Breaking News

Oil to okadas: Africa’s top business news

Tale: In this article are 5 company stories building headlines in Sub Saharan Africa this 7 days.

TotalEnergies has released the sale of its 10% stake in Nigerian joint venture SPDC.

The sale involves desire in 13 onshore fields and three in shallow drinking water creating 20,000 barrels of oil equal a day.

Significant oil has been progressively exiting Nigeria’s onshore creation because of to years of sabotage and theft in the Delta location, which has suffered a long time of oil spills and pollution.

Ghana has started off a bulk order programme to invest in gold locally, the Central Financial institution said on Tuesday (May possibly 17), to increase the gold element in its reserves

That’s a bid to fortify the cedi forex, which has been depreciating, without having growing inflation, which strike an 18-yr-report in April.

South African grocery and clothes retailer Choose n Shell out aims to cut fees by 3 billion rand – that is $187m – in the up coming a few decades and grow industry share by 3%.

The purpose is to make improvements to shareholder returns which have been dropping in excess of the previous yr in a very aggressive marketplace.

The UK’s advancement finance establishment, British Global Financial investment, and U.S. bank Citigroup have signed a $100m risk-sharing facility for Africa – to strengthen lending to little firms by up to four occasions that total.

The two functions will share chance 50/50 as they purpose to provide cash to markets noticed as dangerous simply because of an uncertain company atmosphere and currency fluctuations.

And finally Nigeria’s megacity Lagos claimed on Wednesday (May perhaps 18) that it is banning bike taxis, which it identified as unsafe.

The okadas are a well-liked manner of transportation in a city where by site visitors jams are a each day component of everyday living.

It was not quickly obvious if the ban would include things like journey-hailing start off-ups like Gokada and Max.ng that have sought to capitalize on the city’s teeming populace of 20 million.