Africa Business News

The Federal Government says the relocation of the headquarters of the Federal Airports Authority of Nigeria, and some departments of the Central Bank of Nigeria to Lagos will increase operational efficiency and reduce operating costs. The Minister of Information and National Orientation, Mohammed Idris, dismissed claims that the relocation of some departments in the two agencies are political move to marginalise a section of the country. Senator Ali Ndume says It is not true that the relocation to Lagos of the Headquarters of the Federal Airports Authority of Nigeria, and of certain departments of the Central Bank of Nigeria are political moves aimed at marginalizing a section of the country.

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Turkey’s parliament has approved Sweden’s NATO membership bid after more than four hours of debates.
The legislators ratified Sweden’s accession protocol by 287 votes to 55, with four abstentions on Tuesday.
President Recep Tayyip Erdogan is expected to sign the bill into law in the coming days, ending the 20-month-long delay that has frustrated some of Ankara’s Western allies.
Swedish Prime Minister Ulf Kristersson says after the vote that Stockholm was one step closer to joining the alliance.

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Somali President Hassan Sheikh Mohamud has warned Ethiopia against taking steps to implement a controversial port deal it brokered with the breakaway region of Somaliland.
Under a memorandum of understanding signed on January 1, Somaliland leased landlocked Ethiopia 20km of its coastland around the port of Berbera, on the Gulf of Aden, for 50 years for military and commercial purposes.
Mohamud says Ethiopian assets would have to cross into Somalia’s territory to reach the leased area and warned Addis Ababa against taking such a step.
Egypt, which is involved in a separate dispute with Ethiopia over a major dam on the Blue Nile, has vowed to stand with Mogadishu in the Somaliland dispute.

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The European Union has imposed sanctions, including asset freezes, on six firms it says are responsible for arming and financing the rival warring factions in Sudan.
Among the companies targeted are two involved in the manufacture of weapons and vehicles for the Sudanese armed forces and three involved in procuring military equipment for the paramilitary Rapid Support Forces.
Both sides have been accused of war crimes during the conflict, which erupted last April, and has left thousands dead and millions of people displaced.
The EU says it remained deeply concerned about the humanitarian situation in Sudan and reaffirmed its support for the Sudanese people.

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United States Secretary of State Antony Blinken says the US would provide an additional $45m to West African nations as part of a plan to battle instability, bringing total funding under the year-old programme to nearly $300m.
The trip was to discuss US-African partnerships over trade, climate, infrastructure, health, security and other issues. It follows a summit in Washington with African leaders in December 2022.
Blinken sought progress combatting coups and extremism in West Africa in talks with two key leaders, as he pointed to Ivory Coast as a model.

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The Federal Government through the Bureau of Public Enterprises is currently carrying out transactions for the sale of five power plants under the National Integrated Power Projects at a cost of about $1.15bn.
The acting Director-General, BPE, Ignatius Ayewoh, confirmed that the transaction is ongoing, adding that “it is not concluded.

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Justice Gladys Olotu of the Federal High Court Abuja has approved the creation of another association for Nigerian lawyers different from the existing Nigerian Bar Association.
Justice Olotu, ordered the Corporate Affairs Commission to register any of the three names suggested by the promoters of the new association.
The Proposed names are: ‘The Nigerian Law Society,’ ‘Nigerian Bar Society,’ ‘Nigerian Lawyers’ Society’ and ‘The Association of Legal Practitioners of Nigeria’.
Justice Olotu also faulted the refusal of the CAC to register any of the names when they were earlier presented to it by those behind the new body.
A group of lawyers, led by Lagos-based lawyer, Kunle Ogunba, had in December 2022, announced the creation of a new body known as the Law Society of Nigeria.

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The Dangote Petroleum Refinery and Petrochemicals have registered three oil marketers’ associations for the distribution of diesel and aviation fuel.
The company listed the three distribution groups as boasting 75 per cent of the total market in Nigeria as the Depot and Petroleum Products Marketers Association of Nigeria, the Independent Petroleum Marketers Association of Nigeria, and the Major Oil Marketers Association of Nigeria.
The company says other marketers that have signified interest are also being considered.

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The US Secretary of State Anthony Blinken has assured of the country’s companies’ readiness to partner with and invest in the Nigerian economy.
Blinken says American entrepreneurs and companies are ready to partner and invest in Nigeria, particularly in the tech sector.
He says they have tech giants that have teamed up with Nigerian partners to help meet President Bola Tinubu’s one million digital jobs initiative.
Blinken added that American firms are also working to broaden internet access in the West African country.

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Israeli officials say taxes collected by Israel and bound for Gaza will be held in Norway, instead of being sent to the Palestinian Authority which exercises limited self-rule in the Israeli-occupied West Bank.
The Israeli prime minister says the frozen funds will not be transferred to the Palestinian Authority but will remain in the hands of a third country.
He says the money or its consideration will not be transferred under any circumstances, except with the approval of the Minister of Finance of Israel, not even through a third party.

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