks in New York City and some office thermostats* Experts say these placebo mechanism promote the illusion of controlMost people do not have the patience to wait a few seconds for the elevator doors to shut, so they push the 'close' button to speed up the process.However, some say this...

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The six things you need to do in work to make sure your boss NEVER wants to lose you

* Recruiters have shared their golden six-step formula for success* Includes ensuring you build rapport with every single person in the office* You also have to be 'very, very' good at a job that no one else is doing Making yourself indispensable at work is no mean feat, but experts say it's actually a lot simpler than you think - as long as you know what you're doing. Some of the best recruiters in the industry have shared their golden six-step...

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Pope Francis heads for Sweden, the heart of godlessness,

Usually feted ecstatically by Catholics across the world, Pope Francis may face a far more muted reception when he arrives next week in Sweden, one of the world's most secular nations, with openly gay Lutheran bishops and special cemeteries for atheists. Add to that the fact that Francis will be there to take part in a joint Catholic-Lutheran service in Lund to mark the start of the 500th anniversary of Martin Luther's anti-Catholic Reformation...

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Divisions in oil-rich Delta undermine Nigeria's bid to end insurgency

An angry crowd blocks access to a Chevron facility in Nigeria's oil-producing south to demand jobs and housing, a common refrain from poor communities in the Niger Delta swamps. But this incident in August was different. The young men were not just angry with the U.S. company. They were also claiming that rival factions in their community were being given an unfair share of development funds from the oil industry.The incident shows what the government...

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AFRICA-FX-Nigerian naira seen gaining on improved dollar supply

Nigeria's and Uganda's currencies are expected to strengthen next week, while those of Kenya and Zambia are seen weakening. NIGERIA Nigerian naira is seen reversing its losses as traders anticipate improved dollar supply from international money transfer agencies to ease a shortage, which has pushed down the local currency this week. The naira fell to 470 to the dollar on the black market on Thursday, from 455 a dollar last week because of surged...

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Nigeria says security first goal in oil roadmap -oil minister

Nigerian President Muhammadu Buhari will meet leaders of the restive Niger Delta in Abuja next week in an attempt to end an insurgency in the oil-producing region, the oil minister said. Ending unrest in the region that accounts for most of Nigeria's oil production was the first goal of an energy industry roadmap unveiled on Thursday, Emmanuel Ibe Kachikwu said. "Our target is to ensure zero militancy in the area," he told a forum in Abuja aimed...

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Nigeria asks Emirates and other airlines not to cut flights

Nigeria has appealed to Emirates and other airlines not to scale down operations in the West African country, arguing it was attempting to deal with a currency crisis and fuel shortages that have hit airlines' operations. Emirates last week said it will suspend its four times a week service between Dubai and Abuja from Oct. 30. Nigeria's Minister of State for Aviation Hadi Sirika said he had told an Emirates west African executive that the government...

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Naira weakens to 470/$ on black market as central bank scheme runs out of steam

Nigeria's naira hit its weakest level on the black market in more than a week at 470 to the dollar on early trade on Thursday, as a central bank move to channel dollars to retail currency outlets failed to ease liquidity shortages, traders said. The unit had been quoted at 455 since Oct. 17 before weakening on Wednesday to 460 and dropped further on Thursday, they said. On the official market, the naira ended at 305.50 per dollar on Wednesday but...

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Nigeria Lagos state to set up Economic team to drive growth

Nigeria, Lagos State plans to set up an economic management team, comprising both private sector practitioners and government personnel to further drive the growth of its economy, considered to be the fifth biggest in the continent. its governor, Akinwunmi Ambode said on Tuesday. "Very soon we would be setting up what we would refer to as an Economic Management Team to drive the fifth largest economy, because that’s the way we need to envision ourselves...

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Why are EPAs taking so long to get off the ground?

As of 10 October, the Southern African Development Community (SADC) EPA entered into force, and it joins the Caribbean as only two out of seven ACP regions to sign, ratify and begin implementation of regional EPAs. Ratification of the East African EPA has been delayed until the end of the year, while the West African EPA remains mired in uncertainty. In the remaining regions, regional EPAs are a lost cause, as non-Least Developed Countries have...

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Angola's President faces court inquiry over naming daughter to head state oil firm

Angola's Supreme Court has asked President José Eduardo dos Santos to respond to an inquiry on why he appointed his daughter as head of the state oil firm, according to court documents seen by Reuters. Dos Santos appointed his billionaire daughter Isabel as chief executive of state oil firm Sonangol in June. She has pledged an overhaul of Sonangol to improve its efficiency and margins to offset the impact of depressed oil prices.Angola, a member...

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Oil falls as investors doubt OPEC can seal output deal

Oil fell for a third day on Wednesday, nearing $50 a barrel for the first time in three weeks, as investors grew increasingly doubtful that OPEC members will agree to cut output and as U.S. inventories staged a surprisingly large increase. Iraq, the second-largest member of OPEC, does not want to join in with a proposed production cut that the group has said it will approve at a regular meeting in Vienna next month. With Iran, Nigeria and Libya...

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Uganda economy to grow 5 pct 2016/17, 5.5 pct 2017/18 - IMF

Uganda's economy will grow by 5 percent in the 2016/17 (July-June) fiscal year, the International Monetary Fund forecast on Wednesday, trimming the forecast from 5.5 percent after state revenues missed targets and some major projects faced delays. The IMF also predicted Uganda would grow 5.5 percent next fiscal year, boosted by rising spending on infrastructure.Uganda has been pressing ahead with several major projects, including new dams and roads....

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Nigeria can borrow a maximum of $22.08 bln in 2017

The maximum amount that Nigeria can borrow in 2017 from both local and foreign sources is $22.08 billion without it violating its debt threshold, the Debt Management Office (DMO) said. Nigeria has a borrowing space of 5.89 percent of its GDP of $374.95 billion which will take its debt limit to a country-specific threshold of 19.39 percent of its total public debt-to-GDP ratio, it said in a report.Total public debt-to-GDP ratio for 2016 is projected...

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British banker's torture video stuns jury in Hong Kong murder trial

The jury in the trial of a British investment banker accused of murdering two Indonesian women in his Hong Kong apartment on Tuesday as they watched a horrific video that he filmed while sexually torturing and killing his first victim. Rurik Jutting, 31, has admitted killing the two women two years ago but has pleaded not guilty to murder on grounds of "diminished responsibility", while pleading guilty to the lesser crime of manslaughter. The four...

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Sukuk bonds issuance will grow in West Africa

Hogan Lovells, a leading global law firm with specialty in Islamic finance, has expressed optimism that the successful launch of Sukuk bonds by three West African governments will open up a vast financing channel for the region and encourage the growth of Sukuk issuance in the region. Hogan Lovells advised the Islamic Corporation for the Development of the Private Sector (ICD) as lead arranger on the issuance of three sovereign Sukuks in West Africa....

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Soccer-Prince Ali says FIFA needs to speed up reforms

Former FIFA presidential candidate Prince Ali Bin Al Hussein of Jordan is concerned about the pace of reform in world soccer's governing body and says new president Gianni Infantino has "no time to lose" in bringing transparency to the organisation. Infantino was elected in February with the task of leading FIFA into calmer waters after a series of corruption scandals plunged the governing body into its worst crisis.Prince Ali told Reuters in an...

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Nigerian bourse pushes back derivatives launch to 2017 - CEO

Nigeria's stock exchange, Africa's second largest, will push back the launch of derivatives trading to 2017, starting with stocks futures once a clearing house has been established, its chief executive Oscar Onyema said on Friday. "We have been working very hard to set up a central counter-party clearing house that meets G20 standards," Onyema told Reuters in an interview on the sidelines of a Nigeria investment summit at the London Stock Exchange."We...

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MTN brings forward CEO start date, suspends Nigeria dividend

MTN Group's next chief executive will take over three months ahead of plan, the South African telecoms company announced on Monday, as the firm faces allegations it illegally moved $14 billion out of Nigeria. Rob Shuter, Vodafone European boss, was due to start in July next year but MTN -- widely seen as a post-apartheid corporate success story -- said in a statement accompanying its quarterly update he would now start on 13 March 2017.Shuter, a...

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Nigeria's Arik plans $1 bln share offer, possible London listing

Nigeria's largest airline Arik Air plans to raise as much as $1 billion through a private share placement next year and then a possible initial public offering (IPO) in Lagos and London, its managing director said. The airline wants to expand internationally both to bring in more hard currency, as well as to cushion the impact of the economic slowdown at home, and wants new investors to help it grow rather than using internally generated cash or...

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Nigeria's Shoreline won't issue eurobonds until oil above $60

Nigerian energy company Shoreline has no plans to tap international capital markets until oil prices rise back above $60 per barrel, Chairman Kola Karim said on Friday. Shoreline had initially planned to issue a dollar-denominated bond following a roadshow in late 2015, Karim told Reuters on the sidelines of an investment conference."We were out in the market then to do up to $500 million, but right now the world has changed, it is a different...

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MTN says complied with Nigerian fund transfer rules

MTN complied with Nigerian fund transfer rules and did not send money out of the country until it obtained regulatory approvals, the South African telecoms company said on Friday, denying allegations that it illegally repatriated $14 billion. MTN requested "certificates of capital importation (CCI)" for capital brought into Nigeria and dividends were repatriated based on those investments, Ferdi Moolman, chief executive of MTN Nigeria, said in a...

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Nigeria to issue Eurobond worth $1 billion before the end of the year

Nigeria expects to sell a Eurobond worth around $1 billion before the end of the year and is in the process of appointing managers for the sale, Finance Minister Kemi Adeosun said on Friday. The Eurobond is part of Nigeria's plans to borrow a total of 1.8 trillion naira ($5.8 billion) from abroad and at home to fund an expected budget deficit of 2.2 trillion naira this year."We are appointing parties this week, we are hoping to come before the end...

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Nigerian property crash attracts funds looking beyond recession

A property market crash in Nigeria offers opportunities for brave investors betting that Africa's most populous nation will deliver high returns when it climbs out of recession. Rents for residential and office property in the commercial capital Lagos have dropped by around 20 percent, year on year, due to a supply glut as projects planned prior to 2014, when oil prices started to fall, are now coming online.Investing in Africa's largest economy...

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China's Geely shows global ambitions, launching new compact SUV in Germany

Chinese automaker Geely, the owner of Volvo cars, will unveil the first model of its new Lynk & Co brand in Germany on Thursday, a compact SUV aimed at taking on the likes of BMW and Mercedes-Benz across the world. The Lynk, made in China, will go on sale at home in 2017, followed by Europe and the United States in 2018, and marks one of the first attempts by a Chinese carmaker to create a global brand that makes use European design and technology...

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MTN shares hit by report of higher Nigeria money transfers

The amount of money which South Africa's MTN Group is alleged to have illegally moved out of Nigeria could be "outrageously higher" than an originally estimated $14 billion, Bloomberg reported on Thursday, sending its shares to more than six-year lows. MTN officials, Nigeria's trade minister and four lenders are to appear at a hearing in Nigeria on Thursday over the alleged illegal transfer of money out of the country. Nigeria's upper house of parliament...

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