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Fitch Downgrades Ethiopia Eurobond After Interest Payment Default Fitch Ratings has downgraded Ethiopia’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) as well as the issue rating on Ethiopia’s single outstanding Eurobond to ‘C’ from ‘CC’. The downgrade of Ethiopia’s LTFC IDR reflects Fitch’s understanding that the USD33 million coupon payment on Ethiopia’s single outstanding USD1 […]Read More

Cameroon Gets €74m Loan for Electricity Sector Reforms The Board of Directors of the African Development Bank Group (AfDB) approved a loan of EUR 74.25 million to Cameroon in Abidjan on 14 December 2023 to implement the first phase of the Electricity Sector Recovery Support Programme (PARSEC). The programme will support the Cameroonian government to […]

Benin Gets $200m Loan Approval from IMF The Executive Board of the International Monetary Fund (IMF) has approved a two-year $200 million funding arrangement for Benin under the Resilience and Sustainability Facility (RSF), according to a statement. The amount of SDR 148.56 million or about $US200 million equates to 120 per cent of quota, with […]

Africans Must Unite to Mobilise, Manage Productive Resources – AfDB Africans must stand together to mobilise and efficiently manage the resources required to enhance productivity and create wealth in Africa for Africans. The African Development Bank’s (AfDB), Vice-President and Chief Economist, Kevin Urama, said this in Abuja. Urama spoke at the graduation of inaugural Graduands […]

Imo Assembly Passes N592bn 2024 Appropriation Bill The Imo House of Assembly has passed the state’s N592 billion Appropriation Bill for the 2024 fiscal year. The bill passed its Second and Third Readings at plenary session of the house on Thursday. The budget tagged, “Budget of Renewed Economic Growth”, allocated 101.99 billion, representing 17 per […]

Congo Gets $202m from IMF After Credit Review The Executive Board of the International Monetary Fund (IMF) completed the fifth review of the Extended Credit Facility (ECF) arrangement for the Democratic Republic of the Congo (DRC) approved on July 15, 2021. The completion of the fifth review allows an immediate disbursement equivalent to SDR152.3 million […]

SEC Shuts Ready Finance for Illegal Capital Market Activities The Securities and Exchange Commission (SEC), has sealed the office of Ready Finance Investors Limited for engaging in illegal investment and other capital market activities. A statement issued by the Commission in Abuja, said the office located at AYA Memorial Plaza, Area 11, Garki, Abuja, was […]

São Tomé and Príncipe Gets $17.4m Budget Support from AfDB The Board of Directors of the African Development Bank Group has approved $17.4 million in grants for Sao Tome and Príncipe to shore up the national budget and enhance public service delivery as part of the economic response to support public finance and energy sector […]

Naira Rises Amidst Worst Year-End FX Rate Prediction The Nigerian naira reclaimed part of its loss value in the foreign exchange markets on Thursday amidst the worst year-end prediction for exchnage rates. In 2022, the naira lost about 11% but the local currency is expected to close 2023 at its all-time low. A peep into […]

Olisa Agbakoba, a former president of the Nigerian Bar Association, made a harsh critique of Nigeria’s Supreme Court on Thursday, calling it “the worst I have seen in my 45 years of practice” and accusing it of harbouring a “mafia” that blocks qualified individuals from becoming justices. Agbakoba made these remarks during a colloquium in […]

Senate President Godswill Akpabio on Friday clarified that he was exhausted and diagnosed with malaria following reports that he collapsed at his 61st birthday colloquium held Thursday in Abuja. Akpabio was reported to have slumped after the event while seeing President Bola Tinubu off at the Transcorp Hilton Hotel in Abuja and was rushed to […]

The Independent Corrupt Practices and other related offences Commission (ICPC) says there is a high level of corruption across various sectors in the three arms of government and private sector. The Provost of the Anti-Corruption Academy of Nigeria, Tunde Babawale, a professor, said this at the validation meeting of the Nigeria Corruption Index (NCI) Survey […]