Oil Prices Fall Over 3% After OPEC+ Output Hike

Human Rights lawyer, Femi Falana, SAN, has called on the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to investigate the alleged criminal diversion of the $3.4 billion loan obtained from International Monetary Fund by Nigeria to fight the COVID-19 pandemic. Falana asked the IMF board to probe alleged deliberate refusal of its management to ensure that the emergency funds were used for their intended purposes. He further urged the IMF to suspend the collection of the scheduled charges, including net charges, basic interest, and administrative fees, amounting to N275.28 billion pending the conclusion of its investigation. The International Monetary Fund confirmed that Nigeria had fully repaid the $3.4 billion COVID-19 financial support it got under the Rapid Financing Instrumentbut scheduled charges, including net charges, basic interest and administrative fees, amount toN275.28 billion.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

US President Donald Trump says he was ordering new tariffs on all films made outside the United States, claiming Hollywood was being devastated by a trend of US filmmakers and studios working abroad. The announcement comes as the White House is coming under mounting criticism over its aggressive trade policies that have seen Trump impose sweeping tariffs on countries around the globe. Trump authorised the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Donald Trump says he is directing his government to reopen and expand Alcatraz, the infamous former prison on an island near San Francisco's Golden Gate Bridge. President Trump says that for too long America has been plagued by vicious, violent, and repeat criminal offenders". The reopening of Alcatraz - once notorious as one of the US's toughest prisons - would serve as a "symbol of law, order, and justice," he said. Leading Democrats said the proposal was "not a serious one". The maximum security facility, also known as The Rock, was closed in 1963 and it is currently operating as a successful tourist site.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Kenyan commercial banks have rejected the Central Bank’s proposed loan pricing model, arguing it risks reintroducing interest rate controls through the back door. The Central Bank wants lenders to price credit using the Central Bank Rate plus a regulated premium known as “K”—but banks prefer a market-driven benchmark like the interbank rate. The CBK aims to make interest rates more transparent and better aligned with monetary policy however the banks say the new formula could limit their ability to price risk effectively, especially when lending to small businesses. They argue that strict pricing rules would reduce credit flow to riskier sectors and undermine efforts to support economic growth. Banks also noted the potential disruption to their existing SME loan commitments. The Kenya Bankers Association says lenders have pledged to disburse KES150 billion (annually to SMEs. Imposing a rigid pricing formulacould make those goals harder to meet.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

South African President Cyril Ramaphosa has announced a judicial inquiry into allegations of political interference in the prosecution of apartheid-era crimes. The announcement comes three decades after the end of white-minority rule - and after a group of survivors and victims' relatives sued Ramaphosa's government over a perceived lack of justice. A presidential statement says Ramaphosa is determined that the true facts be established and the matter brought to finality. Plaintiffs include the son of Fort Calata who, among a group of anti-apartheid activists who came to be known as the Cradock Four, was burnt and killed by security forces in 1985. The presidency acknowledged that allegations of improper influence in delaying or hindering the investigation and prosecution of apartheid-era crimes have persisted from previous administrations.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, adding to fears of oversupply of crude. OPEC+ member countries announced that they would increase oil production in June. Saudi Arabia, Russia, and six other members of the oil-producing countries will implement a production adjustment of 411,000 barrels a day in June, up from May’s 137,000 barrels. The group says the decision was after the eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman), met virtually to review global market conditions and outlook.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

A court in Tunisia has sentenced former Prime Minister Ali Laarayedh to 34 years in prison on a raft of terrorism charges. He is the latest high-profile critic of the president to be jailed as campaigners slam "sham trials" in the country. Laarayedh was charged with setting up a terrorist cell and helping young Tunisians travel abroad to join Islamist fighters in Iraq and Syria. Laarayedh has consistently denied any wrongdoing and said the case was politically motivated. Rights groups say these trials have highlighted Saied's authoritarian control over the judiciary, after dissolving parliament in 2021 and ruling by decree.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Minister of Housing, Ahmed Dangiwa, says the Federal Ministry of Housing and Urban Development will collaborate with the German Development Cooperation to pilot a Green Mortgage Scheme in Nigeria. Dangiwa says they see strong potential to adapt a similar green mortgage model within the Federal Mortgage Bank of Nigeria under the National Housing Fund Scheme. The plan is to drive the supply and uptake of energy-efficient affordable homes under the Renewed Hope Housing Programme. Dangiwa noted that the scheme aligned with President Bola Tinubu’s Renewed Hope Agenda to create sustainable, climate-resilient communities. The minister emphasised that as part of the collaboration, the ministry plans to embed energy-efficient standards in all housing projects.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Kenyan Wall Street reported that the country’s central bank is looking to add gold to its foreign exchange reserve in hopes of giving its struggling reserves some buffer. Gold hauled in over 180% in the last month, summing up an impressive rally that started in January to cross $3,000 for the first time in decades. Gold (in ounces) now costs $3,218. Trump’s inspiring policy-making and the ongoing will-they-won’t-they situation with China. This drove up a gold cash grab, with investors backing the asset against piling up the greenback.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

A senior figure from South Africa's ruling ANC party has defended his country's sovereignty amid growing tensions with the US over race relations and a new land law. ANC National Chair Gwede Mantashe says they are a free country not a province of the United States and that sovereignty will be defended. US President Donald Trump has hit out at South Africa's new expropriation law, signing an executive order in February stating it was a means to which the government could "seize ethnic minority Afrikaners' agricultural property without compensation". President Cyril Ramaphosa says the law ensures "public access to land in an equitable and just manner.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.