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Africa Business News

  • Russia’s Putin to Remove Sergei Shoigu as Defence Minister

    13 MAY. 2024 · Russian President Vladimir Putin plans to remove Sergei Shoigu as defence minister as part of a cabinet reshuffle, making him secretary of the Security Council instead. The Kremlin says Andrei Belousov, a former deputy prime minister who specialises in economics, will become the new defence minister. Kremlin spokesman Dmitry Peskov says that Putin had decided to give the defence portfolio to a civilian because the ministry should be “open to innovation and cutting-edge ideas” and Belousov was the right fit for the job.
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  • Kenya's New Planned Tax Hikes Spark Anger

    13 MAY. 2024 · Plans to introduce new taxes and increase existing ones have triggered widespread criticism in Kenya. The price of bread is set to climb after the national treasury proposed removing the staple product from a value-added tax exemption list. The costs of mobile money transfers, airtime and data are also set to go up as the government seeks to raise an additional $2.4bn in taxes, in the financial year that starts in July. The government also proposed a new motor vehicle tax that will see drivers pay up to $750 annually to keep their vehicles on the road. The tax hikes are part of a series of financial measures introduced by President William Ruto's government to fund its extensive infrastructure and social programmes.
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  • Egypt To Join South Africa’s Genocide Case Against Israel At ICJ

    13 MAY. 2024 · Egypt says it will formally join the case filed by South Africa against Israel at the International Court of Justice (ICJ), which accuses Israel of violating its obligations under the Genocide Convention in its war on the Gaza Strip. The Egyptian Ministry of Foreign Affairs says that Cairo intended to join the case due to escalating Israeli aggression against Palestinian civilians. South Africa brought its case against Israel in January, accusing the country of committing genocide against Palestinians in Gaza. The death toll from Israel’s war on Gaza, which began in October, has surpassed 35,000, and most of the dead are women and children, according to Palestinian authorities.
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  • Rwanda Denies Backing Rebels Linked to Burundi Attack

    13 MAY. 2024 · Rwanda's government has denied accusations that it armed a rebel group alleged to have carried out a grenade attack in Burundi's economic hub, Bujumbura. Pierre Nkurikiye, the spokesperson for Burundi's interior ministry says at least 38 people were injured in Friday's attack. Rwanda's government dismissed the allegations saying it has absolutely no connection" with the attack and had no reason to be involved in it. Red Tabara, the group accused of executing the grenade attack, has also denied responsibility, saying it does not attack innocent civilians. Rwanda's relationships with neighbouring nations Burundi and the Democratic Republic of Congo have become strained in recent years.
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  • Financial Reporting Council of Nigeria to Release Valuation Regulations July

    13 MAY. 2024 · The Head of the Directorate of Valuation Standards, Financial Reporting Council of Nigeria, Ugochukwu Nwora, says that the council has assembled relevant professionals to produce valuation regulations for the country. He says this regulation will be the first of its kind in Nigeria and the council will showcase the exposure draft to the public before launching it in July and the valuation regulations will guide all professional valuers and firms in Nigeria. Nwora noted that the FRC would standardise and regulate submissions, ensuring consistency and adherence to asset valuation standards.
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  • Nigerian Government Urged to Stop Electricity Subsidy

    13 MAY. 2024 · The International Monetary Fund has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies. The organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before. The IMF commended the Federal Government for, among other things, phasing out costly and regressive energy subsidies”, saying this was critical to creating fiscal space for development spending and strengthening social protection while maintaining debt sustainability. IMF noted, however, that “adequate compensatory measures for the poor were not scaled up promptly and subsequently paused over corruption concerns.
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  • Liberia's President Joseph Boakai to Set Up First War Crimes Court

    6 MAY. 2024 · Liberian President Joseph Boakai has signed an executive order to establish the country's first war crimes court, more than 20 years after the end of two civil wars which killed 250,000 people. Mr Boakai said Liberia had endured downpours of agony. The 1989-2003 conflicts saw atrocities including mass killings, rape and the forced recruitment of child soldiers. Critics in Liberia have opposed the creation of the court, saying it risks reopening old wounds however Mr Boakai says the court would help ferret the causes and effects of the violence and bring about justice and healing.
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  • Chad Presidential Vote Set to End Military Rule

    6 MAY. 2024 · Chad is set to become the first of Africa's current junta-led states to move to democratic rule with Monday's presidential vote. It will end a three-year transition imposed after the sudden death of long-serving leader Idriss Deby Itno while fighting rebels. Prime Minister Succès Masra is among his nine challengers and is seen as his biggest rival. Ten other politicians who had been hoping to run, including two prominent figures, Nassour Ibrahim Neguy Koursami and Rakhis Ahmat Saleh, were excluded by the constitutional council because of irregularities.
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  • Nigerian Airports Authority to Cut Physical Security Checks At Airports

    6 MAY. 2024 · The Federal Airports Authority of Nigeria says it has concluded plans with the Office of the National Security Adviser to reduce the number of security checkpoints at the country’s airports. The Managing Director of FAAN, Olubunmi Kuku says the agency and the office of the NSA have agreed to carry out short and long-term measures to address the issue. Kuku noted that the issue of multiple security checkpoints was the first challenge she took up upon the assumption of office. The FAAN MD added that she has had productive conversations with the National Security Adviser, Nuhu Ribadu to craft viable solutions to the issue.
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  • Socio-Economic Rights Group Sues Nigerian Governors over $4.6bn Loans

    6 MAY. 2024 · The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Minister of the Federal Capital Territory, Nyesom Wike before the Federal High Court in Abuja. Also joined in the suit were the 36 state governors over over their failure to account for and publish the agreements of the N5.9 trillion and $4.6 billion loans obtained by their states and the FCT, respectively. SERAP Deputy Director, Kolawole Oluwadare, says the group asked the court to direct and compel the governors and Mr. Wike to account for N5.9trn and $4.6bn loans obtained by their states and the FCT and to publish copies of the loan agreements, location of projects executed with the loans.
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Daily news insights and analysis of the African business Landscape, covering from emerging startups to macroeconomics from across the 55 African Union member states com.
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