Parliament Fumes as Nigerian Govt Mortgages Country’s Sovereignty to China

Parliament Fumes as Nigerian Govt Mortgages Country’s Sovereignty to China Transport Minister blackmails parliament with threat of China withholding loans if probe continues July 29, 2020 The House of Representatives on Tuesday raised alarm over lethal clauses in Article 8(1) of the commercial loan agreement signed between Nigeria and Export-Import Bank of China which allegedly…

Guinea Approves $2.8 billion Chinese Bauxite, Aluminum Investments

Guinea’s government has approved a more than $2.8 billion investment by Chinese company TBEA Co Ltd (SHA: 600089) in a new bauxite mine, an aluminum refinery and an aluminum smelter, the mines ministry said on Friday. Guinea has about a third of the world’s bauxite reserves but output has lagged, largely due to political instability.…

China’s Sinopec To Divest Its $7.24 Billion Nigeria Business

    China’s Sinopec To Divest Its $7.24 Billion Nigeria Business Reuters reports that China’s Sinopec Group has hired BNP Paribas (BNPP.PA) to sell its oil business in Nigeria and Gabon, as the state-owned oil giant pares back its presence in Africa. Sinopec and other oil groups including China National Petroleum Corporation and CNOOC (0883.HK)…