Nigeria appoints new head of anti-corruption agency
Nigeria’s Senate has approved the appointment of Abdulrasheed Bawa, President Muhammadu Buhari’s pick to head the Economic and Financial Crimes Commission (EFCC). Bawa, who becomes the youngest ever head of the organisation, is currently a regional head o
IOCs could see record free cash flow in 2021
International oil companies could experience a V-shaped recovery in free cash flow, according to consultancy Wood Mackenzie. “2020 was one of the toughest years in the industry’s history. But IOCs emerged from the crisis far more resilient to lower prices,” said Tom Ellacott, senior vice president, corporate analysis. “At an average price of $55/bbl, our $140bn estimate of 2021 free cash flow before shareholder distributions exceeds any previous year since 2006.” Mending broken balance sheets will be the top priority, the firm says.
Nigeria’s new infrastructure corporation to seek asset manager
Nigeria is to hire an asset manager to administer its new Infrastructure Corporation of Nigeria (InfraCorp), which plans to raise $36.7bn for projects. The central bank and funding partners – Africa Finance Corporation and the state-owned Nigeria Sovereign Investment Authority – are seeking proposals from companies to independently manage the InfraCorp’s capital-raising plan, Bloomberg reported. The firm has seed capital of N1 trillion ($2.6bn).
Portugal to supply surplus Covid vaccines to Lusophone countries
Portugal will send 5% of its Covid-19 vaccine doses to Portuguese-speaking African countries and East Timor in the second half of the year, according to its foreign minister. The African beneficiaries will include Angola, Mozambique, Cape Verde, Guinea Bissau, Equatorial Guinea, and São Tomé and Principé. Portugal is expected to have several million surplus doses under an EU purchasing scheme.