Africa Briefs

Africa needs to double infrastructure investment

Africa must double its spending on infrastructure over the coming years, the Infrastructure Consortium for Africa (ICA) has said, warning that overall investment in transport, energy, water and IT/communications fell back last year.

In 2016, total investment in these four sectors - from public and private sources and international institutions - was US$62.5 billion, compared with US$78.9 billion in 2015.

"A spending requirement of around US$120bn-US$140bn (at 2015 dollar rates) (is needed) in the short-term," the report states.

African states invested US$26.3 billion in 2016 after US$24 billion in 2015. – Nampa/Reuters

Angola's Lourenço orders review of oil sector

Angola's João Lourenço has ordered a 30-day review of the nation's oil industry to address the "significant" challenges it faces, his first foray into the key business since he took office last month.

He directed a working group to determine how it can "improve the current conditions of investment in the oil and gas industry," and develop a "framework of cooperation" directly between the executive and oil companies.

The move came as Lourenço appointed Carlos Saturnino, a former head of Sonangol P&P, as secretary of state for oil. The president merged the ministries for oil and mining into one group, led by Diamantino Azevedo.

Sources say Saturnino's appointment signals a potential clash between the ministry and state oil company Sonangol, which is led by Isabel dos Santos, the daughter of former president Jose Eduardo dos Santos. – Nampa/Reuters

Sierra Leone to auction diamond to benefit poor

Sierra Leone hopes to raise millions of US dollars for development projects by auctioning a huge uncut diamond, believed to be one of the world's largest, in New York in December.

It will be the government's second attempt to sell the 709-carat gem, known as the "Peace Diamond", after it rejected the highest bid of US$7.8 million at an initial auction in New York in May.

Over half of the proceeds from the sale will be used to fund clean water, electricity, education and health projects in Sierra Leone, and particularly in the village of Koryardu, in the Kono region in eastern Sierra Leone, where the diamond was discovered. – Nampa/Reuters

Nigeria freezes bank accounts

A Nigerian court has ordered a temporary freeze on millions of bank accounts with incomplete identification documents and the forfeiture of funds in those accounts as the government seeks to ensure compliance with money laundering rules.

The government asked banks to disclose details of millions of personal and business accounts where holders have not provided biometric information and asked the court to stop the accounts operating. It seeks account holders' names, outstanding balances and any investments made with funds from the accounts, held with all the country's 19 commercial lenders and the central bank.

The court granted a 14-day period for owners of affected accounts to indicate interest and explain why their funds should not be permanently forfeited to the government.

back its own funds from lenders at an interest.

Nigeria has 98 million bank accounts, of which 67 million are active. – Nampa/Reuters

Tanzania tax expert named central bank chief

Tanzania's new central bank governor will be tax law professor Florens Luoga, the country's president said on Monday.

President John Magufuli said Luoga would take over in December or January after the tenure of current governor Benno Ndulu expires.

Luoga currently serves as the deputy vice chancellor of the University of Dar es Salaam (UDSM), the country's largest public university.

President Magufuli's government accuses mining firms of cheating Tanzania out of its fair share of mineral wealth through tax dodging and smuggling, allegations they deny. Magufuli ordered the country's central bank to crackdown on capital flight by foreign investors companies. – Nampa/Reuters