4 African Business July 2019
Business Intelligence News
South African financial services firm Old Mutual has sacked suspended chief executive Peter Moyo following an alleged conflict of interest. The conflict relates to dividends paid by Moyo’s investment firm NMT Capital, in which an Old Mutual subsidiary is the only institutional investor. M oyo, who was suspended in May after less than a year in charge, denies all wrongdoing and is to challenge the decision in court, according to a statement from his lawyer.
Old Mutual sacks CEO
Cameroonian Joel Embiid (centre) in action for the Philadelphia 76ers versus the Boston Celtics.
Greenpeace calls for end to FMFO industry in West Africa
Cameroon’s state oil refinery closed for a year
Greenpeace has called on We st African governments to immediately phase out the fishmeal and fish oil i ndustry (FMFO), arguing that animal feed exports threaten regional fi sh s tocks th at are essential for the food security and livelihoods of local people. G reenpeace found 50 operational FMFO factories in the region. The majority of West African FMFO is destined for overseas markets, largely Asia and the EU.
Cameroon’s Sonara oil re finery will be shut for a year following a fire in June. The 42,000 barrels per day facility ceased operations following extensive damage after a s torage tank exploded. The refinery supplies 20% of the country’s petroleum demand, necessitating imports to cover the shortfall.
Cameroon’s firedamaged oil refinery supplies 20% of the country’s petroleum demand
Buhari appoints new head of Nigeria’s state oil company
President Muhammadu Buhari of Nigeria has appointed Mele Kolo Kyari as group managing director of the crucial Nigerian National Petroleum Corporation. Geologist Kyari was previously group general manager of the crude oil marketing division, and has served as Nigeria’s representative at OPEC. He has been appointed alongside seven chief operating officers in one of the first major appointments of Buhari’s second term as president.