Business and Finance

EU Removes Several African Countries from High-Risk Money Laundering List Several African nations, including Nigeria, South Africa, Burkina Faso, Mali, Mozambique, and Tanzania, have recently been removed from the European Union's list of high-risk jurisdictions for money laundering and financing terrorism. This significant decision follows comprehensive reforms made in their anti-money laundering and counter-terrorism financing frameworks. The delisting by the EU is expected to have a positive ripple effect, facilitating…

New Leadership in U.S. Africa Bureau Faces Complex Challenges Nick Checker, who stepped into the role of head of the State Department's Africa Bureau earlier this month, brings a unique perspective to the position after spending most of the past decade at the CIA. Unlike his two predecessors—career diplomats who served under President Trump—Checker has only four months of experience at the State Department. As the 'Senior Bureau Official,' a title currently used for acting positions across numerous agencies, Checker is…

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…