Nigerian agencies seek $11.5 billion oil spill payout from Shell

(Reuters) – Two Nigerian government agencies told a parliamentary hearing on Thursday that Royal Dutch Shell should pay a total of $11.5 billion in compensation for damage caused by an oil spill at its offshore Bonga field in December 2011. Shell has said that there is no legal basis for the proposed fines and the […]

AMCON reports $15 bln post-tax loss

(Reuters) – Nigeria’s state-backed “bad bank” AMCON reported a 2.37 trillion naira ($15 billion) loss after tax on Friday, nearly three years after it was set up to absorb the bad debts of banks in the aftermath of a financial crisis. The new losses, which AMCON officials reported at a press conference in the commercial […]

Senegal bans ex-president’s son from traveling abroad

(Reuters) – Senegalese authorities have told Karim Wade, the son of former president Abdoulaye Wade, not to leave the country pending the results of a corruption investigation, a justice ministry adviser said on Friday. Karim Wade served as a ‘super minister’ in charge of more than a third of the West African nation’s budget during […]

Okonjo-Iweala Seeks Reform without the Godfathers

By Tim Cocks and Joe Brock Reuters: Nigerian Finance Minister Ngozi Okonjo-Iweala is battling to reform one of the world’s most corrupt nations without support from the shadowy “godfathers” who wield power from behind the scenes. But while Western nations and international agencies admire her drive from afar, they hold little sway in Nigeria. Okonjo-Iweala’s […]

Okonjo-Iweala is not interested in WTO’s job

The Minister of Finance, Ngozi Okonjo-Iweala, is not interested in replacing Pascal Lamy as head of the World Trade Organisation when the Frenchman steps down in a year’s time, the ministry said on Thursday. “For the avoidance of doubt, Dr. Okonjo-Iweala is not a candidate for the leadership of the WTO. She has also not […]

Investment in Nigeria Remains Strong Despite Insecurity

(Reuters) – Bomb blasts, gun attacks, airline crashes, kidnappings, industrial-scale oil theft, armed robberies and fraud costing billions of dollars. Such things might give pause to anyone thinking of opening a business. In Nigeria, they happen with alarming frequency, and yet investors just keep coming. The reasons are many: alluring returns in this high-risk frontier […]

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