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Sudanese Delegation in UAE for Talks with Emirati, U.S Officials



The head of Sudan’s ruling council has led a high-level delegation to the United Arab Emirates for separate talks with U.S officials and Emirati, including discussions on its removal from the U.S’s list of countries sponsoring terrorism”, according to state media.

The Sudanese state news agency SUNA disclosed that General Abdel-Fattah al-Burhan, head of the sovereign council which has been ruling the country since the overthrow of President Omar al-Bashir last year, will hold talks with the UAE’s leadership on “all regional issues related to Sudan”.

It added that Sudanese Justice Minister Naser-Eddin Abdelbari will meet U.S officials present in Abu Dhabi to discuss the removal of Sudan from the list of states sponsoring terrorism, support of the transitional period and writing off American debts”.

The Axios website did, however, report that there will be a decisive meeting in Abu Dhabi on Monday which will have in attendance US, Emirati and Sudanese officials. This would be to discuss “possible normalization agreement between Sudan and Israel”, similar to the U.S-brokered deals struck by the UAE and Bahrain in recent weeks.

Citing anonymous sources, Axios said besides the terror delisting, Sudan’s transitional government is asking for “over $3bn in humanitarian assistance and direct budgetary aid” in return for a deal with Israel.

It also seeks to have the U.S and the UAE to commit to providing Sudan with economic aid over the next three years”, Axios reported on Sunday.

In August, U.S Secretary of State Mike Pompeo raised the issue of Sudan establishing ties with Israel during a visit to Khartoum. In response to this, Sudanese Prime Minister Abdalla Hamdok said his government had no mandate to do so, and that such a move could be decided after the end of the transitional period and the holding of elections, which has been planned for 2022.

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Algeria Reduces Hydrocarbon Exports by 11 Per Cent



Algeria reduced its hydrocarbon exports by 11 per cent to 82.2 million tonnes of oil equivalent (TOE), the country’s Ministry of Energy has said.

According to the ministry, the total volume of hydrocarbon exports in 2020 reached 82.2 million TOE amounting to $20 billion, “i.e. down by 11% and 40% respectively compared to 2019.”

Oil exports from the North African country stood at 571,000 barrels per day in 2019, while exports of the natural gas were 42.5 million cubic meters (over 1.5 billion cubic feet), in line with the data from the Organisation of the Petroleum Exporting Countries.

With Algeria ranked in the world’s top ten gas producers, authorities adopted in November 2019, a law on hydrocarbon resources, designed to facilitate the work of foreign companies.

The law is also expected to boost the inflow of much-needed investment in the country’s oil industry, which has been halted and required foreign investments in order to recover.

Earlier in the month, Algerian Energy Minister Abdelmadjid Attar expressed hope that oil prices would remain above $50 per barrel in the first half of 2021.

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West Africa Business News

Nigeria Bourse Resumes Week With N40Bn Loss



Nigerian Stock Exchange to complete public listing

The Nigerian stock market opened for the week on Monday with a loss of N40 billion, halting five consecutive days positive run.

Speficially, the market capitalisation which opened at N21.530 trillion shed N40 billion to close at N21.490 trillion.

Also, the All Share Index which opened at 41,176.14 lost 93.76 points or 0.23 per cent to close at 41,082.38.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are; Dangote Cement, Flour Mills, Guinness, NASCON Allied Industries and FBN Holdings.

Analysts at United Capital said that investors would take advantage of gains posted recently to book profit.

“While we expect investors to book some profit from last week’s gains, demand for high-yield dividend companies should sustain the market’s bullish momentum,” they said.

An analysis of the price movement chart shows that Japaul Gold and Ventures led the losers’ chart in percentage terms, losing 6.58 per cent to close at N1.42 per share.

Flour Mills trailed with a loss of 5.49 per cent to close at N31, while Wema Bank dipped 5.33 per cent to close at 71k per share.

Neimeth shed 4.76 per cent to close at N2, while GlaxoSmithKline depreciated by 4.29 per cent to close at N6.70 per share.

Conversely, African Alliance Insurance, AIICO Insurance, Cadbury Nigeria, R.T. Briscoe, Trans-Nationwide Express and Universal Insurance dominated the gainers’ chart in percentage terms, gaining 10 per cent each, to close at 22k, N1.32, N10.45, 22k, 88k and 22k per share, respectively.

BOC Gases followed with 9.98 per cent to close at N13.77, while Livestock Feeds rose by 9.95 per cent to close at N2.32 per share.

Meanwhile, the total volume of shares traded increased by 10.77 per cent as investors bought and sold 738.53 million shares worth N4.17 billion in 7,396 deals.

This was in contrast with 666.61 million shares valued at N6.39 billion achieved in 6,980 deals on Friday.

Transactions in the shares of Japaul Gold and Ventures topped the activity chart with 92.36 million shares worth N145.79 million.

Universal Insurance followed with 51.79 million shares valued at N10.41 million, while Transcorp traded 43.15 million shares worth N46.17 million.

FBNH traded 39.77 million shares valued at N298.25 million, while AXA Mansard Insurance transacted 38.19 million shares worth N63.88 million.

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Uganda Extends Central Bank Governor’s Contract for Five Years



Emmanuel Mutebile will head the Bank of Uganda for another five years after his contract was extended by President Yoweri Museveni.

According to local reports, Mutebile’s contract was extended on the eve of Uganda’s parliamentary and presidential election last week. It was gathered that the details of the extension were not released because of Internet shutdown in Uganda.

The Acting Director communications at BoU, Mr Kelvin Kiyingi confirmed the development.

“We have learnt that the president has re-appointed Prof Emmanuel Mutebile as governor bank of Uganda for the next five years,” he said.

Mutebile will be appearing before the Parliamentary Committee for approval.

Mutebile, 71, has been at the helm of Bank of Uganda since 2001. The new term makes him one of the longest servicing governors of the Central Bank..

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