Africa Briefs

Mugabe's tractors, trucks to be auctioned to pay off debts

Farm tractors, pick-up trucks and combine harvesters from former Zimbabwe president Robert Mugabe's dairy farm went under the hammer on Saturday to pay off debts.

Mugabe, who ruled Zimbabwe for 37 years, owned several farms despite laws limiting individuals to one farm.

Mugabe and his wife Grace were accused of forcing off smallholders off the land to set up the Gushungo Dairy estate in Mazowe outside Harare as the couple built up a lucrative farming business.

Among more than 40 vehicles to be sold are four Toyota Hilux pick-up trucks, three Scania horse trucks and a Mercedes Benz C-class limousine.

Also for sale are Massey Ferguson tractors, 13 motorcycles and farm equipment, including four combine harvesters.

Last month Mnangagwa said Mugabe, 95, was in Singapore for medical treatment and was expected back home mid-May. – Nampa/AFP

Nigeria's central bank governor named for second term

Nigerian President Muhammadu Buhari has reappointed Godwin Emefiele for a second five-year term at the helm of the central bank of Africa's biggest oil producer.

Senate president Bukola Saraki read a letter from Buhari at the floor of the senate on Thursday seeking parliamentary approval.

If the appointment is confirmed by the National Assembly, it will be the first time a governor of the Central Bank of Nigeria (CBN) will serve for a second term since the country returned to democratic rule in 1999.

Emefiele was first appointed CBN governor in 2014, a year before Buhari became president. Many thought he would be therefore replaced, since there are now new leaders in power.

Emefiele presided over 15-month economic recession in 2016 during the global fall in oil prices, and has maintained high interest rates to check rising inflation.

IMF provisionally agrees loan deal with Congo

An International Monetary Fund mission said on Thursday that it had agreed a three-year lending programme with Congo Republic subject to the government's fulfilment of reforms and approval by the IMF's executive board.

Negotiations over a bailout for the oil-dependant economy have dragged on since 2017, as Congolese authorities failed to convince the IMF they were doing enough to control the national debt or tackle corruption.

But Congo's reduction of its debt load and an agreement struck last month to restructure some US$2 billion in debt to China led the IMF mission to back a programme.

"Once the authorities have implemented the pending actions as agreed during the mission, the IMF team will submit a report in support of the Republic of Congo's request for a three-year arrangement under the Extended Credit Facility," the mission said in a statement after a week-long visit.

The agreed measures include submitting a report to parliament on notoriously opaque oil-backed loans that the state petroleum company has taken out with private lenders. – Nampa/Reuters

Libya gives 40 foreign firms three months to renew licenses

Libya's internationally recognised government will give 40 foreign firms operating without licenses a grace period of three months to rectify their legal status, a government official said on Thursday.

The economy and industry ministry said earlier in a decree that the firms, including French oil major Total, would be suspended as their licenses had expired. – Nampa/Reuters

Egypt moves to cancel planned increase in stock exchange duty

Egypt has drafted a law to keep a tax on stock exchange transactions at 1.5 pounds per 1 000, cancelling an increase to 1.75 pounds per 1 000 that was due to take effect on June 1, the finance ministry said.

Egypt introduced the stamp duty at 1.25 pounds per 1 000 in June 2017, legislating for it to rise to 1.5 pounds in the second year and 1.75 pounds in the third.

The ministry said in a statement that the proposed change was designed "to reduce the financial burden on traders and support the activity of the Egyptian stock exchange". – Nampa/Reuters