Kevin Mwanza, 6:07 am
The Nigerian Senate rejected President Muhammadu Buhari’s proposal to borrow $30 billion to fund development projects in the next two years, dealing a major blow to the government’s efforts to stimulate growth in its economy. The 109-member house threw out the plan on Tuesday last week, without debating it because the presidency did not give details to justify the borrowing.
Kevin Mwanza, 5:22 am
Geremi Njitap, one of Cameroon’s most successful footballers, was last week elected the head of National Union of Cameroon Footballers (SYNAFOC), while in Ethiopia, Haile Gebrselassie, one of the world’s athletics legends in long distance and marathon racing, was on sunday elected the president of the Ethiopian Athletics Federation (EAF) in Addis Ababa
Kevin Mwanza, 6:41 am
American International Group (AIG), the only international insurer, announced plans to withdraw its business from Uganda as part of the global strategy to pull out from smaller markets across the world. The decision, announced on Tuesday, came days after the insurer sold share worth $143.2 million to Emerald Acquisition Limited at the New York Stock Exchange. The insurer entered The Pearl of Africa nation in 1962 and has 50 employees
Kevin Mwanza, 6:19 am
President Jacob Zuma is facing strong calls by the opposition and a section of the ruling party, religious leaders and business community to resign following the release of a report linking him to various counts of corruption on Wednesday. The nation’s former Public Prosecutor, Thuli Madonsela, appointed to investigate complaints of government misconduct released the 355-page report dubbed, ‘State of Capture’
Kevin Mwanza, 5:52 am
The Egyptian pound was devalued massively on Thursday to 13 pounds against the U.S. dollar after the country’s central bank adopted a floating unit policy in an attempt to stabilize the economy, which has been hurt by a shortage of greenbacks. The Egyptian pound shed a third of its value after the move to unpeg it from the 8.8 per dollar set in March. It has since plummeted more than 50 percent.
Kevin Mwanza, 7:19 am
Liberia, one of the poorest nations in sub-Saharan Africa needs $1.3 billion to revive its economy, two years after an Ebola epidemic that ravaged the nation and plunged its economy into recession. The West African nation is targeting a diversification in its economy to reduce over-reliance on iron ore and rubber, its biggest foreign exchange earners that fell at the peak of the Ebola outbreak in 2014.
Kevin Mwanza, 4:48 am
Paul Allen, the 21st richest person in the world and Microsoft co-founder, plans to sell 10 solar-powered micro-grids that his private company, Vulcan Impact Investing, built in Kenya over the last two years. The grids in Kajiado and Samburu counties have capacity ranges of between five to six megawatts. They have been used to transform people’s lives through provision of electricity to schools and business premises.
Kevin Mwanza, 4:34 am
The United Nations (UN) is calling for the formation of a tribunal or special court to prosecute Eritrean leaders over allegations of widespread human rights abuses since 1991. The calls come after a UN Commission of Inquiry on human rights in the nation found that the government enslaved, imprisoned, committed forced disappearances, torture, rape, persecution, murder and other crimes against the citizens to remain in power
Kevin Mwanza, 4:30 am
Kenya, East Africa’s biggest economy, is embroiled in yet another corruption scandal after $49.2 million (Sh 5 billion) went missing in the Ministry of Health through manipulation of a tendering system, diversion of funds and double payments of goods. The latest corruption case comes barely a week after President Uhuru Kenyatta publicly admitted his administration might be losing the war against a vice that has seen Kenya lose millions of dollars
Kevin Mwanza, 3:32 am
Zimbabwean president, Robert Mugabe issued a presidential decree to amend the Reserve Bank Act of Zimbabwe (RBZ) Act, paving way for the use of bond notes in efforts to ease a cash shortage that has hit the struggling African economy since March. The presidential decree passed on Monday did not however set timelines for the introduction of the bond notes, which will be used as legal tender.