Africa Business News

Egypt finance ministry on Monday said it signed a $2 billion conventional and Islamic loan with several international and regional banks in a deal coordinated by two UAE lenders.
The ministry in a statement said Emirates NBD Capital and First Abu Dhabi Bank were joint coordinators and lead managers of the deal.


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Oil marketers on Monday expressed shock over the resurfacing of petrol subsidy in June 2020 as disclosed by the Nigerian National Petroleum Corporation in its latest operations report.
According to marketers of petrol, the government had since March this year declared that the downstream oil sector had been deregulated and as such there was no need for petrol subsidy.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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The tax revenue accruing to the Federal Government from Production Sharing Contracts with international oil companies operating in the country fell by $45.72m (N16.46bn) in May.
The tax lifted as oil by the Nigerian National Petroleum Corporation on behalf of the Federal Inland Revenue Service dropped to 2.56 million barrels valued at $59.34m in May from 4.38 million barrels ($105.06m) in April, according to data from the corporation.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Indigenous contractors on Monday staged a protest at the headquarters of the Federal Ministry of Finance, Budget and National Planning to kick against the non-payment of their N18bn contract sum by the ministry.
the Publicity Secretary, Local Contractors of Nigeria, Dandy Rowland while speaking on behalf of the aggrieved contractors, told journalists that the affected firms executed contracts for various ministries, departments and agencies, but their pay had been delayed by the finance ministry.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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The Federal Government has raised the share capital of the Agricultural Credit Guarantee Scheme to N50bn from N3bn.
The Central Bank of Nigeria disclosed this in a document on Monday entitled Agricultural Credit Guarantee Scheme Fund (Amendment) Act 2019.
It stated that the ACGSF Amendment Act was assented to by the Federal Government on June 24, 2019.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Oil rose on Monday, with Brent touching the highest in five months, underpinned by a 30% cut in Abu Dhabi crude supplies and encouraging Chinese data even as global demand struggles to return to pre-COVID levels in a well supplied market.
Brent crude futures for November LCOc1 advanced to $46.38 a barrel earlier, the highest since March, and was fetching $46.27 by 0656 GMT, up 46 cents, or 1%. U.S. West Texas Intermediate crude CLc1 was at $43.25 a barrel, up 28 cents, or 0.7%.

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Nestle plans to pay $2 billion to gain full ownership of peanut allergy treatment maker Aimmune Therapeutics, as the Swiss company expands its fast-growing health science business.
Nestle set up Nestle Health Science (NHS) in 2011 to open up a new area of business between food and pharma.
Nestle in a statement said that its offer for Aimmune values the California-based biopharmaceutical firm, which it has been working with since 2016 and in which it already has a stake of around 25.6%, at $2.6 billion.

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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South Africa’s Sun International on Monday said it fell to a loss in the six months to June 30 after it was forced to close its operations for just over three months due to the coronavirus lockdown.
The casino and hotel company said its adjusted headline earnings, the main profit measure in South Africa, declined from 172 million rand to a loss of 885 million rand in the period.

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Kenya’s central bank in a memo to bank executives seen by Reuters on Monday said it will have to approve any plans by commercial lenders to issue dividends for this year an unusual move caused by the coronavirus crisis.
Lenders in the East African nation have seen their earnings plunge in the first half of this year, hit by higher provisions for bad loans, on the back of the COVID-19 pandemic.
They have also had to restructure more than a quarter of total customer loans, to provide relief to individuals and firms hit by the disruptions.

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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AngloGold Ashanti and Barrick Gold said they will sell their effective 80% stake in the Morila Gold Mine in Mali, amidst a political crisis after soldiers seized power in a coup.
AngloGold Ashanti said Australian company Mali Lithium will buy the firm holding the two miners’ stakes in the mine, the other 20% of which is owned by the government of Mali, for between $22 million and $27 million.

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