Africa Business News

The Central Bank of Nigeria under the previous administration split the transfer of $134m to the United Kingdom branch of Nigerian bank to avoid violating its own guidelines regarding offshore deposit placement.
The audit report was published two years later than it was expected by law.
CBN under its immediate past Governor, Godwin Emefiele, had been accused of several malpractices. However, Emefiele has since denied many of the allegations.
The report partly states that CBN deposited $134m to First Bank of Nigeria (UK) London (these deposits were split into $59m and $75m) to circumvent the provisions of the CBN guidelines on offshore deposits.
The audit report says the apex bank did not provide further information at the time of the audit to enable the auditor to verify the average monthly deposit of FBN UK LTD. London, over one year, to establish if it is qualified for such exposure.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Airports Authority of Nigeria has reopened the 3.9km Runway 18R/36L of the Murtala Muhammed International Airport, Lagos after almost 11 months of maintenance repairs.
During the repair period, both international and local airlines were using runway 18L/36R, a shorter runway that is meant to handle only domestic flights.
Kenya Airways has already utilised the reopened runway, receiving a ceremonial welcome, marking the runway’s return to service.
The Nigerian Airspace had issued a Notice to Airmen, announcing the opening of the Runway After Midnight Of February 15.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

President Bola Tinubu met with his Brazilian counterpart, President Luiz Inácio Lula da Silva, in Addis Ababa, Ethiopia, and had fruitful discussions on the comprehensive strengthening of bilateral ties in all fields.
Tinubu’s media aide, Ajuri Ngelale, noted that the Nigerian leader, at the meeting, emphasized the strength of Nigeria’s economic potential and influence, saying the country is witnessing a leap forward, despite some short-term reform pains, as his administration is removing all encumbrances to business.
The President further explained that his administration is investing in critical sectors of the economy like healthcare, education, and agriculture to ensure the welfare of all Nigerian citizens and to create sustainable economic prosperity for future generations.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The United Kingdom slipped into a technical recession in the second half of last year after its economy registered two consecutive quarters of negative economic growth. The Office for National Statistics says that Britain’s gross domestic product shrank by 0.3 per cent in the last three months of 2023, after contracting 0.1 per cent in the third quarter. Sterling weakened moderately against the United States dollar and the euro shortly after the GDP data release. The ONS says the fall in GDP in the fourth quarter of 2023 was the biggest since the first three months of 2021. The ONS says Economic output dropped by 0.1 per cent in monthly terms in December, after 0.2 per cent growth in November.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The United Kingdom slipped into a technical recession in the second half of last year after its economy registered two consecutive quarters of negative economic growth. The Office for National Statistics says that Britain’s gross domestic product shrank by 0.3 per cent in the last three months of 2023, after contracting 0.1 per cent in the third quarter. Sterling weakened moderately against the United States dollar and the euro shortly after the GDP data release. The ONS says the fall in GDP in the fourth quarter of 2023 was the biggest since the first three months of 2021. The ONS says Economic output dropped by 0.1 per cent in monthly terms in December, after 0.2 per cent growth in November.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

India's top court has struck down a scheme that allowed people to make anonymous donations to political parties, calling it unconstitutional. A five-judge constitution bench ruled that electoral bonds violate citizens' right to access information held by the government. Chief Justice of India DY Chandrachud says the Right to Information law is not confined to state affairs but also includes information necessary for participatory democracy. The court directed the government-run State Bank of India not to issue any more such bonds, to provide identity details of those who bought them, and to give information about bonds redeemed by each political party to the Election Commission within a week.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

India's top court has struck down a scheme that allowed people to make anonymous donations to political parties, calling it unconstitutional. A five-judge constitution bench ruled that electoral bonds violate citizens' right to access information held by the government. Chief Justice of India DY Chandrachud says the Right to Information law is not confined to state affairs but also includes information necessary for participatory democracy. The court directed the government-run State Bank of India not to issue any more such bonds, to provide identity details of those who bought them, and to give information about bonds redeemed by each political party to the Election Commission within a week.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The first-ever criminal trial of a former US president is set to start next month, with Donald Trump defending himself against allegations of conducting a hush-money cover-up. He appeared in court in New York seeking to have the trial dismissed or delayed however Judge Juan Merchan was not swayed by arguments that the trial's timetable would hurt his presidential campaign. Mr Trump called the decision to start the trial on 25 March a disgrace but the New York state judge says they were not rooted in law and that he would only delay for legal reasons. Manhattan District Attorney Alvin Bragg has charged the former president with 34 counts of fraud, alleging Mr Trump falsified business records to disguise payments he made to adult film actress Stormy Daniels as legal fees.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The first-ever criminal trial of a former US president is set to start next month, with Donald Trump defending himself against allegations of conducting a hush-money cover-up. He appeared in court in New York seeking to have the trial dismissed or delayed however Judge Juan Merchan was not swayed by arguments that the trial's timetable would hurt his presidential campaign. Mr Trump called the decision to start the trial on 25 March a disgrace but the New York state judge says they were not rooted in law and that he would only delay for legal reasons. Manhattan District Attorney Alvin Bragg has charged the former president with 34 counts of fraud, alleging Mr Trump falsified business records to disguise payments he made to adult film actress Stormy Daniels as legal fees.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Central African Republic President Faustin-Archange Touadera and a delegation from South Africa's ruling ANC party are among those attending a forum in Russia, which aims to create a body that will fight against neo-colonialism and the influence of the West. The two countries are among Russia's closest allies in Africa. South Africa's delegation has been led by ANC Secretary-General Fikile Mbalula. It has been convened by the United Russia party, the country's largest political party, Russian state-owned news agency Sputnik reported. The two-day event will also be attended by a delegation of North Korea's ruling party and other representatives from countries in the Global South that are perceived by Russia as "advocates of the fight against new manifestations of colonialism".

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.