Africa Business News

The Environment and Forestry ministry on Wednesday said Namibia has resumed the transport and export of timber, mostly rosewood, under strict new conditions ending a ban imposed in March.
Demand for furniture in China has led to widespread felling of rosewood in Africa even though the variety is protected under the United Nations’ Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).
Spokesperson for the Ministry of Environment, Forestry and Tourism, Romeo Muyunda said presently forest resources are still reasonably good, but the fear is that they will turn into a desert because of uncontrolled timber harvesting.
The transportation of timber for local supply and processing will be given priority and the harvesting of new timber is still prohibited.
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Fitch on Wednesday said a failure by South Africa to lower public debt risks triggering credit downgrades deeper into subinvestment.
Debt in Africa’s most industrialized economy is set to breach 80% of gross domestic product next year as the government borrows more to bring the coronavirus pandemic under control.
Fitch downgraded South Africa’s credit rating deeper into “junk” territory in April, citing the lack of a clear path towards debt stabilisation and higher economic growth. The other top ratings firms, Moody’s and S&P, also rate the country at sub-investment grades.
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The public enterprises and finance ministries in a letter to the airline’s administrators seen by Reuters said South Africa’s government has committed to secure funds for the overhaul of struggling state-owned South African Airways (SAA).
On Tuesday creditors approved the plan, which requires at least 10 billion rand ($600 million) of new funds, on the understanding the government would find the necessary cash.
In the letter, signed by Public Enterprises Minister Pravin Gordhan and Finance Minister Tito Mboweni, the ministers said they acknowledged the funding requirements set out in the restructuring plan and were committed to mobilising funds for a viable and sustainable national airline.
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Anglo American Platinum (Amplats)on Thursday said the production of platinum group metal (PGM) fell by 41% or 521,600 ounces in the second quarter because of shutdowns in South Africa and Zimbabwe due to coronavirus crisis.
Amplats said Total PGM production for the quarter was 665,100 ounces.
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The nation’s economy recorded a net foreign exchange inflow of $9.35bn in February.
The Central Bank of Nigeria disclosed this in its February monthly report.
It said Foreign exchange flows through the economy resulted in a net inflow of $9.35bn in the review period, compared with $9.99bn and $4.58bn at end-January 2020 and end-February 2019, respectively.
It said the external sector performance declined in February due to the 11.7 per cent decrease in the international price of crude oil to $58.45 per barrel.
The CBN added that the aggregate foreign exchange inflow into the economy amounted to $16.19bn, indicated a decrease of 4.4 per cent, compared with the preceding month.
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Transcorp Hotels Plc has submitted an application to the Nigerian Stock Exchange for the approval and listing of a rights issue of 2.66 billion ordinary shares.
In a notice to its shareholders obtained from the Nigerian Stock Exchange, the company said it would be offering by way of rights 2,659,574,468 ordinary shares of 50 kobo each at N3.76 per share, on the basis of seven new ordinary shares for every 20 ordinary shares held.
It said this is pursuant to the approval received from the company’s shareholders at the Extra-Ordinary General Meeting held on June 29, 2020.
The Chairman of Transcorp Hotels Plc, Mr Emmanuel Nnorom, said the approval and endorsement of shareholders empowers the board and management to look to the future with confidence despite the current harsh operating environment.
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ETranzact International Plc’s rights issue of 4.67 billion ordinary shares of N0.50 each, at N1.50 per share on the basis of 10 new ordinary shares for every nine ordinary shares held as at March 25, 2020, has opened for subscription.
According to a statement signed by the Head, Listings Regulation Department, Nigerian Stock Exchange, Godstime Iwenekhai, the acceptance list opened on July 14, 2020 and closes August 10, 2020.
eTranzact International posted a loss after tax of N182.53m for the first quarter ended March 31, 2020 as against a profit after tax of N90.76m in 2019.
According to the audited report obtained from the NSE, the firm posted revenue of N5.915bn in 2020 as against N5.59bn in 2019, representing a growth of 5.81 per cent.
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The Central Bank of Nigeria on Wednesday asked the National Assembly to review all financial penalties and fines upwards in order to align with current realities.
It said this at the public hearing on the Bill for an Act to repeal the Banks and Other Financial Institutions Act 2004 and to re-enact the Banks and Other Financial Institutions Act 2020.
The public hearing, which held at the National Assembly complex in Abuja, was organised by the Senate Committee on Banking, Insurance and Other Financial Institutions.
The Director, Legal Services Department, CBN, Kofo Salam-Alada, pointed out that some of the provisions in the Act were not in tandem with present day realities.
The apex bank stated that the fines and penalties in the 2004 Act should be reviewed.
The bank commended the committee for proposing more stringent fines and penalties regime in the new bill in comparison with the extant Act.
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Latest figures from The Nigerian National Petroleum Corporation on Wednesday showed that the oil firm lost N30.81bn in April 2020, representing over 200 per cent increase in its operating deficit.
In the report on the corporation’s financial and operational activities for April 2020, the oil firm explained that the deficit posted by its flagship subsidiary, the Nigerian Petroleum Development Company, caused the over 200 per cent monthly loss recorded by the group.
It said the report in April 2020 indicates an increased trading deficit of N30.81bn compared to the N9.53bn deficit posted in March 2020.
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MTN Nigeria Plc has commenced the trial of embedded SIM services on its network as part of its drive to lead digital transformation, and improve customer experience and quality of service.
The telecom company during a virtual media launch of the e-SIM said it had received approval from the Nigerian Communications Commission to begin the trial.
The Chief Transformation Officer at MTN Nigeria, Bayo Adekanmbi, said the trial which kicked-off on Wednesday, would run for one year and was open to a limited number of subscribers, who own compatible devices, on a first-come-first-served basis.
He explained that the e-SIMs had been designed to deliver freedom and flexibility, adding that they supported multiple profiles and allowed customers to connect multiple numbers to their devices.
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