Author: Staff Writer

Rigging Up for Success: Namibia’s Oil Boom

GLOBAL

Namibia is experiencing an economic boom due to recent oil discoveries off its coast. The discoveries, made by companies like TotalEnergies, Shell, and Galp, have been successful, with multiple wells hitting oil around 80% of the time. The finds could be on the scale of resources in Guyana, which became the world’s fastest-growing economy after major discoveries. Namibia’s oil discoveries could transform the nation’s economy, potentially doubling GDP by 2040. The country is investing in infrastructure to support drilling, including upgrades at its ports and the development of a liquid mud plant. International interest in Namibia’s oil potential is growing,…

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Naira Nightmare: Tinubu’s Tax Tsunami Hits Banks

GLOBAL

Nigerian President Bola Tinubu proposes a one-time 50% tax on banks’ windfall profits from massive currency gains post-naira devaluation. Similar to European efforts, the move aims to bolster public finances amid a cost-of-living crisis and follows Europe’s windfall taxes on banks benefiting from high interest rates. Nigeria’s central bank had previously instructed lenders to retain hefty gains from foreign exchange rule changes as a buffer against losses. The announcement led to a 1.3% drop in the NGX Banking Index, with significant declines for FBN Holdings Plc (3.2%) and Zenith Bank Plc (2.5%). Lawmakers are likely to support the tax, alongside…

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