The world’s second-largest brewer is using sports and entertainment to connect with young African consumers as investment and volume growth skyrocket.&nbsp; 



Tiger, the leading international premium brand in Asia, has become the fastest-growing beer brand in Africa’s largest economy, almost doubling sales volume last year. Tiger is one of the brands helping Heineken, the world’s second-largest beer maker, penetrate the most populous country on the African continent, which has about 200 million people, most of whom are under 30 years of age.



‘‘Tiger continued its successful roll-out in Nigeria, making it the third biggest Tiger market globally and the biggest outside the Asia Pacific region,&#8221; Roland Pirmez, President Africa, Middle East, and Europe, said. Driven by the increasing adoption of Tiger, the volume of the company’s premium brands jumped 30% in Nigeria, supported by strong growth in Heineken and the successful launch of the Desperados brand in the country.&nbsp;



An increase in digital penetration in Nigeria due to faster internet speeds and smartphone usage is helping boost the sales of Tiger and other Heineken brands in the West African nation. Heineken’s digital business drive accounted for 75% of net revenues in 2021.&nbsp;



Sales on the company’s digital platform worldwide grew by 130% in 2021 to 2.8 billion euros and are on track to hit 10 billion euros in 2025, it said in a statement. The platform is now operational in 30 markets including Brazil, Italy, France, Cambodia, and Egypt as well as in Nigeria where it helped drive sales.&nbsp;



While Nigeria and other African countries may have lower disposable income relative to others, they represent a sizable population that is growing fast, making them a big opportunity for beer in the long term.



‘’The Nigerian beer market remains attractive given its high growth potential and an improving macroeconomic environment,’’ Pirmez said.&nbsp;



It is not only in Nigeria that the Heineken brand is seeing a surge in sales. Across the continent, sales have rebounded strongly from the pandemic induced slowdown in 2020 “stronger and faster than predicted.” Nigeria recovered strongly from its worst recession in four decades, with the economy growing by 4% driven by a rebound in consumer demand and the non-oil sector in Africa’s largest economy just like many African economies did after the 2020 slowdown.&nbsp;



“Overall 2021 saw total volume exceeding 2019 levels driven by the performance in many markets across the region, especially Nigeria and the Democratic Republic of Congo’’, Pirmez said. International and local premium brands witnessed strong performances in Nigeria, South Africa, Russia, Ivory Coast, and Rwanda, Heineken said.&nbsp;



This is why Heineken is pouring more investment into the continent, an indication of its growing confidence that Africa represents the next growth frontier. The average age on the continent is below 25 years, and the average beer per capita consumption is just around 22 litres, compared with an average of around 78 litres in developing markets. That gives a lot of headroom for expansion capacity, which Heineken is already doing.&nbsp;



Nigeria benefited from the 1.8 billion euros spent on expanding capacity in five countries in 2021, including Brazil, Vietnam, Italy, and Australia. Heineken commissioned the first solar photovoltaic plant to power the Ibadan Brewery plant in Nigeria, which will supply about 800 MWh to the brewery annually, reducing its carbon footprint on the continent by 10,000 tonnes.&nbsp;



The beer maker is also investing in other parts of the continent to take advantage of the growing population, investing over $250 million into the continent in 2021. It unveiled a $100 million brewery in Mozambique, an $11 million brewery in Congo, and a $119.5 million factory near Addis Ababa in Ethiopia. And the Dutch brewer is using pop culture, driven by music, film, social media and sports, to enlist a generation not afraid to be authentic.



Other global players are also seeing potential on the continent as it rebounds from the pandemic. Google, which opened its first artificial intelligence center in Ghana in 2019, has pledged to invest at least $1 billion over the next few years. Microsoft is also investing in Africa with the Microsoft Africa Development Center (ADC) and the Microsoft Africa Research Institute (MARI) in Nairobi, Kenya. The ADC is planning to invest $100 million in new tech within the first five years, while MARI uses AI cloud tech to improve productivity.



Facebook is investing heavily in infrastructure to help more people connect to the internet and is seeking to do this by investing in 2Africa, an undersea cable system set to be the largest in the world.



‘‘There’s never been a better time for brands to align their interests with those of young Africans’, says Tunji Adegbite, whose company, Naspire, provides business research for brands on the continent. ‘‘Yes, they want to drink beer and have fun, but they’re also passionate about sports, music, and fashion as well as film and arts. Only the brands who demonstrate they care about these things will win today and in the future”. And that’s what Heineken has done with Tiger, Radler, and Desperados.



Uniquely, sports has been one of the most successful strategies that Heineken has adopted to drive sales and market penetration in Africa by connecting with lovers of football on the continent. Almost 20 years since it began by sponsoring the popular European soccer tournament, the Champions League, Heineken executed, this year, the most elaborate Champions League trophy tour on the continent, with visits to the Democratic Republic of Congo, Mozambique, Ethiopia, and Nigeria. Fans from Rwanda and Congo Brazzaville also attended the tour in Nigeria and DRC respectively.



The tour was headlined by Clarence Seedorf, the first and only player to have won the UCL with three different clubs — Ajax, Real Madrid and AC Milan; who was joined by African legends Austin ‘Jay Jay’ Okocha, Taribo West, Davido, Daniel Amokachi, and others.



With an estimated 60% of Africa’s population under 25 and the youth population expected to be twice the population of Europe by 2100, sports and entertainment have become a great platform to connect on the continent. Burna Boy, the Grammy winner and multiple nominee is an ambassador for Heineken’s brand Star Lager Beer, while football legends like Okocha and Amokachi are regular advocates. The company sponsors fashion shows and festivals and holds the record for the longest-running music concerts on the continent.&nbsp;



‘‘When you look at the history of brands like Heineken in Africa, the reason they connect so well locally is because they understand and speak the language. They know what the people want and they meet that need; in the process, they build cultural significance and have an impact beyond their actual business. It’s a concept all African entrants need to understand if they want to win here.’’



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-1-820x547.jpg" alt="" class="wp-image-417457" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Meanwhile, the African continent is known for its passion and drive for the game of football. An estimated 400 million Africans tune in to watch European football matches weekly, especially those featuring the most followed teams on the continent – Real Madrid, Chelsea, Manchester United, Arsenal, Liverpool and Barcelona. The growth and success of football professionals from the continent such as Senegal’s Sadio Mane, Egypt’s Mo Salah and Algeria’s Riyad Mahrez have further fuelled this interest and passion for European football. On Champions league football game nights, streets and bars are filled with cheers at every strike of a goal.



It was, therefore, no surprise that UEFA and Heineken embarked on the biggest tour of the UCL trophy in Africa &#8211; The first tour of the trophy since the global COVID-19 pandemic. Getting close to and experiencing the much-coveted UCL trophy is indeed an exciting opportunity for many African football fans.&nbsp;



With the presence of Dutch and AC Milan football legend, the UEFA Champions League trophy toured the cities of Kinshasa in the Democratic Republic of Congo, Maputo in Mozambique, Addis Ababa in Ethiopia and Lagos and Abuja in Nigeria. Fans from Congo Brazaville and Rwanda were also taken on an experience of the tour in DRC and Nigeria respectively. Clarence Seedorf. With the tour coinciding with the quarter-finals stage of the 2021/2022 Champions League season, football matches featuring the likes of Chelsea, Real Madrid, Manchester City, Liverpool, and Bayern Munich further heightened the trophy tour excitement.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-2-820x547.jpeg" alt="" class="wp-image-417458" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-2-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-2-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-2-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-2-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-2-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/IMAGE-2.jpeg 1620w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Heineken is the world’s most international beer, sold in up to 192 countries. The brand has been a sponsor of the UEFA Champions League since 2005, providing an opportunity for soccer fans to enjoy exceptional football and merry with the best beer brand.



Seating with a bottle of Heineken beer while watching a champion league match is a common sight in various football viewing centres across Africa, so much so that the brand is called the Champions league beer. It is also a warm feeling to see football fans involved in debates after a champions league match has ended over some bottles of Heineken beer.



For UEFA, wooing fans across the world has become even more important given the threat of losing relevance as portrayed in the case of the ‘Super League’. In 2021, 12 top European clubs &#8212; including Manchester United, Liverpool, Arsenal, Barcelona, Real Madrid and Inter Milan &#8212; attempted a breakaway European &#8220;Super League&#8221; to court their loyal fans with the promise of top quality football. The move caused a massive outrage from fans, players, club managers and influential personalities like British Prime Minister Boris Johnson, French President Emmanuel Macron and ex-footballer David Beckham criticizing the idea. Heineken offered its support for UEFA and the UEFA Champions League with a witty social post – “Don’t Drink and Start A League”, which went viral and further sent fans into a frenzy.&nbsp;



The African continent is one of the most populous regions in the world, with over 1.3 billion people as of 2018, which accounts for about 16% of the world’s human population. The African continent is seen as a potential market for the competition to grow and for the beer brand.



Football is the most popular sport in Africa with an estimated 400 million Africans regularly tuning in to watch the UEFA Champions League every season.



Considering the population of the continent, drive, and passion for sport, UEFA and Heineken hence, partnered to take the prestigious UEFA Champions League trophy on a tour of Africa with the objective of inspiring a new generation of African football fans and an appreciation of their love for UEFA Champions League and Heineken.



The tour also sought to build a stronger affinity for Heineken with consumers across Africa, bringing the UEFA experience closer to the African community.



Above all, Heineken has used this tour as a medium to celebrate the passion of African football fans.

TIGER BEER IMAGE

Heineken’s Leading Beer Brand in Asia Now Fastest-Selling in Nigeria

By MacDonald Dzirutwe and Abraham Achirga



ABUJA, May 28 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s former vice president, veteran politician Atiku Abubakar, will run for president again next year after the main opposition party picked him as its candidate to stand in elections to succeed incumbent Muhammadu Buhari.



Abubakar, 75, lost to Buhari during the last election in 2019, which he claimed was rigged. But Buhari will not be on the ballot next year when the second of his two four-year terms comes to an end.



The People&#8217;s Democratic Party (PDP) party, which ruled Nigeria after military rule ended in 1999, was ousted from power by Buhari&#8217;s All Progressives Congress (APC) party in 2015. The PDP is vying for a return to governing Africa&#8217;s biggest economy.



Vote counting started late on Saturday and Abubakar garnered 371 votes, defeating his nearest rival, Nyesom Ezenwo Wike, governor of oil-producing Rivers state, who received 237 votes.



In his acceptance speech, Abubakar reiterated his campaign promise to end insecurity in the country and revive its fragile economy, among other pledges, and promised to work with his opponents.



&#8220;I therefore pledge that I will restore unity. I also committed that I was going to deal decisively with the security situation in this country,&#8221; said Abubakar.



Abubakar has stood in six primaries, and next year&#8217;s vote will be his third presidential bid.



From 1999 to 2007, he was vice president to Olusegun Obasanjo, the first Nigerian leader after the end of decades of military rule.



Abubakar&#8217;s main opponent will be from the ruling APC party, which will choose its candidate at a special convention to be held from June 6-8. The APC postponed its presidential primary from Sunday after the electoral commission extended the deadline for political parties to choose their candidates.



Twenty-five candidates from the APC have registered to take part in the primaries. Vice President Yemi Osinbajo and former Lagos state Governor and party heavyweight Bola Tinubu are seen as the ruling party&#8217;s front-runners.



Buhari&#8217;s successor faces several challenges, from insecurity marked by kidnappings for ransom in the northwest, an Islamist insurgency in the northeast, secessionist violence in the southeast, and a struggling economy and high inflation.



(Writing by MacDonald Dzirutwe; Editing by Sandra Maler and Jonathan Oatis)

Nigeria’s opposition picks Abubakar to run for president again￼

ABUJA, May 25 (Reuters)&nbsp;&#8211;&nbsp;The bid-ask spreads on Nigerian bond yields widened up to 15 basis points on average on Wednesday from 5 basis points before a surprise central bank rate hike a day earlier.



The benchmark 2042 bond bid-ask spread widened as much as 35 basis points, as yields also rose, traders said.



The central bank raised benchmark interest rate by 150 basis points to 13% on Tuesday, its first hike in more than two years, to combat rising inflation, sending markets tumbling.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2XG3P9&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Traders said the central bank sold the one-year Treasury bill at 6.49% after investors demanded the debt at a rate as high as 10.25%. This compares with a yield of 4.75% the one-year maturity fetched at a previous auction.



The main share index&nbsp;.NGSEINDEX&nbsp;gained 1.24% on Wednesday, recovering from a two-week low triggered by the rate decision. The index has been rising this year as local investors pile into equities in the wake of double-digit inflation.



(Reporting by Chijioke OhuochaEditing by James Macharia Chege and Sam Holmes)

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Nigerian bond spreads widen after surprise rate hike

ABUJA, May 24 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank on Tuesday raised the benchmark interest rate by 150 basis points to 13%, its first hike in more than two years, to combat rising inflation, sending markets tumbling.



The move surprised analysts and traders who expected the Monetary Policy Committee (MPC) to keep the rate on hold.



But&nbsp;Governor Godwin Emefiele told a news briefing&nbsp;that&nbsp;the rate hike was necessary to tame inflation, which quickened to 16.82% in April, its highest in eight months, amid a fragile economic recovery.



Six members of the MPC voted to increase the main lending rate by 150 basis points, four of them by 100 basis points and one by 50 basis points.



It was the biggest rate hike since&nbsp;July&nbsp;2016 when the central bank increased rates by 200 basis points.



&#8220;(MPC members) felt that tightening will help rein in inflation before it assumes a galloping trend,&#8221; Emefiele said.



&#8220;The committee decided to raise monetary policy rate for the first time in two and a half years to rein in the current rise in inflation as members were of the view that the continued uptrend may adversely impact growth.&#8221;



Food and energy prices are rising in Africa&#8217;s most populous country after Russia&#8217;s invasion of Ukraine pushed up oil prices and disrupted supplies of commodities like corn and wheat.



The rate hike sent the yield on Nigeria&#8217;s longest 30-year bond soaring 75 basis points to 13.8%.&nbsp;Overnight lending rates climbed 200 basis points to 14% while the main share index&nbsp;.NGSEINDEX&nbsp;fell to a two-week low.



Razia Khan, chief economist for Africa and the Middle East at Standard Chartered, said the rate increase raised questions about whether this could be a precursor to a change in the central bank&#8217;s policy on foreign exchange.



&#8220;This could be the most important signal yet of eventual FX policy intentions &#8230; but we will not really know until we see whether and how much market rates reprice,&#8221; she said.



The naira recovered from a record low of 609 on the black market&nbsp;NGNP=&nbsp;to 606 naira against the dollar after the hike but it weakened to 443.50 naira on the official market&nbsp;NGN=&nbsp;from 413.80 naira and later traded at 417 naira.



The central bank governor, who ended his presidential ambition on Monday, said the economy was expected to expand 3.25% this year, lower than the federal government&#8217;s projection of 4.2% growth.



(Writing and additional reporting by MacDonald Dzirutwe and Estelle Shirbon; Editing by Catherine Evans, Mark Potter and Mark Porter)

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Nigeria’s central bank surprises with rate hike, cites inflation

ABUJA, May 23 (Reuters)&nbsp;&#8211;&nbsp;Nigerian GDP grew 3.11% in the first quarter, slower than in the previous quarter as a fall in oil production hit the rest of the economy, the national statistics office said on Monday ahead of a central bank interest rate decision on Tuesday.



It was the sixth consecutive quarter of growth, with non-oil sectors helping Nigeria bounce back from a severe recession caused by the COVID-19 pandemic. The full-year GDP figure for 2021 showed the fastest growth in seven years.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2US0UR&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Gross domestic product grew by 3.98% in the fourth quarter of 2021. In the first three months of last year, the growth rate was 0.51%.



&#8220;After the recession experienced by the country in 2020 occasioned by the COVID-19 pandemic, the economy has been on the path of growth,&#8221; the National Bureau of Statistics (NBS) said.



It said non-oil sectors such as financials, communication, trade and healthcare were among the fastest growing.



However, oil refining, crude petroleum and natural gas, road transport, quarrying and other minerals were lagging.



The naira&nbsp;NGNP=, hit a record low of 609 against the dollar on the black market, where it is freely traded, as the GDP data was announced.



The oil sector shrank by 26.04% in the first quarter, compared with an 8.06% contraction the previous quarter. Crude production fell to 1.49 million barrels per day in the first quarter from 1.50 million barrels in the previous three months.



Frequent vandalism and illegal refining in the oil-producing Niger Delta region have kept the sector under pressure. Nigeria has struggled to meet its production targets, partly missing out on the effects of the global surge in oil prices.



The weak growth could prompt the central bank to keep its dovish stance at a policy meeting on Tuesday despite double-digit inflation, analysts say.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VO1JM&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



($1 = 415.00 naira)



(Reporting by Chijioke Ohuocha; Editing by Estelle Shirbon, Jan Harvey and Tomasz Janowski)

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Nigeria Q1 GDP growth slows Q/Q ahead of rates decision

ABUJA, May 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is monitoring Meta Platforms Inc&#8217;s&nbsp;FB.O&nbsp;Facebook and other platforms to ensure they comply with demands to curtail hate speech on their sites, as it steps up its campaign for responsible use of social media, Information Minister Lai Mohammed said on Tuesday.



Mohammed&#8217;s comments came after meeting with Facebook&#8217;s team in Nigeria&#8217;s capital, Abuja. He said Facebook had done nothing to curtail the activities of separatist group Indigenous People of Biafra (IPOB) on their platform despite several complaints.



Nnamdi Kanu, IPOB&#8217;s leader, is standing trial on charges that include terrorism and broadcasting falsehoods. A judge will decide on Wednesday on whether Kanu should be granted bail.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W62BC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL5N2W55OW&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Mohammed said the separatist group has been classified as a terrorist organisation and that &#8220;Facebook has no justification for yielding its platform to the organisation to further its campaign of hate and destabilisation of the country&#8221;.



Nigeria is facing secessionist agitation which has given rise to regional calls for power-sharing between southern and northern Nigeria.



The country is also dealing with insecurity, banditry, kidnapping, a weak currency amid double-digit inflation and slow growth.



Mohammed said the Facebook meeting was called to discuss the increasing use of the social media platform by separatists based outside Nigeria to instigate violence and ethnic hatred in the country in English and local language.



He said the government has no intention of preventing Nigerians from using social media but is advocating responsible use.



Nigeria lifted a six-months ban on Twitter&nbsp;TWTR.N&nbsp;in January after the social media company removed a post from President Muhammadu Buhari that threatened to punish regional secessionists. Telecoms companies subsequently blocked access to users in Nigeria.<a href="https://www.reutersconnect.com/all?search=all%3AL2N2NM1P8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Writing by Chijioke Ohuocha)

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Nigeria asks Facebook, other platforms to curtail hate speech￼

ABUJA, May 16 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economic crimes agency said on Monday night it had arrested the country&#8217;s accountant general over charges of diverting public funds and money laundering to the tune of 80 billion naira ($193 million).



Africa&#8217;s biggest economy and energy producer, Nigeria has struggled for decades with endemic corruption among senior public servants and the political elite, who many Nigerians blame for widespread poverty in the country.



The Economic and Financial Crimes Commission (EFCC) said in a statement it had invited Ahmed Idris, the administrative head of the national treasury, on several occasions to answer questions on the charges but he had failed to present himself.



Idris could not be reached on his mobile phone for comment.



The EFCC said Idris used &#8220;proxies, family members and close associates&#8221; in deals and schemes to defraud the government and invested the proceeds in real estate in the nation&#8217;s capital Abuja and his home state of Kano in northern Nigeria.



The agency has in the past successfully prosecuted a former head of police and former state governors among several high ranking government officials and politicians.



Earlier this year, the government said EFCC recovered at least $750 million in local and foreign currency linked to corruption and fraud in 2021.



(Editing by MacDonald Dzirutwe; Editing by Sandra Maler)

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Nigeria’s accountant general faces corruption charges after arrest￼

ABUJA, May 9 (Reuters)&nbsp;&#8211;&nbsp;A Nigerian federal high court rejected the central bank governor&#8217;s request to restrain the electoral commission (INEC) and the attorney general from blocking his bid to run for president next year while in office, a court ruling showed on Monday.



Governor Godwin Emefiele may seek the ruling party ticket for the presidential race next year. Critics called on him to resign following reports of his political ambitions.



INEC and the attorney general could force him to resign if he decides to participate in the presidential primaries. The judge ruled that no decision could be made without all parties present.



&#8220;They are to appear in court on May 12 and show cause on why the (Emefiele&#8217;s) request should not be granted,&#8221; Justice Ahmed Ramat Mohammed said.



(Reporting by Camillus Eboh, writing by Julia Payne, editing by Chris Reese)

Nigeria MPC cuts down MPR from 12.5 % to 11.5% (Full Speech)

Nigerian court rejects central bank governor’s restraint order on electoral commission￼

By Felix Onuah



ABUJA, May 6 (Reuters)&nbsp;&#8211;&nbsp;Nigerian central bank governor Godwin Emefiele will seek the ruling All Progressives Party (APC) ticket to run for president next February, a ruling party spokesperson said on Friday.



President Muhammadu Buhari will step down after serving two four-year terms following a February 2023 ballot. His ruling APC has set its primaries to decide on their presidential candidate for May 30-31.



Emefiele will go head-to-head with current Vice President Yemi Osinbajo and former Lagos state governor Asiwaju Bola Tinubu, who are frontrunners in the race to be the next candidate to head Africa&#8217;s top economy.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W90ZF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;I can confirm that central bank governor bought the APC presidential form today,&#8221; the APC spokesperson said, referring to forms to contest for the party&#8217;s nomination.



A central bank spokesperson did not return calls on whether Emefiele would stay on as central bank governor.



Political parties in Nigeria should pick presidential candidates by June 3, according to the electoral commission, while official campaigning will begin in September.



Emefiele is serving a second term at the central bank where he has pursued dovish policies on interest rates, introduced currency controls and launched a company to help build infrastructure in Nigeria, Africa&#8217;s most populous nation.



The ex-Zenith Bank&nbsp;ZENITHB.LG&nbsp;chief executive has tried to avoid a large currency devaluation that is frustrating foreign investors stuck in Nigeria at the height of a recession triggered by the COVID-19 pandemic.



Political power in Nigeria tends to shift between the oil-rich, largely Christian south and the poorer, mostly Muslim north. Buhari is from northern Katsina state and APC&#8217;s next candidate is expected to come from the south.



Some questioned whether Emefiele will be able to remain at the helm of the central bank while pursuing his political ambitions which would require a strong coalition of supporters with deep pockets to take on opponents.



&#8220;Is his position as central bank governor still tenable?,&#8221; one economist, who is a consultant to the central bank and declined to be named.



News of Emefiele&#8217;s presidential bid sent the naira close to a record low of 591 per dollar on the black market&nbsp;NGNP=, against a range of 413 to 417 naira on the official market&nbsp;NGN=&nbsp;where it has traded this year.



(Reporting by Felix OnuahWriting by Chijioke OhuochaEditing by James Macharia Chege and Raissa Kasolowsky)

Nigeria MPC: CBN Governor Godwin Emefiele retains MPR at 13.5% (full speech)

Nigeria’s central bank governor to seek ruling party ticket to run for president

By Camillus Eboh



ABUJA, May 6 (Reuters)&nbsp;&#8211;&nbsp;Nigerian telecoms regulator said on Friday it had received a letter from the association of mobile phone operators demanding for a certain percentage hike in tariff for services due to the high cost of operations.



Nigerian Communications Commission (NCC) said there could be justifiable reasons for the demand but that no tariff increase will be effected without a cost-based study to determine the appropriate cost for services.



Double-digit inflation has hit virtually every product in Nigeria with consumers feeling the pinch from higher prices while a weaker naira&nbsp;NGNP=&nbsp;currency has added to the costs, for a country which depends on imports for basic goods.



Inflation quickened to 15.92% in March, rising for a second straight month as prices for food and non-food items rose.



The price of diesel, which is used to power generators by most businesses in Nigeria, has more than doubled in the past month while economic analysts say the impact of the Ukraine war on local prices could be felt in the coming weeks.



On Friday, Nigerian airlines said they will stop operations from Monday until further notice due to the high cost of jet fuel.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WY6MF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Camillus EbohWriting by Chijioke Ohuocha; editing by Diane Craft and Marguerita Choy)

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Nigerian telecoms operators approach regulator for tariff hike

LONDON, May 5 (Reuters)&nbsp;&#8211;&nbsp;Britain&#8217;s National Crime Agency (NCA) has recovered more than $23 million stolen from Nigeria by the country&#8217;s late military dictator Sani Abacha, it said on Thursday, the latest in a series of similar recoveries around the world.



Abacha ruled Africa&#8217;s most populous nation and top oil exporter from 1993 until his death in 1998, a period during which he stole up to $5 billion of public money, according to Transparency International. He was never charged.



The money recovered in Britain forms part of a larger pool of funds identified by the U.S. Department of Justice (DOJ) as having been misappropriated by Abacha and his associates, the NCA said in a statement.



&#8220;The NCA is committed to ensuring that the UK is not a safe haven for criminals to launder their proceeds of crime, and civil recovery of assets is a powerful weapon in this fight,&#8221; said Billy Beattie, Asset Denial Senior Manager at the NCA.



Police say about 100 billion pounds ($123 billion) of dirty cash moves through or into Britain every year, buying everything from luxury homes to whole companies.



Leaked troves of financial documents such as the Panama, Paradise and Pandora Papers have documented London&#8217;s role as a global money-laundering hub.



The $23 million were recovered after seven years of litigation and international negotiation pursued by the NCA, at the request of the DOJ, the statement said. The funds will be transferred to the DOJ.



An NCA spokesperson did not immediately respond to a query about whether the funds would ultimately return to Nigeria. In the past, countries including the United States and Switzerland have repatriated Abacha loot there.



(Reporting by Estelle ShirbonEditing by Mark Potter)

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UK recovers $23 mln in loot linked to late Nigerian dictator Abacha￼

ABUJA, May 4 (Reuters)&nbsp;&#8211;&nbsp;Nigeria expects to become an African hub for transshipment with a new deep seaport set to open in the commercial capital of Lagos before the end of this year, its managing director said on Wednesday.



Du Ruogang, managing director of Lekki Deep Sea Port &#8212; owned 75% by China Harbour Engineering Company and Tolaram group with the balance between Lagos state government and the Nigerian Port Authority, said the port has reached 89% completion.



The multi-billion dollar deep seaport which has been under development for more than a decade and is situated on the edge of Lagos is part of new infrastructure that Nigeria hopes it can use to boost trade.



The new port with 18,000 twenty-foot equivalent unit capacity, has more than four times the capacity that can be handled by existing ports in the country.



&#8220;With this port, Nigeria will become a transshipment hub,&#8221; Information Minister Lai Mohammed said during a site tour.



Mohammed said Nigeria wanted to use the port investment to regain maritime business lost to ports in Togo, Ivory Coast and Ghana, adding that the new facility will give the country an edge on African trade.



African countries launched a continental free trade area, aiming to bring 1.3 billion people together in a $3.4 trillion economic bloc that supporters say will boost intra-African trade, living standards and encourage development.



Ruogang said a second phase of the port development will commence within the next seven years.



(Writing by Chijioke Ohuocha; Editing by Sandra Maler)

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