Report Ranks Lagos Fourth In Africa’s Dollar Millionaires

A report by research firm, New World Wealth and Henley & Partners, has ranked Nigeria’s commercial capital, Lagos, fourth in terms of the number of dollar millionaires in Africa. The latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide, shows Lagos has 6,300 High Net Worth Individuals (HNWI) with at least $1 million. The report shows South Africa’s business hub Johannesburg has 15, 200 dollar millionaires – the most in Africa – followed by Egypt’s capital Cairo, which has 7,800 HNWIs. Another South African city, Cape Town,…

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MTN Nigeria Announces Issuance Of $54.2m Commercial Paper

MTN Nigeria Communications Plc has announced a proposed issuance of N23 billion ($54.2 million) in the Nigerian capital market. A disclosure by the telco, seen by newsfieldglobal, said the Series 3 commercial notes are part of MTN Nigeria N150 billion ($353.7 million) commercial issuance programme. The disclosure by MTN Nigeria did not say when exactly the notes would be issued or their tenor. But it did mention that funds realised from the proposed issuance would go towards bolstering working capital. “The issuance is part of the company’s strategy to diversify…

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Court Freezes Another Sh400.6m Belonging To Flutterwave

The High Court of Kenya has allowed the freezing of a further Sh400.6 million belonging to Nigerian fintech startup Flutterwave after the Assets Recovery Agency (ARA) linked the money to card fraud and money laundering. For the good part of this year, Flutterwave has been in constant contest with Kenyan authorities over money held in different banks alleged to have been obtained illegally. This is the second time the company in less than six months that the company’s accounts have been frozen on grounds of fraud and money laundering. In…

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AMCON: Josepdam not indebted to us

Following the successful liquidation of its indebtedness, the Asset Management Corporation of Nigeria (AMCON) has declared Josepdam & Sons Limited and Josepdam Sugar Company Limited free of any debt obligation to the Corporation. A letter to this effect sighted by our correspondent revealed that the concerned obligors had defrayed the total outstanding balance put at N18.783 billion. Recall that a section of the media had recently been erroneously listing Josepdam alongside other obligors that are yet to liquidate their indebtedness to the Corporation.  The said publication also alleged that Mrs.…

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Thailand exporters lose N385.2bn rice market in Nigeria

  Thailand exporters have lost 1.2million tonnes of rice valued at N385.2billion ($819.6million) in Nigerian market following import restrictions by the government. The Central Bank of Nigeria (CBN)’s import restriction has boosted local production by 11.2per cent or 600,000 tonnes from 4.8million to 5.4million tonnes in one year. Last month, Thai Rice Exporters Association (TREA), which has also shifted to Benin, Cameroon, South Africa and Angola markets, raised the price of the grain from $678 in August to $683 per tonnes in September, 2020. Data from the United States Department…

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Nigerian traders seek review of Ghana’s retail laws

Nigerian traders in Ghana are calling for a review of Ghana’s trade laws, to complement already existing ECOWAS treaties that permit free trade among African economies. Ghanaweb quoted the President, Association of Nigerian Traders in Ghana, Chief Chukwuemeka Nnaji, as saying that a review of existing trade laws in Ghana could help tone down “unnecessary tensions between foreign and retail traders.” “I’m still surprised that the Ghanaian Parliament has still not amended the laws. Let that law be amended to suit the ECOWAS Trade Treaty. I think we have to…

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