Business and Finance

Dangote Petroleum Refinery has categorically denied a report alleging that the facility is shutting down for maintenance, labeling the claim as "false and misleading." In a statement issued on Monday, refinery officials emphasized that production is currently ongoing, stable, and uninterrupted. This announcement comes in response to a wave of misinformation that has circulated online regarding the refinery's operational status. The Dangote Petroleum Refinery, situated in Lagos, Nigeria, is one of the largest in Africa and…

Tragedy Strikes as Migrant Boat Capsizes Off The Gambia At least seven people have died and many others remain missing after a boat carrying about 200 migrants capsized off the coast of The Gambia while attempting to reach Europe. This harrowing incident underscores the grave dangers faced by those seeking a better life, and it highlights the ongoing migration crisis engulfing the region. The vessel overturned near Jinack village in the North Bank Region, a noted backdrop for previous such attempts. It was later…

Nigeria's Bold Tax Reforms: President Tinubu Stands Firm Amid Controversy President Bola Tinubu has announced that Nigeria will begin enforcing sweeping new tax laws from January 1, dismissing criticism over discrepancies between the gazetted text and the version passed by lawmakers. Tinubu described the reforms as a "once-in-a-generation opportunity" to establish a fair, competitive, and resilient fiscal framework for the country. He emphasized that all recently enacted tax reforms, including provisions that took effect…

African Export-Import Bank (Afreximbank) and Heirs Energies Limited have announced a landmark US$750 million financing partnership designed to optimize Heirs Energy's capital structure and unlock critical liquidity to support its working capital requirements as it pursues its ambitious field development program. The investment is expected to significantly transform Nigeria's domestic energy capacity as demand rises. This collaboration comes at a crucial time for Nigeria, a nation grappling with increased energy demands and…

In a significant shakeup within Nigeria's petroleum regulatory landscape, President Bola Tinubu has replaced the heads of two pivotal agencies following the resignation of their chief executives. The changes affect the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), marking a notable turn in the country’s oil and gas governance. The resignations of Farouk Ahmed, head of NMDPRA, and Gbenga Komolafe, head of NUPRC, come in the wake…

Congolese Electoral Commission Urges Voter Verification Ahead of 2026 Presidential Election The electoral commission in the Republic of Congo is urging registered voters to verify their names on the provisional voter's roll in preparation for the upcoming presidential elections. This call to action is accompanied by banners displayed throughout Brazzaville, highlighting the critical nature of this verification process. As the nation gears up for the 2026 presidential election, President Denis Sassou Nguesso, now 81 years…

Malawi is facing an acute sugar shortage that has pushed traders and consumers to camp outside distribution sites overnight in hopes of securing supplies, heightening public anger and putting pressure on President Peter Mutharika’s administration to act. Traders outside the offices of the principal sugar distributor in the central town of Nkhotakota say long lines and overnight vigils have become routine as supplies run low. Some vendors accused big businesses of hoarding sugar to force an artificial shortfall that drives…

Lawmakers Warn of Risks to Draft 2026 National Budget Targets Lawmakers are raising alarms about the ambitious US$1.2 billion target of the Draft 2026 National Budget, insisting that without key reforms, these goals remain at risk of being unmet. This budget, the largest proposed under President Joseph Nyuma Boakai's administration, signifies a bold expansion in government spending. It emphasizes funding for social projects, civil service restructuring, infrastructure investment, and governance reforms. However, lawmakers…

Lobito Corridor, the multimodal transport link from Angola’s Atlantic port to Central Africa’s mineral belts, has been paraded at this week’s 7th African Union–European Union Summit in Luanda as a flagship sign of renewed partnership between Europe and Africa. Western capitals and sympathetic media have billed the corridor as a strategic answer to China’s expanding footprint on the continent. But in a stinging appraisal published in Maka Angola, journalist Rafael Marques de Morais urges a different reading: the corridor, he…

The Zimbabwe Human Rights Commission warned this week that technology‑facilitated gender‑based violence (TFGBV) is moving from the margins into the mainstream, forcing many women and girls to silence themselves online and offline. The statement, released to mark the International Day for the Elimination of Violence Against Women, said that journalists, activists, politicians and young women in Zimbabwe are among the most affected and urged stronger enforcement of existing laws. "Women and girls are increasingly…