China’s Hengli Petrochemical has purchased at least 2 million barrels of West African crude as the privately owned refiner seeks to distance itself from sanctioned oil supplies and improve its chances of being removed from a U.S. blacklist. China’s Hengli Petrochemical bought at least 2 million barrels of West African crude as it improves chances…
After years of debt distress, currency crises and investor flight triggered by the COVID-19 pandemic and rising global interest rates, several African economies are beginning to regain the attention of international investors. Foreign investors are showing renewed interest in several African economies after years of market turbulence. Reforms in countries including Nigeria, Ghana, Egypt and…
Exploration work at Namibia’s Uis Project in the Erongo Region has returned new results pointing to a broad zone of mineralisation at the K9 pegmatite target, reinforcing the site’s growing importance in the country’s critical minerals sector. Exploration at Namibia’s Uis Project has identified a broad mineralised zone at the K9 pegmatite. Trenching revealed high-value…
The Trump administration says it has dismantled organised birth tourism networks spanning Africa and Europe, revoking hundreds of visas as Washington intensifies efforts to curb what it considers abuse of America’s birthright citizenship system. The Trump administration says it has dismantled birth tourism networks across Africa and Europe, revoking hundreds of visas. U.S. officials claim…
Nigeria’s Dangote refinery has reduced operating rates at its main gasoline-producing unit by 34% since May 21, raising concerns about fuel supply and export volumes at a time when global oil markets are already under pressure. Africa’s largest refinery has reduced operating rates at its key petrol-producing unit by 34% since May 21. The affected…
When Africa’s largest airline appears unwilling to accept a country’s currency, the problem usually extends far beyond aviation. Ethiopian Airlines has come under criticism following reports that it stopped accepting Sudanese pounds for ticket purchases in Port Sudan. The dispute comes as the Sudanese pound trades around 4,000-4,100 per dollar on the parallel market amid…
Europe’s quest for new energy supplies is breathing fresh life into two of Africa’s most ambitious gas infrastructure projects, with a combined value of roughly $38 billion. Europe is showing renewed interest in the Nigeria-Morocco Atlantic Gas Pipeline and the Trans-Saharan Gas Pipeline, worth a combined $38 billion. These pipelines could significantly transform Africa’s role…
Jim Ovia, the founder of Zenith Bank, is expanding his footprint in Nigeria’s luxury real estate market, betting that high-end property offers stronger returns than traditional banking investments. Jim Ovia, founder of Zenith Bank, is investing heavily in Nigeria’s luxury real estate market, seeing it as more profitable than traditional banking. His company, Quantum Luxury…
The International Monetary Fund (IMF) has raised concerns over Nigeria’s proposed $5 billion borrowing arrangement with First Abu Dhabi Bank, warning that such financial structures may be opaque, complex and difficult to fully assess in terms of risk exposure. The IMF expressed concerns over Nigeria’s proposed $5 billion borrowing from First Abu Dhabi Bank. The…
