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A firm belonging to the son of Nigeria’s president-elect bought an $11 million London mansion that his predecessor’s government was seeking to confiscate as part of a probe into one of the biggest corruption scandals in the West African nation’s history, according to previously unreported UK company documents. There’s no suggestion that President-elect Bola Tinubu […]
Nigerian President-elect Bola Tinubu returned to the West African country before his inauguration in May, after more than a month away in France. The former governor of Lagos state landed in the capital, Abuja, on Tuesday, according to a statement by his spokesman, Tunde Rahman. Tinubu is scheduled to take over from his ruling party […]
Nigeria is changing the way it measures unemployment and plans to begin issuing new quarterly data from May, after a two-year lull. Africa’s largest economy last released labor-force statistics for the last quarter of 2020, when it put the unemployment rate at 33.3%. Subsequent surveys have been “irregular due to technical challenges,” the statistics agency […]
A senior Nigerian minister urged the country’s president to end a long-running dispute with Eni SpA and Shell Plc to allow the companies to finally develop a prized deepwater oil license. Investigations and lawsuits relating to the energy giants’ acquisition of the permit 12 years ago should be halted so Africa’s largest crude producer can “take advantage of the […]
Nigeria is at risk of reaching its self-imposed debt limit of 40% of gross domestic product by year-end as it increases borrowings to plug a revenue shortfall. Total loans jumped 17% to 46 trillion naira ($99.7 billion) as of December, raising the country’s debt as a proportion of gross domestic product to 23% from 22.5% […]
United Bank for Africa Plc, a Nigerian lender backed by tycoon Tony Elumelu, plans to sell a delinquent electricity firm it took over two years ago to recover $122 million of debt. In 2021, the lender foreclosed Abuja Electricity Distribution Co., which serves the country’s capital city and surrounding states, after it could not repay […]
Nigeria’s Kaduna-to-Kano rail project, between two of the nation’s major cities, has found a new financier in China Development Bank after the previous Chinese lender withdrew its support in 2020. The West African country’s senate on Tuesday approved the $973 million loan, which comes with a 15-year term and a 2.7% interest rate.China’s Exim Bank […]
The number of female lawmakers in Nigeria’s parliament will fall by nearly half when legislators are sworn-in in early June. With 92% of results announced from elections held Feb. 25, only 13 women have won seats in Nigeria’s 469-seat parliament, according to a list published by the country’s electoral commission. That’s down from 21 women […]
A Nigerian court ruled that electronic voter identification devices can be reconfigured ahead of an upcoming election of state governors and lawmakers, dismissing objections from opposition parties. The two runners-up in Feb. 25 presidential elections won by the ruling party’s Bola Tinubu are contesting the outcome and last week secured Court of Appeal orders granting […]
Nigeria has lost its regional influence after a decade of economic decline and violence. In Nigeria last year, 20 million children did not go to school, the currency hit an all-time low, half of adults were under or unemployed, oil production — the lifeblood of the economy — fell to a 40-year low, and gangs of heavily […]
On Feb. 1, TikTok’s top lobbyists thought the meeting on Capitol Hill was going well. Their slide presentation, which…
UNITED STATE Mich. A steady stream of cars pulled up outside Wilson Hall, picking up Michigan State University students…
RIYADH: Saudi Arabia’s Industrial Production Index rose 6.8 percent year-on-year in January, driven by high production in mining and…
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