Africa Financial Services 

MONEY, PEOPLE & POWER: The 10 bank CEOs who control 80% of Uganda’s banking sector – CEO East Africa

1. Anne Juuko Chief Executive, Stanbic Bank 2019 Asset Value: UGX6.6 trillion Market Share: 20.2 per cent Industry Rank: 1 Stanbic Bank has maintained the top spot in the banking sector ever since the acquisition of a majority stake (80per cent) in Uganda Commercial Bank (UCB) back in 2001. Getting to the top spot was the easy bit – despite the politics around the acquisition. Remaining at the top, ahead of the chasing pack is where all credit is due to the bank shareholders and management that have given the…

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Covid19 North America 

Canada’s foreign minister shouldn’t have financial obligations to China

In less tumultuous times, revelations about the foreign affairs minister being deeply indebted to a state-run bank controlled by one of Canada’s main adversaries might be very big news indeed. As it turns out, dealing with the pandemic in addition to focusing on important issues around racism and police brutality have relegated the plight of François-Philippe Champagne to the proverbial back pages. Understandably so, perhaps — the latter might be somewhat scandalous, but the former issues are much more impactful on so many levels. But this matter concerning the minister…

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Africa Oil and Gas 

Producers hopeful of $50 oil cost, business sustainability from cuts Business

Although OPEC concurred at the weekend to extend 9.7 million barrels cuts in daily crude oil production through completion of July, providing oil rates some support, operators in the exploration market are enthusiastic that the cuts would be sustained to help production and organisation sustainability. In the course of international lock down, the occurring energy imbalance impacted oil manufacturers and rates such that service sustainability was threatened and capability to service over N3.4 trillion loans damaged. With the lock down raised and oil costs rebounding, African Energy Chamber thinks that…

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Africa Covid19 Oil and Gas 

Nigeria: 2020 Budget – Senate Pegs Oil Price Benchmark At $28 Per Barrel

The Senate on Tuesday put the benchmark price for crude oil in the 2020 budget at $28 per barrel. The Senate also reduced the targeted daily oil production from 1.94 million as initially proposed to 1.8 million barrels per day. The red chamber also passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) projections, upon which the revised 2020 budget would be based. These approvals were made after the chairman, Senate finance committee, Solomon Olamilekan (APC, Lagos), presented a report on the revised medium-term expenditure framework and…

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Africa African Business News Financial Services 

Lagos licenses 184 money lenders

The Lagos State Government says it has licensed 184 money lenders to enhance money lending activities in the state. The Commissioner for Home Affairs, Anofiu Elegushi, said this on Tuesday at Alausa, Ikeja, during the Ministerial Press Briefing to mark the first year in office of Governor Babajide Sanwo-Olu. Mr Elegushi said the money lenders were the mini-micro economic stimulants in Lagos State that created jobs, generated wealth, alleviated poverty and widened the tax net. He said that their activities were increasing the socio-economic status of the state through the…

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