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MTN close to paying off 330bn naira fine in Nigeria – NCC

By: Reuters     22nd May 2019 African telecommunications giant MTN has paid 275-billion naira ($898.99-million) toward a 330-billion naira fine imposed on it for not disconnecting unregistered SIM cards, Nigeria's communications agency said on Tuesday. The final 55-billion naira payment from MTN, Africa's largest... 

MTN raising $555m in Nigeria this year for expansion

By: Bloomberg     14th May 2019 MTN Group’s Nigerian unit plans to raise about 200-billion naira ($555-million) this year from a variety of sources including bank loans and bonds to expand operations in its biggest market. The funds will enable Africa’s largest wireless carrier to finance capital expenditure to increase the... 

Nigeria revives plan to double oil output, triple refining

By: Bloomberg     26th April 2019 Nigeria plans to almost double oil production and triple its refining capacity within six years, reviving previous pledges that turned out to be too ambitious. The OPEC member is looking to pump 4 million barrels a day by 2025 and increase refining capacity to 1.5-million barrels daily, Maikanti... 

Seplat, NNPC to raise $700m for gas plant due in 2020

By: Bloomberg     12th April 2019 Seplat Petroleum Development and Nigeria’s State oil company will raise $700-million for a joint gas project scheduled to start production next year as the government steps up plans to reduce the country’s reliance on oil. The project, known as Assa North-Ohaji South, is one of seven to boost gas... 

Nigeria to build seaports to ease gridlock on Lagos's shore

By: Bloomberg     4th April 2019 Nigeria is building a new deep-sea port and considering two additional facilities to ease congestion in the main harbors of the commercial capital, Lagos, which currently handle about 80% of all shipping traffic in Africa’s biggest oil producer. A new facility is already under construction in the... 

Nigeria's Oando aims to raise fresh capital, cut debt – CEO

By: Reuters     3rd April 2019 Nigerian oil company Oando aims to raise fresh capital over the next two years and repay debt used to acquire Conoco Phillips' Nigerian assets, its chief executive Adewale Tinubu told Reuters. Oando has transformed itself in the past few years from a fuel retailer to oil producer and now competes... 

MTN drops as Nigeria urges court not to block $2bn penalty  

By: Bloomberg     26th March 2019 MTN Group shares fell almost 7% after Nigeria’s government said Africa’s biggest mobile operator evaded taxes and urged a Lagos court not to block a $2-billion penalty. The High Court of Lagos should throw out the Johannesburg-based company’s attempt to stop it from paying backdated taxes, TA... 

Nigerian commodities king Dangote targets foreign markets in sales push

By: Reuters     22nd January 2019 Africa's richest man, Aliko Dangote, said on Monday he expected to step up exports of cement and other commodities from Nigeria from this year as he focuses on foreign markets to boost sales and generate much-needed hard currency. Dangote told Reuters he expected to have 8 million tonnes of... 

Nigeria's State oil company seeks $4.1bn to lift output

By: Bloomberg     21st January 2019 Nigeria’s State-owned oil company said it’s in talks with financiers to raise as much as $4.1-billion and will seek to sign service deals to increase production from three leases. The Nigerian National Petroleum Corporation, or NNPC, is in discussions with Lagos-based Sterling Oil Exploration &... 

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