Thursday, September 3, 2015

Africa's richest man Aliko Dangote to invest in Zimbabwe

In Zimbabwe, Africa's richest man, Aliko Dangote, plans to set up the biggest cement plant in the country, but he is not stopping there. He plans to make investments in energy and mining too. The Nigerian businessman announced the plans after meetings with senior government officials in Harare, on August 31st.

Super Eagles goalkeeper Vincent Enyeama pulls out of Nigeria squad after mother passes away

Nigeria goalkeeper Vincent Enyeama has pulled out of Saturday's 2017 Africa Cup of Nations tie against Tanzania following the death of his mother.

"He is completely devastated and coach Sunday Oliseh has excused him on compassionate grounds," a source close to the family told BBC Sport.

Enyeama was due to fly to Abuja on Monday but cancelled the trip.

Uncapped Wolves goalkeeper Carl Ikeme is set to step into the starting line-up for the Group G qualifier.

Enyeama, who plays for French club Lille and is the Super Eagles most capped player with 101 appearances, was in goal for Nigeria when they beat Chad 2-0 in their opener in Kaduna in June.

Egypt, who have missed the last three continental finals, beat Tanzania 3-0 in Alexandria to top the group on goal difference.

Even though they are among the best-known sides on the continent, neither Nigeria nor seven-time champions Egypt qualified for the Nations Cup in Equatorial Guinea earlier this year.

Meanwhile, the Nigeria Football Federation (NFF) has confirmed that the Super Eagles face the Mena of Niger Republic in an international friendly on 8 September in Port Harcourt.


Wednesday, September 2, 2015

Central Bank of Nigeria trying to regulate bitcoin

The Central Bank of Nigeria has called for the regulation of the cryptocurrency, bitcoin, in Nigeria. Businessday reports that CBN is making the call in a bid to stem money laundering and protect consumers.

The intention of the apex bank was disclosed at the second Anti-Money Laundering/Combating the Financing of Terrorism stakeholders’ consultative workshop in Nigeria’s capital, Abuja. The workshop was seen as an occasion that “will further assist in laying a solid foundation for the much needed regulatory climate on the operations of virtual currency in Nigeria.”

“Virtual currency was dangerous because it was not a legal tender of any country hence it has a borderless nature without jurisdiction which makes it a channel for money laundering,” said Dr Okwu Nnanna, deputy governor of financial system stability at Nigeria’s Central Bank (CBN).

Obot Akpan’s, deputy director of Financial Policy and Regulation Department at CBN also touched on the Financial Action Task Force’s (FAFT) recommendation on closer monitoring of digital currency exchanges and gateways to counter money laundering and terrorism financing.

The central bank also expressed its fears over the currency’s volatility as it has increased in use for both payment transactions and investment purposes.

CBN is yet to outline the roadmap to executing this regulation, but it is hardly possible to regulate bitcoin as is.

The bank’s fears are accurate and may well be the foundation of a CBN study of the workings of bitcoin, but the call for bitcoin regulation seems more akin to CBN making a scripted call similar to what Nigerian regulators have been known to make when confronted with a development they do not understand.


Related story: Another Bitcoin service BitX launches in Nigeria

Nigeria to begin using drones to combat oil theft

Nigeria is to deploy drones to monitor the movement of ships in an effort to curb the rampant oil theft in the country, the state oil firm says.

Nigerian National Petroleum Corporation (NNPC) says it wants to end crude theft in the next eight months.

Nigeria is Africa's biggest crude producer but its revenue is severely reduced by theft and attacks on oil pipelines.

New President Muhammadu Buhari has vowed to clean up the industry.

Oil generates around 70% of government revenues in Africa's biggest economy.

But a 2013 report by think tank Chatham House said that 100,000 barrels per day were being stolen.

That was equivalent to 5% of Nigeria's daily production.

It said the theft was occurring on an "industrial scale", with small barges transferring stolen oil to tankers waiting offshore to take it to international markets.

Senior politicians and military officers are said to be involved in the illegal trade.

The new head of NNPC Ibe Kachikwu also said the company would work more closely with Nigeria's navy to tackle the problem.


Tuesday, September 1, 2015

Nigeria's sacked national security adviser Sambo Dasuki appears in court

Nigeria's sacked national security adviser, Sambo Dasuki, has appeared in court in the capital, Abuja, charged with illegally possessing weapons.

Nigeria's intelligence agency said it had seized firearms during a raid on his properties in July.

Mr Dasuki pleaded not guilty to the charge and was given bail.

He is the first senior official of the former government to be charged since President Muhammadu Buhari was inaugurated in May.

Mr Buhari is the first opposition candidate to be elected president in Nigeria.

The judge ordered the agency to return Mr Dasuki's passport to the court as part of his bail conditions.

Mr Dasuki appeared calmed and relaxed, reports the BBC's Nasidi Adamu Yahya from the court.

Some associates of former President Goodluck Jonathan were present in solidarity to the retired army officer, he says.

President Buhari replaced Mr Dasuki and other security chiefs in July in a renewed effort to end a six-year insurgency by militant Islamist group Boko Haram.