Africa Business News

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has restated the bank’s commitment to boosting economic cooperation between Nigeria and the Kingdom of Saudi Arabia. Cardoso emphasised the apex bank’s dedication to fostering partnerships across key sectors that drive economic growth. He says the Central Bank of Nigeria remains committed to advancing partnerships that will deepen economic ties between Nigeria and Saudi Arabia and will continue to explore opportunities that yield tangible benefits for both countries. The Saudi Ministry of Finance says the Kingdom was keen to collaborate with Nigeria in strategic sectors, including renewable energy, agriculture, and water connectivity.

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A federal high court in Lagos has ordered the forfeiture of $4.7 million, ₦830.9 million, and multiple properties linked to former Central Bank of Nigeria Governor, Godwin Emefiele. Justice Yellim Bogoro issued the order following a motion filed by the Economic and Financial Crimes Commission. The EFCC, through by its counsel Bilikisu Buhari, argued that the assets were proceeds of unlawful activities, citing Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria. Emefiele, faces allegations of fraud, corruption and other illegal practices, which he denies.

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Liberian President Joseph Boakai has suspended more than 450 top government officials for failing to declare their assets to the anti-corruption agency. The presidency says they will be off work without pay for a month or "until they submit the required declarations. Boakai says that the officials had contravened the code of conduct for state officials by not being transparent about what they own. The president, who had pledged to fight corruption when he came into office last year, said failure to comply undermined efforts to combat corruption and ensure accountability. The law requires all public officers to declare their wealth before taking up their posts and when they leave positions in government.

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The Central Bank of Kenya is enforcing stricter measures on Banks and those that fail to adjust could face fines of KES 20 million ($154,619) or three times the monetary gain from higher rates. Bank officials risk personal fines of up to KES 1 million ($7,730). Leading lenders—including KCB, Equity, Cooperative Bank, I&M, and DTB—have responded by slashing rates by one to four percentage points. Equity Bank, in particular, has made three reductions in six months, positioning itself as the most responsive to CBK’s directives. The rate of compliance—although forced—signals that banks are willing to set aside differing opinions, and work with the regulator to achieve a common goal.

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The Nigerian Upstream Petroleum Regulatory Commission has revealed that the volume of stolen crude oil in the country has reduced to about 5,000 barrels per day, enabling oil production to rise to 1.75 million bpd as of January 2025. The Commission Chief Executive, Gbenga Komolafe says this was achieved through kinetic and non-kinetic interventions, crude oil production that dipped to 1.1mbpd in 2022 has now soared to 1.7mbpd. He projected that oil production will increase by one million bpd by the end of 2026. He noted that gas production has increased to 7 billion standard cubic feet per day, reflecting a positive shift in the upstream sector.

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Keystone Bank issued a statement clarifying that the Lagos State Special Offences Court had ordered the forfeiture of shares previously held by its shareholders, transferring ownership to the federal government. Keystone Bank stated that the clarity around ownership will allow it to focus on raising the required capital to maintain its banking licence. Keystone Bank itself has a history of revival. It was created in 2011 after taking over the assets of the distressed BankPHB. BankPHB’s licence was revoked for failing to meet the recapitalisation deadline.

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The Minister of Aviation and Aerospace Development, Festus Keyamo says President Bola Tinubu has decided to halt the proposed merger of the Nigeria Civil Aviation Authority and the Nigerian Airspace Management Agency. Keyamo revealed that the aviation sector is exempted from the ban because President Tinubu is desirous of change and growth in the sector. All government officials who intend to go on any publicly funded international trips must seek and obtain Presidential approval at least two weeks before embarking on any such trip, which must be deemed necessary. The minister explained why the aviation sector was exempted from this directive, emphasizing the industry’s critical role in safety and international compliance.

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US President Donald Trump says he had told the Treasury to stop producing penny coins, presenting it as an effort to cut down on government spending. Trump’s order would likely require lawmakers’ approval but Treasury Secretary Scott Bessent may be able to simply stop the minting of new pennies. Economics professor Robert Triest of Northeastern University says Prices would likely be rounded to the nearest five cents if pennies are removed. Trump has made cutting the federal budget a prominent part of his new administration, with Musk’s DOGE team being tasked with investigating government spending.

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The United States will move to impose 25-percent tariffs on steel and aluminum imports this week the latest in a slew of trade levies he has announced. Trump says that the tariffs, which he will announce on Monday, will apply to any steel coming into the United States adding this will also affect aluminium. The Republican billionaire says he would announce reciprocal tariffs to match his government’s levies to the rates charged by other countries on US products. The new Chinese tariffs cover $14 billion worth of US goods, while the tariffs announced by Trump cover $525 billion worth of Chinese goods, according to Goldman Sachs.

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US President Donald Trump has accused South Africa of human rights violations against white farmers, continuing a dispute that escalated this week as the US froze aid to the country. The South African government says Trump's actions were based on "a campaign of misinformation and propaganda aimed at misrepresenting our great nation". Trump says he was bringing in the aid freeze because of South Africa's new land law, which he says is violating people's rights, and also because of its international court case accusing Israel of genocide. South Africa's Ministry of International Relations and Cooperation says the move fails to recognize South Africa's profound and painful history of colonialism and apartheid.

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