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Nigeria: Anti-graft agency EFCC summons Dangote officials over alleged FX allocation abuse

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Some officials of the Dangote Group have been summoned by the Economic and Financial Crimes Commission (EFCC) as part of an ongoing investigation into an alleged corrupt foreign exchange regime under the previous leadership of the Central Bank of Nigeria.

In furtherance of the investigation into the alleged abuse of the foreign exchange allocations, EFCC agents stormed the Dangote Industries Limited headquarters in Ikoyi, Lagos, on Thursday.

The decision to call in the officials to bring the documents to Abuja on Tuesday was made after it was learned on Friday that while the operatives had taken some documents from the group’s head office on Thursday, they had not covered all of the transactions.

After the commission’s agents broke into the headquarters of Aliko Dangote’s conglomerate, it was learned that the group’s chairman was in the United States of America and not in Nigeria. However, according to sources quoted by Nigerian newspaper, Punch, he is expected to return to Nigeria next week to attempt to personally resolve the issue.

Although it was implied that he knew about the anti-corruption agency’s demands, it was unclear whether he was told of their plans before their agents stormed his offices.

Senior company executives, however, were required to provide the commission “detailed and unambiguous documents on the demands by the commission,” according to a highly placed EFCC official.

“Yes, the Dangote officials requested and were given time to obtain all the required documentation. It is not intended to come across as witch-hunting anyone. The EFCC official spoke to one of our correspondents under the condition of anonymity because he was not authorised to speak to the media about the development.

“What the commission wants is evidence and details of how government funds were allocated, and that is all,” the official stated.

Analysts contend that the country’s multiple exchange rates, which it maintained until June 2023, contributed to market volatility, fluctuations, and distortions in the distribution of foreign exchange.

Two key policy initiatives that the government has pursued to stabilise the economy are the unification of the exchange rate and the elimination of the fiscal bleeding associated with petrol subsidies.

VenturesNow

Zambian govt spends K16.6 billion in October on debt servicing, gulping K4.7 billion

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Zambian Ministry of Finance and National Planning released K16.6 billion in October to assist Zambian development and public service delivery, according to the ministry’s budget release issued by the Treasury.

The government allotted K4.5 billion to pay public service personnel salaries and allowances. Health and teaching staff and Zambian ambassadors abroad received allowances.

The government set aside K4.7 billion for debt service and arrears to reduce national debt. K2.2 billion went to domestic debt service, K256.9 million to overseas debt, and K2.1 billion to legacy fuel arrears.

The ministry’s budget, which stated, “Notable expenditures included K3.5 billion for transfers, subsidies and social benefits, K4.2 billion for various development programs, general operations and capital expenditure, and K700 million for drugs and medical supplies.”

Situmbeko Musokotwane, Minister of Finance and National Planning, took advantage of the statement to urge foreign investors to think about Zambia as a potential place to invest.

Musokotwane emphasised Zambia’s favourable investment climate while speaking at a recent World Bank meeting in Washington. He also urged collaborations in the fields of manufacturing, mining exploration, renewable energy, and agriculture.

“Zambia is endowed with critical natural resources, and we invite you to collaborate with local business players in mobilizing the resources required for green energy projects, mining explorations and development, and agriculture value chain ventures that support out-grower schemes through farm blocks,” Musokotwane stated.

He called for investors to collaborate with Zambian companies, highlighting the advantages of doing so in important economic sectors like mining, agriculture, and energy.

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South Africa: Petrol, diesel prices to rise on Wednesday. Here’s why

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Following an increase in the price of oil due to the crisis between Iran and Israel, petrol and diesel prices will be raised in South Africa on Wednesday.

The cost of unleaded petrol will go up by 25 cents per gallon for both 93 and 95. Depending on the sulphur concentration, diesel’s wholesale price will increase by either 20 or 21 cents per litre.

Illuminating paraffin’s wholesale price will increase by 21 cents per litre, and the maximum retail price of LP gas will rise by 36 cents per kilogramme.

Fuel prices dropped to their lowest points since February 2022, when Russia’s invasion of Ukraine disrupted supply chains and limited the import of Russian crude oil, sending oil prices to multi-year highs. This was at the beginning of October.

The Department of Mineral and Petroleum Resources stated on Monday that the average price of Brent Crude oil rose from $72.82 per barrel to $75.07 over the last month, following several months of pressure on the price of oil.

“The main contributing factor is the continued conflict in the Middle East and the stand-off between Iran and Israel,” the department said in a statement.

Investors are worried that an Israeli strike on Iran’s oil infrastructure will not only remove Iranian crude from the market but also incite a larger confrontation including other oil exporters in the region.

Since oil is priced in dollars, the rand exchange rate also affects fuel prices in South Africa.

According to the department, the rand averaged R17.53/$ over the previous month, down from R17.68 in September. However, this was insufficient to offset the rising price of oil.

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